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19.fiTH A N N I V F R f i A R Y o f t h e American Economic Association(

FOUNDING OF THE AMERICAN ECONOMIC ASSOCIATIONThe American Economic Association was founded in 1885 at a series of meetings in Saratoga Springs, New York, from September 8 throughSeptember 10. These organizational meetings were held in conjunction with the annual meeting of the American Historical Association because"nearly all who wished to form the Economic Association belonged at the same time to the Historical Association." The American EconomicAssociation was formally incorporated in Washington, DC, on February 3, 1923. Its purposes today are identical to those identified on September8, 1885: (1) The encouragement of economic research; (2) The issue of publications on economic subjects; and (3) The encouragement of perfectfreedom in all economic discussion.

Richard T. Ely (then of Johns Hopkins University and later of the University of Wisconsin) and Henry C. Adams (of the University of Michiganand Cornell University) were the primary organizers of the society. Virtually all of the founders were college or university professors. A youngWoodrow Wilson of Bryn Mawr College (and later President of Princeton University) was among the active proponents; he was one of the original24 governing Council members. A formal vote to organize was completed on September 9, 1885, after which "Henry C. Adams was requested byvote of the society to act as chairman until his successor should be appointed, and Dr. R. T. Ely was requested, in like manner, to act as secretary andtreasurer for the same period." The following day General [in the Union Army] Francis Amasa Walker, then president of MIT, was elected the firstpresident of the American Economic Association. He served for seven years. In 1886, the Association had 182 members.

AMERICAN ECONOMIC ASSOCIATION MEMBERS, WVSHIMOTOfl

What was desired was a society which, free from all trammels, should seek truth from all sources, should be ready to give a respectfulhearing to every new idea, and should shun no revelation of facts . . . (p. 6)

In the study of the policy of government, especially with respect to restrictions on trade and to protection of domestic manufactures, wetake no partisan attitude, (p. 7) [A variation of this statement is included in the Association's formal Charter (of 1923), which states: The

Association as such will take no partisan attitude, nor will it commit its members to any position on practicaleconomic questions.]

The idea, then, is to publish matter worthy of publication as fast as we may be able to do so. If the seriesof monographs should in course of time grow naturally into a magazine, we could rejoice in a substantialsuccess, (p. 14) [Twenty-five years later, in March 1911, this success was realized when the AmericanEconomic Review published its first article in Volume 1, Number 1, "Some Unsettled Problems ofIrrigation," by Katharine Coman of Wellesley College].

One aim of our association should be the education of public opinion in regard to economic questionsand economic literature. In no other science is there so much quackery and it must be our

province to expose it and bring it into merited contempt, (p. 15)

We hold that the doctrine of laissez-faire is unsafe in politics and unsound in morals, andthat it suggests an inadequate explanation of the relations between the state and the

citizens, (p. 16) No one invited to join this association, certainly no one who has beenactive in calling this meeting, contemplates a form of pure socialism, (pp. 15-16)

[I]t is not easy to arouse interest in an association which professes nothing, (p. 19)

This is not a rebellion against Adam Smith, Malthus, Ricardo and Mill; only astruggle for freedom of development of their work. (p. 22)

Any person may become a member of this Association by paying threedollars, and after the first year may continue a member by paying an

annual fee of three dollars, (p. 36)

— Quotations from Richard T. Ely, "Report of the Organization of theAmerican Economic Association." Volume 1, No. I , Publications of theAmerican Economic Association (Baltimore: John Murphy & Company,1886), pp. 1-46.

George Stigler(January 17, 1911 - December 1, 1991)

George Joseph Stigler was a University of Chicago economist who developedsearch theory and studied the effects of government regulation, arguing that peopleuse regulation for personal gain rather than for the general good. His writings in-clude "The Economics of Information" (1961), "What Can Regulators Regulate:The Case of Electricity" (with Claire Friedland) (1962), "A Theory of Oligopoly"(1964), "The Theory of Economic Regulation" (1971), and The Theory of Competi-tive Price (1942). He was a founder of the Mont Pelerin Society and won the 1982Nobel Memorial Prize in Economics. He was president of the AEA in 1964.

The basic role of the scientist in public policy, therefore, is that of establishing the costs and ben-efits of alternative institutional arrangements.

Stigler, "The Economist and the State," American Economic Review, 1965

Smith and his predecessors and successors almost always concentrated on advising the state whatit should do, or refrain from doing. I certainly did for the first decades of my life as an economist.Hardly ever did anyone undertake the different and more fundamental task of explaining whatstates actually do, of discovering what are the forces that determine which policies will actuallybe adopted by a government. And yet, what is the purpose in urging a state to have, say, free trade,as we economists have so vigorously done for two centuries, when protectionism is common and

persistent. Stigler, Memoi rs of an Unregulated Economist, 1988

Some readers will probably know my answers already... it is distressing how often one can guessthe answer given to an economic question merely by knowing who asks it.

Stigler, "The Economics of Minimum Wage Legislation," American Economic Review, 1946

To tell an economist that he chooses that type of work and that viewpoint which will maximize hisincome is, he will hotly say, a studied insult. Such market-oriented behavior will be characterizednot with our customary phrases such as consumer sovereignty, but in terms as harsh as "intellectualprostitution." To adapt one's views to one's audience is hardly to be distinguished from the falsifi-cation of evidence and other disreputable behavior.

Stigler, "Do Economists Matter?" in The Economist as Preacher, and Other Essays, 1982

The watered-down encyclopedia which constitutes the present course in beginning college eco-nomics does not teach the student how to think on economic questions. The brief exposure to eachof a vast array of techniques and problems leaves with the student no basic economic logic withwhich to analyze the economic questions he will face as a citizen. The student will memorize a fewfacts, diagrams, and policy recommendations, and ten years later will be as untutored in economicsas the day he entered the class.

Stigler, "Elementary Economic Education," American Economic Review, 1963

JANUARY 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

3

10Alexander Gerschenkron

17Robert Eisner

Benjamin FranklinGeorge J. Stigler

24

Oskar Morgenstern

31

Victor R. Fuchs

4

Edwin E. Witte

11

Fischer Black

18

Kenneth E. Boulding

25

5

Jean-Baptiste Say

12

Richard A. Easterlin

19Leonid V. Kantorovich

David CassWerner Sombart

26James Maitland Lauderdale

John B. ClarkLionel W. McKenzie

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13

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Margaret Reid

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1Moses Abramovitz

Vernon L. Smith

8Don Patinkin

Sumner H. Slichter

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22John McMillanMancur OlsonBeatrice Webb

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2

Arnold Zellner

9

16

23

William Arthur Lewis

30

Francis Ysidro Edgeworth(February 8, 1845 - February 13, 1926)

Francis Edgeworth was a British mathematical economist who made significantcontributions to neoclassical economic theory and statistical work. He introducedindifference curves and of course contributed to the famous Edgeworth-Bowley box.He was the founding editor o/The Economic Journal in 1891, and continued as edi-tor for more than 20 years. In his most famous book, Mathematical Psychics: An Es-say on the Application of Mathematics to the Moral Sciences (1881), he developeda precursor to the economic theory of "the core."

International trade meaning in plain English trade between nations, it is not surprising that the termshould mean something else in Political Economy.

Edgeworth, Papers Relating to Political Economy, Volume 2, 1925

Our only question here is whether, if that ascent is to be made, is it better to ascend by the steep butsolid steps of mathematical reasoning, or to beguile the severity of the ascent by the zigzag wind-ings of the flowery path of literature. It is tenable that the former course is safest, as not allowingus to forget at what a dangerous height of abstraction we proceed.

Edgeworth, "Presidential Address delivered to Section F of the British Association."in Papers Relating To Political Economy, 1889

To precise the ideas, let there be granted to the science of pleasure what is granted to the science ofenergy; to imagine an ideally perfect instrument, a psychophysical machine, continually registeringthe height of pleasure experienced by an individual, exactly according to the verdict of conscious-ness, or rather diverging therefrom according to the law of errors. From moment to moment the he-donimeter varies; the delicate index now flickering with the flutter of the passions, now steadied byintellectual activity, low sunk whole hours in the neighbourhood of zero, or momentarily springingup towards infinity. The continually indicated height is registered by photographic or other friction-less apparatus upon a uniformly moving vertical plane. Then the quantity of happiness betweentwo epochs is represented by the area contained between the zero-line, perpendiculars thereto atthe points corresponding to the epochs, and the curve traced by the index ....

Edgeworth, Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences, 1881

FEBRUARY 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Geoffrey H. MoorePaul R. Krugman

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Ludwig LachmannRichard Whately

8Daniel Bernoulli

Francis Ysidro EdgeworthJoseph Alois Schumpeter

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Jeremy BenthamPierre-Joseph Proudhon

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Edward S. MasonFrank Plumpton Ramsey

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Dale Mortensen

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Joseph E. Stiglitz

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Carl Menger

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Walter BagehotEdwin Cannan

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Richard GoodwinHermann Paasche

Albert E. F. Schaffle

4

David CardNicholas Georgescu-Roegen

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William James Ashley

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12Anne O. Krueger

Julian SimonEugen von Bohm-Bawerk

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George E. BarnettI. L. Sharfman

26

William J. Baumol

6

Allan H. Meltzer

13Roy Forbes Harrod

Thomas Robert MalthusGordon Tullock

20

Andrei Shleifer

27

Irving Fisher

Thomas Robert Malthus(February 13, 1766-December 23, 1834)

Thomas Robert Malthus was a British parson/political economist who argued thatabsent checks from misery, vice, or moral restraint (sexual abstinence), a geometri-cally growing population would outstrip an arithmetically expanding food supply.(In later writings he modified his arguments.) His work on population dynamicsinfluenced Darwin and led to what became known as the Malthusian Doctrine thatpredicted decreasing standards of living. His magnum opus is An Essay on the Prin-ciple of Population (1798).

