![]() ![]() His explanation was “uncertainty,” which Knight distinguished from risk. In it, Knight set out to explain why “perfect competition” would not necessarily eliminate profits. "Knight made his reputation with his book Risk, Uncertainty, and Profit, which was based on his Ph.D. Buchanan were all students of Knight at Chicago." Nobel Laureates Milton Friedman, George Stigler and James M. " Knight is one of history’s most influential economists and spent most of his career at the University of Chicago, where he became a co-founder of the famous Chicago school (with Jacob Viner). in Economics from Cornell in 1916 and served as an instructor from 1917-1918. He was known as one of the most ardent defenders of the gold standard. Laughlin was hired at the Universty of Chicago to start an economics department and later helped to found the Federal Reserve System. While at Cornell, Laughlin challenged the University to expand the offerings and research in political economy and finance courses. Laughlin was a political economist and was a professor at Harvard University, Cornell University, and the University of Chicago. Young served as the president of the American Statistical Association in 1917 and president of the American Economic Association in 1925. "In 1928, he wrote, "Increasing Rate Returns and Economic Progress," one of the most influential contributions to the developmental studies field." For more information about his work and contributions to the multidisciplinary study of underdeveloped countries click here. House known as "The Inquiry," the group charged with laying the groundwork for the Paris Peace Conference. ![]() Afterwards, he went on to New York in to head the economics division under "Colonel "Edward M. to direct the Bureau of Statistical Research for the War Trade Board during World War I. Abbott was a professor at Cornell University from 1913 to 1920. ![]()
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