Table of Contents

The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.

Chapter 21: THE 1989 NOBEL MEMORIAL LAUREATE TRYGVE HAAVELMO

Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought

Extract

THE 1989 NOBEL MEMORIAL LAUREATE TRYGVE HAAVELMO TRYGVE HAAVELMO Trygve Haavelmo (1911–99) © The Nobel Foundation Trygve Haavelmo was born in Skedsmo, near Oslo in Norway in 1911. He studied economics at the University of Oslo and was awarded his degree in 1933. The 1969 Nobel Laureate Ragnar Frisch (see entry in the present volume) was Professor of Economics at Oslo at this time, and Haavelmo started working for Frisch after his graduation at the newly established Institute of Economics. In 1938 Haavelmo moved to Denmark, taking up an appointment as Lecturer in Statistics at the University of Århus. The following year he left for the United States on a Fulbright scholarship and stayed there for the duration of the Second World War, both as a student (supported by the Rockefeller Foundation in 1940–41), and as a civil servant employed by the Norwegian government. Haavelmo completed his doctoral thesis at Harvard University in 1941 and submitted it to the University of Oslo after the war (he was awarded a PhD in 1946); in the interim the thesis was published in Econometrica as ‘The Probability Approach in Economics’. This work (Haavelmo, 1944) was instrumental in the Royal Swedish Academy’s decision to award the Nobel Prize to Haavelmo (Nobel Foundation, 2004). In 1946, Haavelmo joined the Cowles Commission – then in Chicago – before returning to Oslo in 1947 to work on plans for the reconstruction of the Norwegian economy. In 1948 he was appointed Profes172 TRYGVE HAAVELMO sor of Economics and Statistics...

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