My dear Ricardo,

I have been afraid of going on with our discussions, though I have much to say on the subject,lest they should take up too much of our time. When a difficulty strikes me, and I propose it toyou, I am inclined to be satisfied with hearing your opinion on the subject without rejoinder. Ifyou satisfy me, the matter is settled. If you do not, I hold my opinion, comforting myself withthe reflection that having submitted my thoughts to the most ingenious man I know, and he notshewing me that I am wrong, I am entitled to fancy that I am right, forgetting perhaps all along thatit may be only owing to my prejudices or stupidity that I am not convinced.

Ever most truly yours, TR Malthus.

Ricardo, The Works and Correspondence of David Ricardo: Letters, July J821-1823, 1952

I think I may fairly make two postulata.

First, That food is necessary to the existence of men.

Secondly, That the passion between the sexes is necessary, and will remain nearly in itspresent state . . .

I do not know that any writer has supposed that on this earth man will ultimately be able to livewithout food. But Mr. Goodwin has conjectured that the passion between the sexes may in time beextinguished . . . the best arguments for the perfectibility of man are drawn from a contemplationof the great progress that he has already made from the savage state, and the difficulty of sayingwhere he is to stop. But towards the extinction of the passion between the sexes, no progresswhatever has hitherto been made. It appears to exist in as much force at present as it did twothousand, or four thousand years ago . . .

Assuming then, my postulatas as granted, I say, that the power of population is indefinitely greaterthan the power in the earth to produce subsistence for man. Population, when unchecked, increasesin a geometrical ratio. Subsistence increases only in an arithmetical ratio. A slight acquaintancewith numbers will shew the immensity of the first power in comparison of the second . . .

This implies a strong and constantly operating check on population from the difficulty ofsubsistence. This difficulty must fall some where; and must necessarily be severely felt by a largeportion of mankind.

Malthus, An Essay on the Principle of Population, 1798

MARCH 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Irma AdelmanStanley L. Engerman

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John Ramsay McCullochEdward West

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Frank Albert Fetter

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Lorie TarshisWalter F. Willcox

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Karl Gustav Adolf KniesRoger B. Myerson

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Ernest L. BogartAmos Tversky

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T. N. Srinivasan

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Ragnar A. K. FrischWilliam Godwin

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Henry Thornton

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Robert HeilbronerFrederick C. Mills

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Adolph LoweAlice M. Rivlin

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Joseph Louis BertrandJohn H. Gray

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Thomas Nixon CarverAdolph Wagner

5William Henry Beveridge

Daniel KahnemanRosa Luxemburg

James Tobin

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George BerkeleySimon Newcomb

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Paul Howard DouglasHenry B. Gardner

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Kevin M. Murphy

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Richard Ely(April 13, 1854-October 4, 1943)

AMER

Richard Theodore Ely, a University of Wisconsin economist, was one of the foundersof the American Economic Association, which was spawned by progressive Americaneconomists who tended to support the German historical school's approach to activ-ist government policy. His writings include Labor Movement in America (1886) andMonopolies and Trusts (1900). He was secretary of the AEA from 1885 to 1892, andpresident from 1900 to 1901.

Some of the younger men not present at the founding of our Association have regarded thecontroversy about inductive and deductive method as a barren and fruitless one. It is becausethey did not understand the situation at that time. There was opposition to historical, statisticalstudy as an essential means of discovering economic truth, and emphasis was laid upon theso-called historical method because at that time it was necessary. Here and there it may be undueemphasis was laid upon this, because, as Adam Smith says, "when the twig is bent too much inone direction it is necessary to bend it in the other to make it straight." It is only those who fail torealize the situation at that time—so hard to understand at the present—who can regard as futileand meaningless the controversy regarding induction and deduction, statistical and historicalmethod.

Ely, "The American Economic Association, 1885-1909With Special Reference to Its Origin and Early Development. An Historical Sketch."

American Economic Association Quarterly. 3rd Series, 1910

The students of elementary economics should have presented to them a clear-cut, well-definedsystem of thought. This should in one way be taught dogmatically, in another sense not. Let meexplain my paradox. In elementary teaching a certain element of dogmatism is pedagogicallynecessary. In the case of economics the dogmatism consists in learning the author who is beingstudied and confining attention first of all to his thought. The teacher should, however, say frankly,"there are other authors just as able as our author, perhaps a good deal abler, who looks [sic]at things differently. The last word has not by any means been said upon any of the importanttheoretical and practical subjects in economics; but, as a basis for further work, we will endeavorto understand this one writer."

Ely, "Suggestions to Teachers of General Economics," The Journal of Political Economy, 1910

We saw a good deal of poverty on the one hand and a concentration of wealth on the other hand,and we did not feel that all was well with our country. We felt that something should be done tobring about better conditions . . . We thought that by getting down into this life and studying itcarefully, we would be able to do something toward directing the great forces shaping our life, anddirecting them in such a way as to bring improvement.

Ely, The Story of Economics in the United States, 1931

APRIL 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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David Ricardo

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F.rlwin R A Splioman

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Armen AlchianJan Tinbergen

19James J. Heckman

Paul Rosenstein-RodanEugeny Eugenievich Slutsky

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6

James Mill

13

Richard Theodore ElyJean-Jacques Laffont

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27

7

Davis R. DeweyCharles Fourier

Albert Otto Hirschman

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Calvin B. HooverThomas Schelling

21Abram Bergson

John LawMax Weber

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1

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John R. Hicks

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V. I. LeninOliver M. W. Sprague

29

2

James Laurence LaughlinJoseph Pechman

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16

Donald J. BrownEvsey David Domar

23

Arthur T. HadleyBertil Ohlin

30

Simon Kuznets

•̂B

3

Lloyd A. Metzler

10

Paul Sweezy

17

Raul Prebisch

24

Karl Marx(May 5, 1818 - March 14, 1883)

AMERICAEC01N01V

Karl Marx was a philosopher and political economist who adapted classical eco-nomic theory to critique capitalism. He argued that markets alienate individuals fromtheir true selves, and that capitalists extract surplus value from human labor. His ideashave inspired many to advocate for revolutionary political change aimed at upsettingcapitalism and reducing the gap in wealth dividing the rich from the poor. His writ-ings include Das Kapital (1867), Economic and Philosophical Manuscripts of 1844(1932), and Manifesto of the Communist Party (with Friedrich Engels) (1848).

You are horrified at our intending to do away with private property. But in your existing society,private property is already done away with for nine-tenths of the population; its existence for thefew is solely due to its non-existence in the hands of those nine-tenths. You reproach us, therefore,with intending to do away with a form of property, the necessary condition for whose existence isthe non-existence of any property for the immense majority of society.

Marx and Engels, The Communist Manifesto, 1848

This is the abolition of the capitalist mode of production within capitalist production itself, a self-destructive contradiction, which represents on its face a mere phase of transition to a new formof production. It manifests its contradictory nature by its effects. It establishes a monopoly incertain spheres and thereby challenges the interference of the state. It reproduces a new aristocracyof finance, a new sort of parasites in the shape of promoters, speculators and merely nominaldirectors; a whole system of swindling and cheating by means of corporation juggling, stockjobbing, and stock speculation. It is private production without the control of private property.

Marx, Capital: A Critique of Political Economy, Volume 3, The Process of Capitalist Production as a Whole, 1894

Capital is money: Capital is commodities. . . . Because it is value, it has acquired the occult qualityof being able to add value to itself. It brings forth living offspring, or, at the least, lays golden eggs.

Marx, Capital, Volume 1, 1867

In the social production of their existence, men inevitably enter into definite relations, which areindependent of their will, namely relations of production appropriate to a given stage in the devel-opment of their material forces of production. The totality of these relations of production consti-tutes the economic structure of society, the real foundation, on which arises a legal and politicalsuperstructure and to which correspond definite forms of social consciousness.

Marx, A Contribution to the Critique of Political Economy, 1859

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MAY 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Charles Oscar Hardy

9H. Gregg Lewis

J. Simonde de Sismondi

16Merton H. MillerRobert B. Wilson

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Dennis Holme Robertson

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f

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Jacob Viner

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Anne-Robert-Jacques Turgot

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31Maurice Allais

William J. FellnerWilliam D. Nordhaus

Henry Sidgwick

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Amasa Walker

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18Edward H. Chamberlin

Jules Dupuit

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5Jerry A. Hausman

Karl Marx

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Nicholas Kaldor

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26Harry G. Johnson

William Petty

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Clarence Edwin Ayres

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20John Stuart Mill

Edwin G. Nourse

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i^^^^^^^™ w^^^^*mu*mn^—^^^^^m

1

Harry Gunnison BrownDavid Hume

Dale W. Jorgenson

14Harry A. Millis

Robert Owen

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Edmund J. James

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1

Simon Nelson Patten

8

Friedrich A. von Hayek

15

Paul A. Samuelson

22

29John C. Harsanyi

Steven Levitt

John Maynard Keynes(June 5, 1883-April 21, 1946)

AMERICANiOMIC

OCIATION

John Maynard Keynes was a British economist whose work during the Great De-pression significantly influenced government policy toward business cycles, and ledto a separate field of macroeconomics. He emphasized the complexity and uncer-tainty inherent in the aggregate economy, and advocated a pragmatic rather thandogmatic approach to policy. Among his major writings are: The Economic Conse-quences of the Peace (1919), A Treatise on Money (1930), and The General Theoryof Employment, Interest and Money (1936).

