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Academic department at the Massachusetts Institute of Technology
The MIT Department of Economics is a department of the
Massachusetts Institute of Technology in
Cambridge ,
Massachusetts .
Undergraduate studies in economics were introduced in the 19th century by institute president
Francis Amasa Walker , while the department's Ph.D. program was introduced in 1941. The
American Economics Association estimates that MIT and these peers produce half of all tenure track professors at U.S. research universities.[
citation needed ] By 2020, the department has the second highest number of Ph.D. alumni who received the
Nobel Prize in Economics in the world (12) only behind
Harvard Economics (13) and ahead of
UChicago Economics (9). Nine out of 18
Clark medalists since 1999 received Ph.D. degrees from the department.
History
In the 1890s, economists including
Francis Amasa Walker and
Davis Rich Dewey taught courses in economics to the undergraduate students.
[1] It was known as the Department of Economics and Social Sciences. In 1937, the department established a graduate program, while in 1941, it established a Ph.D. program.
[2] In the 1950s and the 1960s, the department expanded its graduate program.
[3] In these years, the program became more quantitatively oriented and emphasized technical training.
[4] Approximately 25 students enrolled each year.
[5] In the 1970s, the first Black American graduate students joined the program as part of a desegregation program.
[6]
Prominent faculty
Paul Samuelson (1940–2009),
Nobel Prize , 1970
Franco Modigliani (1962–2003), Nobel Prize, 1985
John Williamson (1967–1980), originator of the '
Washington Consensus '
Robert Solow , (1960–1979) Nobel Prize, 1987
Stanley Fischer , (1977–1988), Vice-Chairman of the US Federal Reserve, Governor of
Bank of Israel
Robert F. Engle , (1969-1977), Nobel Prize, 2003
Daniel McFadden , (1977–1991), Nobel Prize, 2000
[7]
George P. Shultz , (1948–1957), Former Secretary of State, Secretary of Treasury, Secretary of Labour
Myron S. Scholes (1968–1973), Nobel prize in 1997 for the Black-Scholes equation
Rudi Dornbusch (1975–2002), known for the
Overshooting Model
[8]
Francesco Giavazzi (1989–present)
[9]
Nobel Laureates
Among the department's past and current faculty and alumni are several recipients of the
Nobel Prize in Economics :
Joshua Angrist , 2021
Esther Duflo (Ph.D., 1999) and
Abhijit Banerjee , 2019
William Nordhaus , 2018
Bengt Holmstrom , 2016
Jean Tirole , 2014
Robert J. Shiller , 2013
Peter A. Diamond , 2010
Oliver E. Williamson , 2009
Paul Krugman (Ph.D., 1977), 2008
Eric Maskin , 2007
Edmund Phelps , 2006
Robert J. Aumann , 2005
Robert F. Engle , 2003
George Akerlof (Ph.D., 1966) and
Joseph Stiglitz (Ph.D., 1967), 2001
Daniel McFadden , 2000
Robert Mundell (Ph.D., 1956), 1999
Amartya Sen , 1998
Robert C. Merton (Ph.D, 1970), 1997
Robert Solow , 1987
Franco Modigliani , 1985
Lawrence Klein (Ph.D., 1944), 1980
Paul Samuelson , 1970
Current Faculty
Professors
Associate Professors
Assistant Professors
Nikhil Agarwal
Isiah Andrews
David Atkin
Frank Schilbach
Senior Lecturer
Professors Emeriti
Affiliated Faculty
Former Faculty
Susan Athey (Ph.D.,
Stanford )
John Bates Clark Medal , 2007
E. Cary Brown (Ph.D.,
Harvard ) Professor of Economics, Emeritus
Evsey Domar (Ph.D.,
Harvard )
Rudi Dornbusch (Ph.D.,
Chicago ) Ford International Professor, International Economics
Robert F. Engle (Ph.D.,
Cornell )
Stanley Fischer (Ph.D.,
MIT )
Charles P. Kindleberger (Ph.D.,
Columbia ) Ford International Professor of Economics, Emeritus
Edwin Kuh (Ph.D.,
Harvard )
Paul Krugman (Ph.D.,
MIT )
John Bates Clark Medal , 1991
Eric Maskin (Ph.D.,
Harvard )
Daniel McFadden (Ph.D.,
Minnesota )
Franco Modigliani (D.Jur., Rome and D.Soc.Sci.,
The New School for Social Research ) Institute Professor Emeritus; Professor of Finance & Economics
George P. Shultz (Ph.D.,
MIT )
Hal Varian (Ph.D.,
Berkeley )
Notable alumni
Lawrence R. Klein (Ph.D., 1944)
John Bates Clark Medalist , 1959; president of the
Econometric Society , 1960; president of the
American Economic Association , 1977;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 1980
Margaret Garritsen de Vries (Ph.D., 1946)
Carolyn Shaw Bell Award Recipient, 2002
George P. Shultz (Ph.D., 1949) Distinguished Fellow of the
