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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.


Howard R. Vane and Chris Mulhearn

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


THE 2003 NOBEL MEMORIAL LAUREATES ROBERT ENGLE AND CLIVE GRANGER ROBERT ENGLE Robert F. Engle (b. 1942) © The Nobel Foundation Robert Engle was born in Syracuse, New York, USA in 1942. He grew up near Philadelphia, Pennsylvania and attended Williams College; he graduated from Williams with a BS in 1964, achieving highest honours in physics. From a young age he had a strong interest in science – his father had a PhD in chemistry – and Engle elected to continue with physics in graduate school at Cornell University. He was awarded an MS by Cornell in 1966. However, even before starting graduate school, he felt his attachment to physics was weakening. At Williams, Engle had filled up his senior-year programme with an elective in economics that he had enjoyed and, before completing his MS, he approached the Economics Department at Cornell to ask about the possibility of changing disciplines. The department offered him a PhD fellowship and he accepted it, taking undergraduate classes in economics while he completed his master’s in physics. Cornell awarded Engle a PhD in economics in 1969. In an interview in Econometric Theory, Engle reflected on the advantages a background in physics can lend to an econometrician given the emphasis on the integration of theory and data common to both subjects; however, interestingly, he has also acknowledged the difficulties of his late discipline switch: ‘It was probably ten years before I really absorbed 322 ROBERT ENGLE the economic way of thinking’ (see Diebold, 2003; Nobel Foundation,...

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