. . . professional investment may be likened to those newspaper competitions in which thecompetitors have to pick out the six prettiest faces from a hundred photographs, the prize beingawarded to the competitor whose choice most nearly corresponds to the average preferences ofthe competitors as a whole; so that each competitor has to pick, not those faces which he himselffinds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all ofwhom are looking at the problem from the same point of view.

Keynes, The General Theory of Employment, Interest and Money, 1936

There is no clear evidence from experience that the investment policy which is sociallyadvantageous coincides with that which is most profitable.

Keynes, The General Theory of Employment, Interest and Money, 1936

Thus if the animal spirits are dimmed and the spontaneous optimism falters, leaving us to dependon nothing but a mathematical expectation, enterprise will fade and die; -though fears of loss mayhave a basis no more reasonable than hope of profit had before.

Keynes, The General Theory of Employment, Interest and Money, 1936

When the capital development of a country becomes a by-product of the activities of a casino, the

job is likely to be ill-done. Keynes, The General Theory of Employment, Interest and Money, 1936

I do not know which makes a man more conservative—to know nothing but the present, or nothing

but the past. Keynes, The End ofLaissez-Faire, 1926

But the long run is a misleading guide to current affairs. In the long run we are all dead.Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tellus that when the storm is long past the ocean is flat again.

Keynes, The Collected Works of John Maynard Keynes, Volume IV, 1983

JUNE 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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John D. Black

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Matthew B. HammondJohn F. Nash

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Carl C. PlehnRobert Summers

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21Josiah Charles Stamp

John H. WilliamsWilliam S. Vickrey

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John Chipman

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John Rae

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Robert J. AumannAvinash K. Dixit

Rudiger W. Dornbusch

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Herbert A. Simon

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Michael Kalecki

29Frederic Bastiat

Edwin W. KemmererRoy Radner

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Lloyd S. Shapley

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William F. Sharpe

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James E. Meade

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Gardner Ackley

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Roy George Douglas Allen

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George A. AkerlofHerbert Somerton Foxwell

Alan Arthur Walters

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Gustav von SchmollerJohann Heinrich von Thunen

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Francois Quesnay

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Franco Modigliani

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John Maynard KeynesAdam Smith

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Harriet Martineau

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Alfred Marshall(July 26, 1842 - My 13, 1924)

ASSOCIATION

Alfred Marshall was a British economist, whose famous textbook combined older clas-sical school ideas with marginalist economics, forming the foundation of neoclassicalmicroeconomic analysis. He saw supply and demand as an "engine of analysis " to beused in conjunction with an intuitive understanding of the economy. His most impor-tant writing is Principles of Economics (1890), which went through nine editions whilepopularizing the partial equilibrium supply/demand framework.

Economics is a study of men as they live and move and think in the ordinary business of life.Marshall, Principles of Economics, 1890

The Mecca of the economist lies in economic biology rather than in economic dynamics. Butbiological conceptions are more complex than those of mechanics; a volume on Foundations musttherefore give a relatively large place to mechanical analogies; and frequent use is made of theterm "equilibrium," which suggests something of statical analogy. This fact, combined with thepredominant attention paid in the present volume to the normal conditions of life in the modernage, has suggested the notion that its central idea is "statical," rather than "dynamical." But infact it is concerned throughout with the forces that cause movement: and its key-note is that ofdynamics rather than statics.

Marshall, Principles of Economics, 1890

Marshall, Principles of Economics, 1890Natura non facit saltum.

A man is likely to be a better economist if he trusts to his common sense, and practical instincts,than if he professes to study the theory of value and is resolved to find it easy.

Marshall, Principles of Economics, 1890

The element of time is a chief cause of those difficulties in economic investigations which makeit necessary for man with his limited powers to go step by step; breaking up a complex question,studying one bit at a time, and at last combining his partial solutions into a more or less completesolution of the whole riddle. In breaking it up, he segregates those disturbing causes, whosewanderings happen to be inconvenient, for the time in a pound called Ceteris Paribus. The study ofsome group of tendencies is isolated by the assumption other things being equal: the existence ofother tendencies is not denied, but their disturbing effect is neglected for a time.

Marshall, Principles of Economics, 1890

JULY 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Joe S. BainGerard Debreu

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"*

Fred M. Taylor

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Michio Morishima

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Herbert Scarf

5John DunlopRonald Jones

Guy H. OrcuttJames A. Mirrlees

12

19

Thomas J. Sargent

26Jagdish Bhagwati

Celso FurtadoRobert Aaron Gordon

Alfred MarshallEdmund S. Phelps

6

John Atkinson Hobson

13

Sidney James Webb

20

Gottfried Haberler

27

Arnold C. HarbergerOskar Ryszard Lange

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14

G. L. S. Shackle

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Sanford J. GrossmanHenry R. Seager

28. !<••

Charles F. Dunbar

1Robert W. Fogel

Walter OiMyron S. Scholes

8

Charles Plott

15

Jacob MincerVilfredo Pareto

22

Richard CyertRobert Giffen

29

Daniel L. McFadden

2

Howard S. EllisMaffeo Pantaleoni

Francis Amasa Walker

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Jacob H. HollanderJacob Marschak

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Thorstein Veblen

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D. Gale JohnsonFriedrich von Wieser

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31Milton Friedman

E. A. GoldenweiserRobert C. Merton

Milton Friedman(July 31, 1912 - November 16, 2006)

A.MER

Milton Friedman was a University of Chicago economist who advocated the advan-tages of free competitive markets and helped develop monetarism and the Chicagoapproach to price theory. He was influential in conceptualizing the permanent in-come hypothesis, the natural rate of unemployment, and positive economics. Hiswritings include A Monetary History of the United States (with Anna Schwartz)(1963) and Capitalism and Freedom (1962). He was awarded the 1951 John BatesClark Medal, and the 1976 Nobel Memorial Prize in Economics. He was presidentof the AEA in 1967.

In monetary matters, appearances are deceiving; the important relationships are often precisely thereverse of those that strike the eye.

Friedman and Schwartz, A Monetary History of the United States, 1867-1960, 1963

Because we live in a largely free society, we tend to forget how limited is the span of time and thepart of the globe for which there has ever been anything like political freedom: the typical stateof mankind is tyranny, servitude, and misery. The nineteenth century and early twentieth centuryin the Western world stand out as striking exceptions to general trend of historical development.Political freedom in this instance clearly came along with the free market and the development ofcapitalist institutions. So also did political freedom in the golden age of Greece and in the earlydays of the Roman era.

Friedman, Capitalism and Freedom, 1962

With respect to teachers' salaries, the major problem is not that they are too low on the average—they may well be too high on the average—but that they are too uniform and rigid. Poor teachersare grossly overpaid and good teachers grossly underpaid. Salary schedules tend to be uniform anddetermined far more by seniority, degrees received, and teaching certificates acquired than by merit.

Friedman, Capitalism and Freedom, 1962

Observed facts are necessarily finite in number; possible hypotheses, infinite. If there is one hypo-thesis that is consistent with the available evidence, there are always an infinite number that are.

Friedman, Essays in Positive Economics, 1953

Few trends could so thoroughly undermine the very foundations of our free society as theacceptance by corporate officials of a social responsibility other than to make as much money fortheir stockholders as possible. This is a fundamentally subversive doctrine.

Friedman, Capitalism and Freedom, 1962

No major institution in the U.S. has so poor a record of performance over so long a period as theFederal Reserve, yet so high a public recognition.

Friedman, "The Fed Has No Clothes," Wall Street Journal, 1988

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Solomon Fabricant

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John Locke

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David KinleyMichael Rothschild

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23Kenneth J. Arrow

Alvin Harvey HansenRobert M. SolowAlbert B. Wolfe

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Irving B. RravisRichard Stone

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Herbert Joseph DavenportRichard Kahn

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Harry M. Markowitz

31

John Neville Keynes

4

11

18

25

5

Wassily LeontiefWesley Clair Mitchell

Piero Sraffa

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26

Jack Hirshleifer

6

Morris A. CopelandFriederich List

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Robert E. HallTerence Hutchison

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27

Walter W. HellerHerbert Stein

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Leonid HurwiczAlbert Rees

28

Antoine Augustin CournotTjalling Koopmans

Leon Walras(December 16, 1834-January 5, 1910)

AMBI

Leon Walras was a French economist whose work contributed to both the marginal-ist revolution and the creation of general equilibrium theory. He developed a theo-ry of marginal utility three years later than, but independently of, William StanleyJevons and Carl Menger. His most important work is Elements of Pure Economics(1874, 1877), in which he developed the first comprehensive mathematical analysisof general economic equilibrium.

As for those economists who do not know any mathematics, who do not even know what is meantby mathematics and yet have taken the stand that mathematics cannot possibly serve to elucidateeconomic principles, let them go their way repeating that "human liberty will never allow itselfto be cast into equations" or that "mathematics ignores frictions which are everything in socialscience" and other equally forceful and flowery phrases. They can never prevent the theory of thedetermination of prices under free competition from becoming a mathematical theory. Hence, theywill always have to face the alternative either of steering clear of this discipline and consequentlyelaborating a theory of applied economics without recourse to a theory of pure economics or oftackling the problems of pure economics without the necessary equipment, thus producing not onlyvery bad pure economics but also very bad mathematics.

Walras, Elements of Pure Economics, 4th ed., 1900

On the afternoon of June 23, 1903,1 met again at the door of my office the young professor, HenryL. Moore, of Columbia University of New York, who, after having explained to me the difficultieshe himself had encountered in America, said "You must recognize my dear M. Walras, that fora scientific revolution such as you wish to make in economics, it requires 50 years." "That is theexact period," I responded.