American Economic Association , 2004
Ronald W. Jones (Ph.D., 1956) Distinguished Fellow of the
American Economic Association , 2009
William Nordhaus (Ph.D., 1967),
Council of Economic Advisers 1977 - 1979
Mario Draghi (Ph.D., 1976) Governor of the
Banca d'Italia , chairman of the
Financial Stability Forum , president of the
European Central Bank
Robert A. Mundell (Ph.D., 1956) Distinguished Fellow of the
American Economic Association , 1996;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 1999
Peter A. Diamond (Ph.D., 1963) president of the
Econometric Society , 1991; president of the
American Economic Association , 2003;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2010
Riccardo Faini , (PhD), former head of the Economic and Financial Analysis Service of the Italian
Ministry of Treasury
George A. Akerlof (Ph.D., 1966)
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2001; president of the
American Economic Association , 2006
Joseph E. Stiglitz (Ph.D., 1966)
John Bates Clark Medalist , 1979;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2001
Jagdish N. Bhagwati (Ph.D., 1967) Distinguished Fellow of the
American Economic Association , 2003
Robert E. Hall (Ph.D., 1967) president of the
American Economic Association , 2010
William D. Nordhaus (Ph.D., 1967) Member of the
Council of Economic Advisers , 1977–1979; Distinguished Fellow of the
American Economic Association , 2004; president of the
American Economic Association , 2014;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2018
Avinash K. Dixit (Ph.D., 1968) president of the
Econometric Society , 2001; president of the
American Economic Association , 2008
Robert J. Gordon (Ph.D., 1967) Distinguished Fellow of the
American Economic Association , 2014
Michael Rothschild , (Ph.D., 1968) Distinguished Fellow of the
American Economic Association , 2005
Stanley Fischer (Ph.D., 1969) Vice-Chairman of the US Federal Reserve, Governor of the
Bank of Israel ; Distinguished Fellow of the
American Economic Association , 2013
Robert C. Merton (Ph.D., 1970) president of the
American Finance Association , 1986;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 1997
Tommaso Padoa-Schioppa , (M.Sc. 1970),
European Central Bank executive board 1998-2005, former Italian minister of economy and finance
Jeremy J. Siegel (Ph.D., 1971) financial markets guru
Martin Neil Baily (Ph.D., 1972) Chairman of the
Council of Economic Advisers , 1999–2001
Alan S. Blinder (Ph.D., 1971) Distinguished Fellow of the
American Economic Association , 2011
Robert J. Shiller (Ph.D., 1972) Fellow of the
American Finance Association , 2006;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2013
Lawrence Summers (
B.S. , 1975)
Secretary of the Treasury , 1999–2001
Mario Draghi (Ph.D., 1976) president of the
European Central Bank 2011-, Governor of the
Banca d'Italia , Chairman of the
Financial Stability Forum
Paul R. Krugman (Ph.D., 1977) Member of the
Council of Economic Advisers , 1982–1983;
John Bates Clark Medalist , 1991;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2008
Lucas Papademos (Ph.D., 1977) vice president of the
European Central Bank , 2002-
Ben S. Bernanke (Ph.D., 1979)
Chairman of the Federal Reserve , 2006-2014
Kenneth S. Rogoff (Ph.D., 1980) IMF chief economist
Jean Tirole (Ph.D., 1981) president of the
Econometric Society , 1998; president of the
European Economic Association , 2001;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2014
N. Gregory Mankiw (Ph.D., 1984) Chairman of the
Council of Economic Advisers , 2003–2005
Andrei Shleifer (Ph.D., 1986)
John Bates Clark Medalist , 1999
Matthew Rabin (Ph.D., 1989)
John Bates Clark Medalist , 2001
Andrew Samwick (Ph.D., 1993) Member of the
Council of Economic Advisers , 2003–2004
Judith Chevalier (Ph.D., 1993)
Elaine Bennett Research Prize recipient , 1998
Steven D. Levitt (Ph.D., 1994)
John Bates Clark Medalist , 2003; co-author of
Freakonomics
Emmanuel Saez (Ph.D., 1999)
John Bates Clark Medalist , 2009
Esther Duflo (Ph.D. 1999),
John Bates Clark Medalist , 2010;
Elaine Bennett Research Prize recipient , 2002;
Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , 2019; co-author
Poor Economics
Jonathan Levin (Ph.D., 1999)
John Bates Clark Medalist , 2011
Amy Finkelstein (Ph.D., 2001)
John Bates Clark Medalist , 2012;
Elaine Bennett Research Prize recipient , 2008
References
External links