Paul Samuelson. Milton Friedman. William Sharpe. These are just a few of the elite group of Nobel Laureates who represent innovative economic thought. In The Nobel Laureates, Marilu Hurt McCarty interlaces the extraordinary contributions of these world-class economists with the historical circumstances that motivated them, providing fascinating insight into modern economic thought.More than a chronological sketch of economic developments in the last half of the 20th century, readers will find a thorough examination and explanation of: Limits to rationality, market failure, and the role of government.Financing growth-promoting investments.Reducing risk in a zero-sum game.
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The Nobel Laureates How the World¿s Greatest Economic Minds Shaped Modern Thought Marilu Hurt McCarty
A Complete Primer on 21st Century Economic Theory¿And the Nobel Laureates Who Helped Write It
The Nobel Laureates examines virtually every aspect of modern economic thought through the works and lives of today¿s most influential and innovative economists¿44 twentieth-century recipients of the Nobel Prize in Economic Sciences. Embodying the foundations of current economic models, it provides a vivid summary of modern economic theory and practice¿as observed through the personal, practical, and analytical prisms of these extraordinary men.
Dramatic and enlightening, The Nobel Laureates demystifies the continuing interplay of economic analysis and social philosophy. The works of numerous Nobel Laureate economists are examined, including: Kenneth Arrow ¿ Gary Becker ¿ Milton Friedman ¿ Harry Markowitz ¿ Merton Miller ¿ Franco Modigliani ¿ Paul Samuelson ¿ Myron Scholes ¿ William Sharpe ¿ James Tobin ¿ Friedrich von Hayek
Author Marilu Hurt McCarty expertly intertwines the contributions of these brilliant economists with the historical circumstances that inspired their continual search for knowledge. The result is a fascinating, one-of-a-kind exposition on the science of economics¿and the minds that drove it into the modern age.
[FLAP COPY] The Nobel Laureates How the World¿s Greatest Economic Minds Shaped Modern Thought Marilu Hurt McCarty
"¿the larger economic effects, including the ways to minimize suffering for the innocent and for maintaining the flow of consumer and investment demand, should now be the subject of the most intense discussion."--John Kenneth Galbraith
The Nobel Laureates answers Galbraith¿s challenge. Through the lives and works of Nobel Prize-winning economists, this thought-provoking book traces the development of today¿s economic landscape¿and provides a coherent, nontechnical description of modern economic thought.
Venturing behind and beyond the public faces presented by these extraordinary men, The Nobel Laureates provides the personal dimension so often missing in previous economic treatments. This added dimension permits a broader and deeper understanding of both the men and their areas of concentration, including:
¿ The application of 1992 Nobelist Gary Becker¿s cost-benefit analysis to all aspects of human behavior
¿ How the econometrics of Jan Tinbergen and Tjalling Koopmans guide current business and governmental policy
¿ 1987 honoree Robert Solow¿s conclusions on the forces underlying nations¿ potential for economic growth
Who better to consult on business cycles than 1970 Nobel Prize winner Paul Samuelson? When attempting to optimize investment opportunities, could one find a better guide than 1990 honoree Harry Markowitz? The Nobel Laureates reveals what led these economists to their often-startling conclusions, and then helps us place those conclusions into a modern framework of international currency crises, policies for economic stabilization, economic growth and development, and other contemporary issues.
A unique and fascinating combination of economic theory, political economy, social philosophy, world history, and personal biography, The Nobel Laureates is nothing less than a roundtable discussion of modern economic history and theory, attended by 44 of modern history¿s brightest economic lights. By synthesizing their words and experiences, this book will help finance professionals, investors, and economics students of all levels and ages form a more well-developed understanding of the economic forces that have shaped¿and continue to shape¿contemporary society.
About the Author Marilu Hurt McCarty, Ph.D., is Professor Emeritus of Economics at Georgia Institute of Technology. She has written or cowritten six textbooks in economics¿with Dollars and Sense now in its eighth edition¿and produced semiannual editions of Applications in Microeconomics and Applications in Macroeconomics for The Wall Street Journal. Dr. McCarty¿s work regularly appears in Georgia Tech¿s Economic Digest, and she is a popular speaker for civic groups and academic institutions.
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2 of 3 people found the following review helpful:
4.0 out of 5 stars
Very good summary of thinking,
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This review is from: The Nobel Laureates: How the World's Greatest Economic Minds Shaped Modern Thought (Hardcover)
There are very few books that address the issue of innovations in economics as well as this one does. By mixing a list of the most important economics developments of the last century with a vivid description of the lives of those who uncovered them, the author is able to build a compeling image of what is generally a dry subject.Instead of focusing on the specifics of the ideas, which would generally require a fair amount of mathematics, the book focuses on explaining the real life applications of many of these ideas, and therefore is able to connect the Nobel laureates with society's goals. I highly recommend this book to the student of economics and society who would like to learn more about some of the more innovative ideas in the field but does not have the time to learn the advanced economics to read the originals.
5.0 out of 5 stars
excellent content,
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This review is from: The Nobel Laureates: How the World's Greatest Economic Minds Shaped Modern Thought (Hardcover)
The book would bring you more economincs knowledge as you read it often, and very useful as knowing these great nobel laureates.
0 of 1 people found the following review helpful:
5.0 out of 5 stars
Excellent blend of economic theory and application to life,
By A Customer
This review is from: The Nobel Laureates: How the World's Greatest Economic Minds Shaped Modern Thought (Hardcover)
This book gives a blend of economic theory, the people behind the theory, and how the concepts apply to everyday life. Very interesting and I highly recommend this book.
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