Walras, Correspondence of Leon Walras and Related Papers, Volume I, 1965

We are now in a position to formulate the law of the establishment of equilibrium prices in the caseof the exchange of several commodities for one another through the medium of a numeraire: Givenseveral commodities, which are exchanged for one another through the medium of a numeraire, forthe market to be in a state of equilibrium or for the price of each and every commodity in terms ofthe numeraire to be stationary, it is necessary and sufficient that at these prices the effectivedemand for each commodity equal its effective offer.

Walras, Elements of Pure Economics, 4th ed., 1900

SEPTEMBER 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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12

Zvi Griliches

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Allyn A. Young

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Nassau William Senior

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John H. Clapham

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Oliver E. Williamson

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Hermann Heinrich Gossen

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Lawrence R. Klein

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28

1

William Stanley Jevons

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15

Alfred ChandlerRobert E. Lucas, Jr.

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29Harold Hotelling

Sherwin RosenLudwig E. von Mises

2

Henry GeorgeJeremiah W. Jenks

9

Birth of The AmericanEconomic Association

(1885)

16

23

Hyman Minsky

30

3

Daron Acemoglu

10

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George W. Stocking

4

Clive W. J. GrangerHenry Schultz

11

Arthur Young

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25

Joan Robinson(October 31, 1903-August 5, 1983)

Joan Robinson was a British economist who made wide-ranging and provocativecontributions to economic theory, and argued strongly against the use of free mar-kets. Her early work was on economic theory and imperfect competition, but shelater wrote about capital theory, Marxist economics, growth theory, and macro-economics. Her writings include The Economics of Imperfect Competition (1933),in which she introduced the term monopsony and popularized marginal revenuecurves, and The Accumulation of Capital (1956), which expands Keynesianism intothe long run.

AMER1

Wealth, as the copy-book maxims tell us, is not necessarily a source of satisfaction. There are twoways of satisfying desires: one is to get more and the other to want less. Moreover human beingsdo not pursue satisfaction in a direct and consistent manner; they are constantly going a long wayout of the way to torment themselves. But, taken by and large, as individuals, groups and nations,they do pursue wealth, and the very fact that human beings are interested in wealth justifies someof them (called economists) in talking about it, without being obliged to take a view on the wisdomor folly of the race.

Robinson, The Accumulation of Capital, 1969

Though Marx is more sympathetic, in many ways, to a modern mind, than the orthodoxeconomists, there is no need to turn him, as many seek to do, into an inspired prophet.

Robinson, An Essay on Marxian Economics, 1960

Economics is "some" use, but it would have been a great deal more if the Keynesian revolution hadreally succeeded.

Robinson, "Foreword." In After Keynes: Papers Presented to Section F (Economics)at the 1972 Annual Meeting of the British Association for the Advancement of Science, ed. British Association for the

Advancement of Science Section F (Economics) and Joan Robinson, 1973

One reason why modern life is so uncomfortable is that we have grown self-conscious aboutthings that used to be taken for granted. Formerly people believed what they believed becausethey thought it was true, or because it was what all right-thinking people thought. But since Freudexposed to us our propensity to rationalization and Marx showed how our ideas spring fromideologies we have begun to ask: Why do I believe what I believe? The fact that we ask suchquestions implies that we think that there is an answer to be found but, even if we could answerthem at one layer, another remains behind: Why do I believe what I believe about what it is thatmakes me believe it? So we remain in an impenetrable fog. Truth is no longer true. Evil is nolonger wicked. 'It all depends on what you mean.' But this makes life impossible—we must find away through.

Robinson, Economic Philosophy, 1963

OCTOBER 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

3James M. Buchanan

10

Wilhelm Ropke

17Mary Jean Bowman

Henri de Saint-Simon

24

Robert A. Mundell

31Joan Robinson

Heinrich von Stackelberg

4

11

18Orley C. Ashenfelter

Alan HestonDavid M. Kreps

25

Philip Henry Wicksteed

5

Reinhard Selten

12Charles P. Kindleberger

Marc Leon Nerlove

19

Angus Deaton

26

Carl S. Shoup

6William Ballantyne Hodgson

Richard Lieben

13William A. Brock

John Rogers CommonsWilliam Z. Ripley

20Nicolas Bernoulli

Gustav Cassel

27Robert Dorfman

Edwin F. Gay

7

Walter W. Rostow

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21

Francois Divisia

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Abba P. Lerner

1

8

Lauchlin Currie

15John Kenneth Galbraith

Clement Juglar

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John Wheatley

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Louis Blanc

2

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Henry Calvert Simons

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William Graham Sumner

Thorstein Veblen(July 30, 1857-August 3, 1929)

NOMiCnow ONDED1885

Thorstein Veblen studied under John Bates Clark as an undergraduate at CarletonCollege. As a leader in the institutional economics movement, he developed anevolutionary theory of economics driven by the human instincts of emulation andpredation, and coined the term "conspicuous consumption." His writings includeTheory of the Leisure Class (1899), The Theory of Business Enterprise (1904), and"Why is Economics Not an Evolutionary Science?" (1898). When offered the presi-dency oftheAEA, he declined.

Indeed except for a stubborn prejudice to the contrary, the fact should be readily seen that theboards (of university trustees) are of no material use in any connection; their sole effectual functionbeing to interfere with the academic management in matters that are not of the nature of business,and that lie outside their competence and outside the range of their habitual interest.

Veblen, The Higher Learning in America, 1918

The hedonistic conception of man is that of a lightening calculator of pleasure and pains, whooscillates like a homogeneous globule of desire of happiness under the impulse of stimuli thatshift him about the area, but leave him intact. He has neither antecedent nor consequent. He isan isolated, definitive human datum in stable equilibrium except for the buffets of the impingingforces that displace him in one direction or another. Self-imposed in elemental space, he spinssymmetrically about his own spiritual axis until the parallelogram of forces bears down upon him,whereupon he follows the line of the resultant. When the force of the impact is spent, he comes torest, a self-contained globule of desire as before.

Veblen, "Why is Economics Not an Evolutionary Science?" in The Placeof Modern Science, in Modern Civilization, 1919

Human nature being what it is, the struggle of each to possess more than his neighbor is insepa-rable from the institution of private property.

Veblen, "Some Neglected Points in the Theory of Socialism."The Annals of the American Academy of Political and Social Science, 1891

The economic welfare of the community at large is best served by a facile and uninterruptedinterplay of the various processes which make up the industrial system at large; but the pecuniaryinterests of the business men in whose hands lies the discretion in the matter are not necessarilybest served by an unbroken maintenance of the industrial balance.

Veblen, The Theory of Business Enterprise, 1904

NOVEMBER 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

7

Frank Hyneman KnightA. Michael Spence

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Hugo F. Sonnenschein

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Henry Ludwell Moore

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Friedrich EngelsEtienne Laspeyres

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8

15

Edith Elura Penrose

22

Ralph George HawtreyLionel Robbins

29

Susan C. AtheyKarl Heinrich Rau

2

9

16

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Katharine Coman

30John Maurice Clark

Bernard Mandeville*Richard Henry TawneyLawrence H. Summers

3

Tibor ScitovskyAmartya Sen

10

Robert F. Engle

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Eli Filip Heckscher

4

11

Anna J. Schwartz

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Arthur Cecil Pigou

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Martin Feldstein

5Joseph S. Davis

Harold Adams InnisDouglass C. North

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John Pencavel

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Joseph J. Spengler

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Emmanuel Saez

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Arthur Lyon BowleyHenry W. Farnam

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Arthur S. Goldberger

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* Baptismal date

John von Neumann(December 28, 1903 - February 8, 1957)

John von Neumann was an Institute of Advanced Study mathematician who madesignificant contributions to mathematics, physics, and operations research, as wellas to economics. Together with Oskar Morgenstern, von Neumann pioneered gametheory, which he saw as the mathematics of social science, developing the famousminimax strategy and inventing backward induction. He coauthored, with OskarMorgenstern, the classic Theory of Games and Economic Behavior (1944).

We hope to establish satisfactorily, after developing a few plausible schematizations, that thetypical problems of economic behavior become strictly identical with the mathematical notions ofsuitable games of strategy.

von Neumann and Morgenstern, Theory of Games and Economic Behavior, 1944

Anyone who considers arithmetical methods of producing random digits is, of course, in a stateof sin.

von Neumann, "Various Techniques Used in Connection with Random Digits." Applied Mathematics Series, 1951

As a mathematical discipline travels far from its empirical source, or still more, if it is a secondand third generation only indirectly inspired by ideas coming from "reality," it is beset with verygrave dangers. It becomes more and more purely aestheticizing, more and more purely 1'art pour1'art. This need not be bad if the field is surrounded by correlated subjects, which still have closerempirical connections, or if the discipline is under the influence of men with an exceptionally well-developed taste. But there is a grave danger that the subject will develop along the line of leastresistance, that the stream, so far from its source, will separate into a multitude of insignificantbranches, and that the discipline will become a disorganized mass of details and complexities. Inother words, at a great distance from its empirical source, or after much "abstract" inbreeding, amathematical subject is in danger of degeneration.

von Neumann: Collected Works: Volume 1, 1963

A complete discussion of automata can be obtained only by taking a broader view of these thingsand considering automata which can have outputs something like themselves. Now, one has to becareful what one means by this. There is no question of producing matter out of nothing. Rather,one imagines automata which can modify objects similar to themselves, or effect syntheses bypicking up parts and putting them together, or take synthesized entities apart.

von Neumann, Theory of Self-Reproducing Automata, 1966

DECEMBER 2010Sunday Monday Tuesday Wednesday Thursday Friday Saturday

5

12

Eric S. MaskinCharles L. Schultze

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26Charles Babbage

John Elliot CairnesEdward C. Prescott

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Gunnar Myrdal

13Franklin M. FisherTrygve Haavelmo

George P. Shultz

20

John Gustaf Knut Wicksell

27

Matthew Rabin

7

14Erwin Diewert

P. S. Dupont de NemoursRichard A. Musgrave

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28

John von NeumannFrank W. Taussig

1

Finn E. Kydland

8

15Henry Charles Carey

Gregory KingFritz Machlup

22

Enrico Barone

29Thomas S. Adams

Ronald H. CoaseWilliam CunninghamFriedrich August Lutz

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Gary S. BeckerMartin Bronfenbrenner

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Selig Perlman

16

Leon Walras

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Mark Perlman

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3

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Kelvin J. Lancaster

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Henry C. AdamsHendrik S. Houthakker

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18Lujo Brentano

Edward F. DenisonAlvin S. Johnson

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Herman Wold

Friedrich August von Hayek(May 8, 1899 - March 23, 1992)

Friedrich August von Hayek was an Austrian economist and philosopher who envi-sioned the economy as a complex system. He believed that economic analysis had togo far beyond analytic models to be useful and was an eloquent defender of the freemarket system. His writings include The Road to Serfdom (1944) and Law, Legisla-tion and Liberty (1973, 1976, and 1979). He was awarded the 1974 Nobel MemorialPrize in Economics.

One reason why economists are increasingly apt to forget about the constant small changes whichmake up the whole economic picture is probably their growing preoccupation with statisticalaggregates, which show a very much greater stability than the movements of the details. Thecomparative stability of the aggregates cannot, however, be accounted for—as the statisticiansoccasionally seem to be inclined to do—by the "law of large numbers" or the mutual compensationof random changes.

Hayek, "The Use of Knowledge in Society," American Economic Review, 1945

The curious task of economics is to demonstrate to men how little they know about what theyimagine they can design.

Hayek, The Fatal Conceit, 1988

Nobody can be a great economist who is only an economist—and I am even tempted to add that theeconomist who is only an economist is likely to become a nuisance if not a positive danger.

Hayek, Studies in Philosophy, Politics, and Economics, 1967

I am far from denying that in our system equilibrium analysis has a useful function to perform. Butwhen it comes to the point where it misleads some of our leading thinkers into believing that thesituation which it describes has direct relevance to the solution of practical problems, it is high timethat we remember that it does not deal with the social process at all and that it is no more than auseful preliminary to the study of the main problem.

Hayek, "The Use of Knowledge in Society," American Economic Review, 1945

It is no exaggeration to say that if we had had to rely on conscious central planning for the growthof our industrial system, it would never have reached the degree of differentiation, complexity, andflexibility it has attained. Compared with this method of solving the economic problem by meansof decentralization plus automatic coordination, the more obvious method of central direction isincredibly clumsy, primitive, and limited in scope.

Hayek, The Road to Serfdom, 1944

JANUARY 2011Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Arnold Zellner

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Sir William Arthur Lewis

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Alexander Gerschenkron

17Robert Eisner

Benjamin FranklinGeorge J. Stigler

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Oskar Morgenstern

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Victor R. Fuchs

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Edwin E. Witte

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Fischer Black

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Kenneth E. Boulding

25

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Jean-Baptiste Say

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Richard A. Easterlin

19David Cass

Leonid V. KantorovichWerner Sombart

26James Maitland Lauderdale

John B. ClarkLionel W. McKenzie

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Margaret Reid

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1Moses Abramovitz

Vernon L. Smith

8Don Patinkin

Sumner H. Slichter

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22John McMillanMancur OlsonBeatrice Webb

29

Irving Fisher(February 27, 1867- April 29, 1947)

AMERICA'SECONOMICAWXIMICrs

Irving Fisher was a Yale mathematical economist who contributed to the quantity theo-ry of money, capital theory, interest rate theory, and index number theory. He promotedthe distinction between real and nominal interest rates, and developed the conceptof money illusion. His writings include Mathematical Investigations in the Theory ofValue and Prices (1892), The Making of Index Numbers (1922), and The Theory ofInterest (1930). He was president of the AEA in 1918.

It was doubtless in view of this strong feeling on both sides that the Economic Associationwhen formed was strictly limited as to its functions. As our constitution says, its object is: "Theencouragement of perfect freedom of economic discussion. The Association as such will take nopartisan attitude, nor will it commit its members to any position on practical economic questions."

Fisher, "Economists in Public Service: Annual Address of the President," American Economic Review, 1919

It is but natural that the heretical views contained in my book, "The Nature of Capital andIncome", should have aroused criticism, but I confess I have been surprised at the manner in whichthis criticism has been distributed. Many of the views expressed to which resistance was expectedhave been accepted, while some of those which seemed beyond debate have been among the firstto be questioned. The most striking instance of the latter is found in the case of the thesis that anincrease in the value of capital is not a part of income. This has been a cherished heresy of minesince it was first stated in 1897.

Fisher, "Are Savings Income?," American Economic Association Quarterly, 1908

When we say "the prices of goods are determined by supply and demand" we almost alwaysignore money. We only think of the supply and demand of goods. But that is only half of the story.Prices of goods are determined by the supply and demand not only of goods, but by the supply anddemand of gold in terms of which, through money, all prices are expressed.

Fisher, "The Monetary Side of the Cost of Living Problem,"The Annals of the American Academy of Political and Social Science, 1913

Interest is not a part, but the whole, of income.Fisher, The Theory of Interest:

As Determined by the Impatience to Spend Income and Opportunity to Invest It, 1930

The old and apparently still persistent notion of "the" business cycle, as a single, simple, selfgenerating cycle (analogous to that of a pendulum swinging under influence of the single force ofgravity) and as actually realized historically in regularly recurring crises, is a myth. Instead of oneforce there are many forces.

Fisher, "The Debt-Deflation Theory of The Great Depression," Econometrica, 1933

FEBRUARY 2011Sunday Monday Tuesday Wednesday Thursday Friday Saturday

6

Allan H. Meltzer

13Roy Forbes Harrod

Thomas Robert MalthusGordon Tullock

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Andrei Shleifer

27

Irving Fisher

7

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Geoffrey H. MoorePaul R. Krugman

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Ludwig LachmannRichard Whately

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Daniel BernoulliFrancis Ysidro EdgeworthJoseph Alois Schumpeter

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Jeremy BenthamPierre-Joseph Proudhon

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Edward S. MasonFrank Plumpton Ramsey

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Dale Mortensen

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Joseph E. Stiglitz

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Carl Menger

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Walter BagehotEdwin Cannan

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24Richard Goodwin

Albert E. F. SchaffleHermann Paasche

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David CardNicholas Georgescu-Roegen

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William James Ashley

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12

Anne O. KruegerJulian Simon

Eugen von Bohm-Bawerk

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George E. BarnettI. L. Sharfman

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William J. Baumol

Joseph Schumpeter(Februarys, 1883-January 8, 1950)

Joseph Schumpeter was a Harvard economist whose work emphasized the role ofentrepreneurship, business cycles, and economic development. Originally at theUniversity of Bonn, he was one of many emigre economists who strengthened and

fundamentally changed the American economics profession. His writings includeThe Theory of Economic Development (1934), Capitalism, Socialism and Democ-racy (1942) and History of Economic Analysis, (published posthumously in 1954,edited by Elisabeth Boody Schumpeter). He was president oftheAEA in 1948.

Economic development is so far simply the object of economic history, which in turn is merely apart of universal history, only separated from the rest for purposes of exposition. Because of thisfundamental dependence of the economic aspect of things on everything else, it is not possibleto explain economic change by previous economic conditions alone. For the economic state ofa people does not emerge simply from the preceding economic conditions, but only from thepreceding total situation.

Schumpeter, The Theory of Economic Development, 1934

This process of Creative Destruction is the essential fact about capitalism. It is what capitalismconsists in and what every capitalist concern has got to live in.

Schumpeter, Capitalism, Socialism and Democracy, 1942

If capitalist evolution—"progress"—either ceases or becomes completely automatic, the economicbasis of the industrial bourgeoisie will be reduced eventually to wages such as are paid forcurrent administrative work excepting remnants of quasi-rents and monopolied gains that may beexpected to linger on for some time. Since capitalist enterprise, by its very achievements, tends toautomatize progress, we conclude that it tends to make itself superfluous—to break to pieces underthe pressure of its own success.

Schumpeter, Capitalism, Socialism and Democracy, 1942

The true pacemakers of socialism were not the intellectuals or agitators who preached it but theVanderbilts, Carnegies and Rockefellers. This result may not in every respect be to the taste ofMarxian socialists, still less to the taste of socialists of a more popular (Marx would have said,vulgar) description. But so far as prognosis goes, it does not differ from theirs.

Schumpeter, Capitalism, Socialism and Democracy, 1942

As anyone familiar with the history of economic thought will immediately recognize, practicallyall the economists of the nineteenth century and many of the twentieth have believed uncriticallythat all that is needed to explain a given historical development is to indicate conditioning or causalfactors, such as an increase in population or the supply of capital. But this is sufficient only in therarest of cases.

Schumpeter, "The Creative Response in Economic History," Journal of Economic History, 1947

MARCH 2011Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Kevin M. Murphy

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Irma AdelmanStanley L. Engerman

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John Ramsay McCullochEdward West

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Frank Albert Fetter

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Lorie TarshisWalter F. Willcox

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Karl Gustav Adolf KniesRoger B. Myerson

2

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Ernest L. BogartAmos Tversky

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T. N. Srinivasan

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Ragnar A. K. FrischWilliam Godwin

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Henry Thornton

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Robert HeilbronerFrederick C. Mills

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Adolph LoweAlice M. Rivlin

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Joseph Louis BertrandJohn H. Gray

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Thomas Nixon CarverAdolph Wagner

5William Henry Beveridge

Rosa LuxemburgDaniel Kahneman

James Tobin

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George BerkeleySimon Newcomb

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26

Paul Howard DouglasHenry B. Gardner

/"

David Ricardo(April 18, 1772 - September 11, 1823)

David Ricardo systematized classical economics and demonstrated key argumentswith abstract models. He became interested in economics after reading The Wealthof Nations at age 27. He was a stockbroker, a member of the British Parliament,and an avid opponent of protectionism. His fundamental contribution to economicsis the theory of comparative advantage, which he described in On the Principlesof Political Economy and Taxation (1817). Ricardo also developed the concept ofeconomic rent.

Neither a state nor a bank ever have had unrestricted power of issuing paper money withoutabusing that power.

Ricardo, The Works and Correspondence of David Ricardo, Volume I,The Principles of Political Economy and Taxation, 1817

When commodities varied in relative value, it would be desirable to have the means of ascertainingwhich of them fell and which rose in real value, and this could be effected only by comparingthem one after another with some invariable standard measure of value, which should itself besubject to none of the fluctuations to which other commodities are exposed. Of such a measure it isimpossible to be possessed ....

Ricardo, The Works and Correspondence of David Ricardo, Volume I,The Principles of Political Economy and Taxation, 1817

Under a system of perfectly free commerce, each country naturally devotes its capital and labour tosuch employments as are most beneficial to each. This pursuit of individual advantage is admirablyconnected with the universal good of the whole. By stimulating industry, by rewarding ingenuity,and by using most efficaciously the peculiar powers bestowed by nature, it distributes labour mosteffectively and most economically; while by increasing the general mass of productions, it diffusesgeneral benefit, and binds together by one common tie of interest and intercourse, the universalsociety of nations throughout the civilised world.

Ricardo, The Works and Correspondence of David Ricardo, Volume I,The Principles of Political Economy and Taxation, 1817

I sometimes think that if I were to write the chapter on value again which is in my book, I shouldacknowledge that the relative value of commodities was regulated by two causes instead of by one,namely, by the relative quantity of labour necessary to produce the commodities in question, andby the rate of profit for the time that the capital remained dormant, and until the commodities werebrought to market.

Ricardo, Letter to J. R. McCulloch. The Works and Correspondence of David Ricardo, Volume VIII,Letters 1819-June 1821, 1952

APRIL 2011Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Lloyd A. Metzler

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Paul Sweezy

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Raul Prebisch

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David Ricardo

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Edwin R. A. Seligman

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12

Armen AlchianJan Tinbergen

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James J. HeckmanPaul Rosenstein-Rodan

Eugeny Eugenievich Slutsky

26

6

James Mill

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Richard Theodore ElyJean-Jacques Laffont

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27

Arthur F. Burns

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Davis R. DeweyCharles Fourier

Albert Otto Hirschman

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Calvin B. HooverThomas Schelling

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Abram BergsonJohn Law

Max Weber

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Sidney Weintraub

1

8

John R. Hicks

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V. I. LeninOliver M. W. Sprague

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Peter A. Diamond

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James Laurence LaughlinJoseph Pechman

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Donald J. Brown EvseyDavid Domar

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Arthur T. HadleyBertil Ohlin

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Simon KuznetsTheodore W. Schultz

John Stuart Mill(May 20, 1806 - May 8, 1873)

John Stuart Mill was a British economist who addressed the limits of the power thatcan be legitimately exercised by society over individuals in his treatise On Liberty(1859). He argued that individuals should retain liberty unless their actions causenegative externalities. His Principles of Political Economy (1848) was the standardtext in economics at Oxford until 1919, when it was replaced by Marshall's Prin-ciples. While a member of the British Parliament from 1865 to 1868, Mill was thefirst MP to call for giving women the right to vote.

The same reasons that make it no longer necessary that the poor should depend on the rich, makeit equally unnecessary that women should depend on men; and the least which justice requires isthat law and custom should not enforce dependence (when the correlative protection has becomesuperfluous) by ordaining that a woman, who does not happen to have provision by inheritance,shall have scarcely any means open to her of gaining a livelihood, except as a wife and mother.

Mill, Principles of Political Economy, 1848

It is only in the backward countries of the world that increased production is still an importantobject: in those most advanced, what is economically needed is a better distribution.

Mill, Principles of Political Economy, 1848

Even in the best state which society has yet reached, it is lamentable to think how great aproportion of all the efforts and talents in the world are employed in merely neutralizing oneanother. It is the proper end of government to reduce this wretched waste to the smallest possibleamount, by taking such measures as shall cause the energies now spent by mankind in injuring oneanother, or in protecting themselves against injury, to be turned to the legitimate employment ofthe human faculties, that of compelling the powers of nature to be more and more subservient tophysical and moral good.

Mill, Principles of Political Economy, 1848

Laissez-faire, in short, should be the general practice: every departure from it, unless required bysome great good, is a certain evil.

Mill, Principles of Political Economy, \8

If, therefore, the choice were to be made between Communism with all its chances, and the presentstate of society with all its sufferings and injustices ... if this or Communism were the alternative,all the difficulties, great or small, of Communism would be but as dust in the balance.

Mill, Principles of Political Economy, 1848

MAY 2011Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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Simon Nelson Patten

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Friedrich A. von Hayek

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Paul A. Samuelson

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John C. HarsanyiSteven Levitt

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Charles Oscar Hardy

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H. Gregg LewisJ. Simonde de Sismondi

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Merton H. MillerRobert B. Wilson

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Dennis Holme Robertson

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Jacob Viner

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Anne-Robert-Jacques Turgot

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31Maurice Allais

William J. FellnerWilliam D. Nordhaus

Henry Sidgwick

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Amasa Walker

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Edward H. ChamberlinJules Dupuit

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Jerry A. HausmanKarl Marx

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Nicholas Kaldor

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26Harry G. Johnson

William Petty

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Clarence Edwin Ayres

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John Stuart MillEdwin G. Nourse

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Harry Gunnison BrownDavid Hume

Dale W. Jorgenson

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Harry A. MillisRobert Owen

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Edmund J. James

28

Adam Smith(JuneS, 1723-July J 7, 1790)

Smith's actual birth date is unknown. June 5 is his date of baptism accordingto the Julian calendar.

Adam Smith was a Scottish moral philosopher who explained how the division oflabor, people's proclivity to trade, and competitive market structures can lead toeconomic prosperity. Important writings include The Theory of Moral Sentiments(1759), in which he describes "an invisible hand," and An Inquiry into the Natureand Causes of the Wealth of Nations (1776), in which the invisible hand of the mar-ket guides people following their self-interest to serve society's broader interests.

The man of system ... is apt to be very wise in his own conceit, and is often so enamoured withthe supposed beauty of his own ideal plan of government, that he cannot suffer the smallestdeviation from any part of it. He goes on to establish it completely and in all its parts, withoutany regard either to the great interests or to the strong prejudices which may oppose it: he seemsto imagine that he can arrange the different members of a great society with as much ease as thehand arranges the different pieces upon a chess-board; he does not consider that the pieces uponthe chess-board have no other principle of motion besides that which the hand impresses uponthem; but that, in the great chess-board of human society, every single piece has a principle ofmotion of its own, altogether different from that which the legislature might choose to impressupon it. If those two principles coincide and act in the same direction, the game of human societywill go on easily and harmoniously, and is very likely to be happy and successful. If they areopposite or different, the game will go on miserably, and the society must be at all times in thehighest degree of disorder.

Smith, The Theory of Moral Sentiments, 1759

Every individual. . . generally, indeed, neither intends to promote the public interest, nor knowshow much he is promoting it. By preferring the support of domestic to that of foreign industry heintends only his own security; and by directing that industry in such a manner as its produce maybe of the greatest value, he intends only his own gain, and he is in this, as in many other cases,led by an invisible hand to promote an end which was no part of his intention. Nor is it always theworse for the society that it was no part of it. By pursuing his own interest he frequently promotesthat of society more effectually than when he really intends to promote it. I have never knownmuch good done by those who affected to trade for the public good. It is an affectation, indeed, notvery common among merchants, and very few words need be employed in dissuading them from it.

Smith, The Wealth of Nations, 1776

The greatest improvement in the productive powers of labour, and the greater part of the skill,dexterity and judgement with which it is any where directed, or applied, seem to have been theeffects of the division of labour.Smith, The Wealth of Nations, 1776

The difference between the most dissimilar characters, between a philosopher and a common streetporter, for example, seems to arise not so much from nature, as from habit, custom, and education.

Smith, The Wealth of Nations, 1776

JUNE 2011Sunday Monday Tuesday Wednesday Thursday Friday Saturday

5

John Maynard KeynesAdam Smith

12

Harriet Marti neau

19

26

6

John D. Black

13

Matthew B. HammondJohn F. Nash

20

Carl C. PlehnRobert Summers

27

7

14

21Josiah Charles Stamp

William S. VickreyJohn H. Williams

28

John Chipman

1

John Rae

8Robert J. Aumann

Avinash K. DixitRudiger W. Dornbusch

15

Herbert A. Simon

22

Michael Kalecki

29Frederic Bastiat

Edwin W. KemmererRoy Radner

2

Lloyd S. Shapley

9

16

William F. Sharpe

23

James E. Meade

30

Gardner Ackley

3

Roy George Douglas Allen

10

17

George A. AkerlofHerbert Somerton Foxwell

Alan Arthur Walters

24

Gustav von SchmollerJohann Heinrich von Thunen

4

Francois Quesnay

11

18

Franco Modigliani

25

AXPHABETICAX XISTING WITH BIRTH DATESAbramovitz, Moses — January 1, 1912Acemoglu, Daron — Septembers, 1967Ackley, Gardner — June 30, 1915Adams, Henry C. — December 31, 1851Adams, Thomas S. — December 29, 1873Adelman, Irma — March 14, 1930Akerlof, George A. — June 17, 1940Alchian, Armen — April 12, 1914Allais, Maurice — May 31, 1911Allen, Roy George Douglas — June 3, 1906Arrow, Kenneth J. — August 23, 1921Ashenfelter, Orley C. — October 18, 1942Ashley, William James — February 25, I860Athey, Susan C. — November 29, 1970Aumann, Robert J. — June 8, 1930Ayres, Clarence Edwin — May 6, 1891Babbage, Charles — December 26, 1791Bagehot, Walter — Februarys, 1826Bain, Joe S. — July 4, 1912Barnett, George E. — February 19, 1873Barone, Enrico — December 22, 1859Bastiat, Frederic — June 29, 1801Baumol, William J. — February 26, 1922Becker, Gary S. — December 2, 1930Bentham, Jeremy — February 15, 1748Bergson, Abram — April 21, 1914Berkeley. George — March 12, 1685Bernoulli, Daniel — Februarys, 1700Bernoulli, Nicolas — October 20, 1687Bertrand. Joseph Louis — March 11, 1822Beveridge, William Henry — March 5, 1879Bhagwati, Jagdish — July 26, 1934Black, Fischer — January 11, 1938Black, John D. — June 6, 1883Blanc, Louis — October 29, 1811Bogart, Ernest L. — March 16, 1870Boulding, Kenneth E. — January 18, 1910Bowley, Arthur Lyon — November 6, 1869Bowman, Mary Jean — October 17, 1908Brentano, Lujo — December 18. 1844Brock, William A. — October 13, 1941Bronfenbrenner, Martin — December 2, 1914Brown, Donald J. — April 16, 1937Brown, Harry Gunnison — May 7, 1880Buchanan, James M. — Octobers, 1919Burns, Arthur F. — April 27, 1904Cairnes, John Elliot — December 26, 1823Cannan, Edwin — Februarys, 1861Card, David — February 4, 1956Carey, Henry Charles — December 15, 1793Carver, Thomas Nixon — March 25, 1865Cass, David — January 19, 1937Cassel, Gustav — October 20, 1866Chamberlin, Edward H. — May 18, 1899Chandler, Alfred — September 15, 1918Chipman, John — June 28, 1926Clapham, John H. — September 13, 1873Clark, John B. — January 26, 1847Clark, John Maurice — November 30, 1884Coase, Ronald H. — December 29, 1910Coman, Katharine — November 23, 1857Commons, John Rogers — October 13, 1862Copeland, Morris A. — August 6, 1895Cournot, Antoine Augustin — August 28, 1801

Cunningham, William — December 29, 1849Currie, Lauchlin — Octobers, 1902Cyert, Richard — July 22, 1921Davenport, Herbert Joseph — August 10, 1861Davis, Joseph S. — November 5, 1885de Nemours, P. S. Dupont — December 14, 1739de Saint-Simon, Henri — October 17, 1760de Sismondi, J. Simonde — May 9, 1773Deaton, Angus — October 19, 1945Debreu, Gerard — July 4, 1921Denison, Edward F. — December 18, 1915Dewey, Davis R. — April 7, 1858Diamond, Peter A. — April 29, 1940Diewert, Erwin — December 14, 1941Divisia, Francois — October 21, 1889Dixit, Avinash K. — June 8, 1944Domar, Evsey David — April 16, 1914Dorfman, Robert — October 27, 1916Dornbusch, Rudiger W. — June 8, 1942Douglas, Paul Howard — March 26, 1892Dunbar, Charles F. — July 28, 1830Dunlop, John — July 5, 1914Dupuit, Jules — May 18, 1804Easterlin, Richard A. — January 12, 1926Edgeworth, Francis Ysidro — February 8, 1845Eisner, Robert — January 17, 1922Ellis, Howard S. — July 2, 1898Ely, Richard Theodore — April 13, 1854Engels, Friedrich — November 28, 1820Engerman, Stanley L. — March 14, 1936Engle, Robert F. — November 10, 1942Fabricant, Solomon — August 15, 1906Farnam, Henry W. — November 6, 1853Feldstein, Martin — November 25, 1939Fellner, William J. — May 31, 1905Fetter, Frank Albert — March 8, 1863Fisher, Franklin M. — December 13, 1934Fisher, Irving — February 27, 1867Fogel, Robert W. — July 1, 1926Fourier, Charles — April 7, 1772Foxwell, Herbert Somerton — June 17, 1849Franklin, Benjamin — January 17, 1706Friedman, Milton — July 31, 1912Frisch, RagnarA. K. — March 3, 1895Fuchs, Victor R, — January 31, 1924Furtado, Celso — July 26, 1920Galbraith, John Kenneth — October 15, 1908Gardner, Henry B. — March 26, 1863Gay, Edwin F. — October 27, 1867George, Henry — September 2, 1839Georgescu-Roegen, Nicholas — February 4, 1906Gerschenkron, Alexander — January 10, 1904Giffen, Robert — July 22, 1837Godwin, William — March 3, 1756Goldberger, Arthur S. — November 20, 1930Goldenweiser, E. A. — July 31, 1883Goodwin, Richard — February 24, 1913Gordon, Robert Aaron — July 26, 1908Gossen, Hermann Heinrich — September 7, 1810Granger, Clive W. J. — September 4, 1934Gray, John H. — March 11, 1859Griliches, Zvi — September 12, 1930Grossman, Sanford J. — July 21, 1953Haavelmo, Trygve — December 13, 1911

Haberler, Gottfried — July 20, 1900Hadley, Arthur T. — April 23, 1856Hall, Robert E. — August 13, 1943Hammond, Matthew B. — June 13, 1868Hansen, Alvin Harvey — August 23, 1887Harberger, Arnold C. — July 27, 1924Hardy, Charles Oscar — May 2, 1884Harrod. Roy Forbes — February 13, 1900Harsanyi, John C. — May 29, 1920Hausman, Jerry A. — May 5, 1946Hawtrey, Ralph George — November 22, 1879Heckman, James J. — April 19, 1944Heckscher, Eli Filip — November 24, 1879Heilbroner, Robert — March 24, 1919Heller, Walter W. — August 27, 1915Heston, Alan — October 18, 1934Hicks, John R. — April 8, 1904Hirschman, Albert Otto — April 7, 1915Hirshleifer, Jack — August 26, 1925Hobson, John Atkinson — July 6, 1858Hodgson. William Ballantyne — October 6, 1815Hollander, Jacob H. — July 23, 1871Hoover. Calvin B. — April 14, 1897Hotelling, Harold — September 29, 1895Houthakker, Hendrik S. — December 31, 1924Hume, David — May 7, 1711Hurwicz, Leonid — August 21, 1917Hutchison, Terence — August 13, 1912Innis, Harold Adams — November 5, 1894James, Edmund J. — May 21, 1855Jenks, Jeremiah W. — September 2, 1856Jevons, William Stanley — September 1, 1835Johnson, Alvin S. — December 18, 1874Johnson, D. Gale — July 10, 1916Johnson, Harry G. — May 26, 1923Jones, Ronald — July 5, 1931Jorgenson, Dale W. — May 7, 1933Juglar, Clement — October 15, 1819Kahn, Richard — August 10, 1905Kahneman, Daniel — March 5, 1934Kaldor, Nicholas — May 12, 1908Kalecki, Michal — June 22, 1899Kantorovich, Leonid V. — January 19, 1912Kemmerer, Edwin W. — June 29, 1875Keynes, John Maynard — June 5, 1883Keynes, John Neville — August 31, 1852Kindleberger, Charles P. — October 12, 1910King, Gregory — December 15, 1648Kinley, David — August 2, 1861Klein, Lawrence R. — September 14, 1920Knies, Karl Gustav Adolf — March 29, 1821Knight, Frank Hyneman — November 7, 1885Koopmans, Tjalling — August 28, 1910Kravis, Irving B. — August 30, 1916Kreps, David M. — October 18, 1950Krueger, Anne O. — February 12, 1934Krugman, Paul R. — February 28, 1953Kuznets, Simon — April 30, 1901Kydland, Finn E. — December 1, 1943Lachmann, Ludwig — February 1, 1906Laffont, Jean-Jacques — April 13, 1947Lancaster, Kelvin J. — December 10, 1924Lange, Oskar Ryszard — July 27, 1904Laspeyres, Etienne — November 28, 1834

Lauderdale, James Maitland — January 26, 1759Laughlin, James Laurence — April 2, 1850Law, John — April 21, 1671Lenin, V. I. — April 22, 1870Leontief, Wassily — Augusts, 1906Lerner, Abba P. — October 28, 1903Levitt, Steven — May 29, 1967Lewis, H. Gregg — May 9, 1914Lewis, William Arthur — January 23, 1915Lieben, Richard — October 6, 1842List, Friederich — August 6, 1789Locke, John — August 29, 1632Lowe, Adolph — March 4, 1893Lucas, Robert E. Jr. — September 15, 1937Lutz, Friedrich August — December 29, 1901Luxemburg. Rosa — March 5, 1871Machlup, Fritz — December 15, 1902Malthus, Thomas Robert — February 13, 1766Mandeville, Bernard — November 30, 1670*Markowitz, Harry M. — August 24, 1927Marschak, Jacob — July 23, 1898Marshall. Alfred — July 26, 1842Martineau, Harriet — June 12, 1802Marx, Karl — May 5, 1818Maskin, Eric S. — December 12, 1950Mason, Edward S. — February 22, 1899McCulloch, John Ramsay — March 1, 1789McFadden, Daniel L. — July 29, 1937MeKenzie, Lionel W. — January 26, 1919McMillan, John — January 22, 1951Meade, James E. — June 23, 1907Meltzer, Allan H. — February 6, 1928Menger, Carl — February 23, 1840Merton, Robert C. — July 31, 1944Metzler, Lloyd A. — April 3, 1913Mill, James — April 6, 1773Mill, John Stuart — May 20, 1806Miller, Merton H. — May 16, 1923Millis, Harry A. — May 14, 1873Mills, Frederick C. — March 24, 1892Mincer, Jacob — July 15, 1922Minsky, Hyman — September 23, 1919Mirrlees, James A. — July 5, 1936Mitchell, Wesley Clair — Augusts, 1874Modigliani, Franco — June 18, 1918Moore, Geoffrey H. — February 28, 1914Moore, Henry Ludwell — November 21, 1869Morgenstern, Oskar — January 24, 1902Morishima, Michio — July 18, 1923Mortensen, Dale — February 2, 1939Mundell, Robert A. — October 24, 1932Murphy, Kevin M. — March 20, 1958Musgrave, Richard A. — December 14, 1910Myerson, Roger B. — March 29, 1951Myrdal, Gunnar — December 6, 1898Nash, John F. — June 13, 1928Nerlove, Marc Leon — October 12, 1933Newcomb, Simon — March 12, 1835Nordhaus, William D. — May 31, 1941North, Douglass C. — November 5, 1920Nourse, Edwin G. — May 20, 1883Ohlin, Bertil — April 23, 1899Oi, Walter — July I, 1929Olson, Mancur — January 22, 1932Orcutt, GuyH. — July 5, 1917Owen, Robert — May 14, 1771Paasche, Hermann — February 24. 1851

Pantaleoni, Maffeo — July 2, 1857Pareto, Vilfredo — July 15, 1848Patinkin, Don — January 8, 1922Patten, Simon Nelson — May 1, 1852Pechman, Joseph — April 2, 1918Pencavel, John — November 12, 1943Penrose, Edith Elura — November 15, 1914Perlman, Mark — December 23, 1923Perlman, Selig — December 9, 1888Petty, William — May 26, 1623Phelps, Edmund S. — July 26, 1933Pigou, Arthur Cecil — November 18, 1877Plehn.CarlC. — June 20, 1867Plott, Charles — July 8, 1938Prebisch, Raul — April 17, 1901Prescott, Edward C. — December 26, 1940Proudhon, Pierre-Joseph — February 15, 1809Quesnay, Francois — June 4, 1694Rabin, Matthew — December 27, 1963Radner, Roy — June 29, 1927Rae, John — June 1, 1796Ramsey, Frank Plumpton — February 22, 1903Rau, Karl Heinrich — November 29, 1792Rees, Albert — August 21, 1921Reid, Margaret — January 27, 1896Ricardo, David — April 18, 1772Ripley, William Z. — October 13, 1867Rivlin, Alice M. — March 4, 1931Robbins, Lionel — November 22, 1898Robertson, Dennis Holme — May 23, 1890Robinson, Joan — October 31, 1903Ropke, Wilhelm — October 10, 1899Rosen, Sherwin — September 29, 1938Rosenstein-Rodan, Paul — April 19, 1902Rostow, Walter W. — October 7, 1916Rothschild, Michael — August 2, 1942Saez, Emmanuel — November 26, 1972Samuelson, Paul A. — May 15, 1915Sargent, Thomas J. — July 19, 1943Say, Jean-Baptiste — Januarys, 1767Scarf, Herbert — July 25, 1930Schaffle, Albert E. F. — February 24, 1831Schelling, Thomas — April 14, 1921Scholes, Myron S. — July I, 1941Schultze, Charles L. — December 12, 1924Schultz, Henry — September 4, 1893Schultz. Theodore W. — April 30, 1902Schumpeter, Joseph Alois — Februarys, 1883Schwartz, Anna J. — November 1 1 , 1915Scitovsky, Tibor — Novembers, 1910Seager, Henry R. — July 21, 1870Seligman, Edwin R. A. — April 25, 1861Selten, Reinhard — Octobers, 1930Sen, Amartya — Novembers, 1933Senior, Nassau William — September 26, 1790Shackle, G.L.S. — July 14, 1903Shapley, Lloyd S. — June 2, 1923Sharfman, I. L. — February 19, 1886Sharpe, William F. — June 16, 1934Shleifer, Andrei — February 20, 1961Shoup, CarlS. — October 26, 1902Shultz, George P. — December 13, 1920Sidgwick, Henry — May 31, 1838Simon, Herbert A. — June 15, 1916Simon, Julian — February 12, 1932Simons, Henry Calvert — October 9, 1899Slichter, Sumner H. — Januarys, 1892

Slutsky, Eugeny Eugenievich — April 19, 1880Smith, Adam — June 5, 1723*Smith, Vernon L. — January 1. 1927Solow, Robert M. — August 23, 1924Sombart, Werner — January 19, 1863Sonnenschein, Hugo F. — November 14, 1940Spence, A. Michael — November 7, 1943Spengler, Joseph J. — November 19, 1902Sprague, Oliver M. W. — April 22, 1873Sraffa, Piero — Augusts. 1898Srinivasan, T. N. — March 23, 1933Stamp, Josiah Charles — June 21, 1880Stein, Herbert — August 27, 1916Stigler, George J. — January 17, 1911Stiglitz, Joseph E. — February 9, 1943Stocking, George W. — September 24, 1892Stone, Richard — August 30, 1913Summers, Lawrence H. — November 30, 1954Sumner, William Graham — October 30, 1840Summers. Robert — June 20, 1922Sweezy, Paul — April 10, 1910Tarshis, Lorie — March 22, 1911Taussig, Frank W. — December 28, 1859Tawney. Richard Henry — November 30, 1880Taylor, Fred M. — July 11, 1855Thornton, Henry — March 10, 1760Tinbergen, Jan — April 12, 1903Tobin, James — March 5, 1918Tullock, Gordon — February 13, 1922Turgot, Anne-Robert-Jacques — May 10, 1727Tversky, Amos — March 16, 1937Veblen, Thorstein — July 30, 1857Vickrey, William S. — June 21, 1914Viner, Jacob — May 3, 1892von Bohm-Bawerk, Eugen — February 12, 1851von Hayek, Friedrich A. — May 8, 1899von Mises, Ludwig E. — September 29, 1881von Neumann, John — December 28, 1903von Schmoller, Gustav — June 24, 1838von Stackelberg, Heinrich — October 31, 1905von Thiinen, Johann Heinrich — June 24, 1783von Wieser, Friedrich — July 10, 1851Wagner, Adolph — March 25, 1835Walker, Amasa — May 4, 1799Walker, Francis Amasa — July 2, 1840Walras, Leon — December 16, 1834Walters, Alan Arthur — June 17, 1926Webb, Beatrice — January 22, 1858Webb, Sidney James — July 13, 1859Weber, Max — April 21, 1864Weintraub, Sidney — April 28, 1914West, Edward — March 1, 1782Whately, Richard — February 1, 1787Wheatley, John — October 22, 1772Wicksell, JohnGustaf Knut — December 20, 1851Wicksteed, Philip Henry — October 25, 1844Willcox, Walter F. — March 22, 1861Williams, John H. — June 21, 1887Williamson, Oliver E. — September 27, 1932Wilson, Robert B. — May 16, 1937Witte, Edwin E. — January 4, 1887Wold, Herman — December 25, 1908Wolfe, Albert B. — August 23, 1876Young, Al lynA. — September 19, 1876Young, Arthur — September 11, 1741Zellner. Arnold — January 2, 1927*Baptismal date

he content of this calendar was edited by David Colander and John Siegfried. To avoid discretionary choices as much as possiblethey used a few rules to guide the inclusion criteria. First, they only considered deceased economists for monthly feature. Second,they only included birth dates for economists who were Nobel Laureates, AEA Presidents, AEA Distinguished Fellows, JohnBates Clark Medalists, and deceased economists of note. Regina Montgomery assisted by securing pictures of the 18 economists

featured on each month and supervising production. The calendar was designed and typeset at the Association's facilities in Pittsburgh,Pennsylvania, by Rebecca Fatalsky, Denise Maiden and Cathy Pawlowski. Susan Houston, Anne Elkins, and Kristine Etter helped to findthe economists' birthdays and with other administrative tasks. Mary Kay Akerman organized the citations. Drucilla Ekwurzel and AdamReger checked facts. Many economists were consulted: they offered helpful suggestions regarding whom to feature and content, includingJames Ahiakpor, Alain Alcouffe, Jeremy Atack, Humberto Barreto, Rebeca Gomez Betancourt, Ana Maria Bianchi, Stuart Birks, PeterBoettke, Dieter Bogenhold, Pablo Bortz, Samuel Bostaph, Maria de Fatima Brandao, Laurent Bruneau, Louis Caceres, Bruce Caldwell,Katherine Chalmers, Lilia Costabile, Robert Dimand, Ross Emmett, Riccardo Faucci, June Flanders, Fred Foldvary, Mathew Forstater, CraigFreedman, Mason Gaffney, Nicola Giocoli, Craufurd Goodwin, Alexander Guerrero, John Hart, James Henderson, Steven Horwitz, GlennHueckel, Alan Isaac, Gavin Kennedy, Peter Klein, Judy Klein, Dmitry Krutikov, Edith Kuiper, Andres Lazzarini, David Levy, Richard Lipsey,Douglas Mackenzie, Andrea Maneschi, Anne Mayhew, Steven Medema, David Mitch, Benjamin Mitra-Kahn, Peter Murrell, Robin Neill,Michael Nuwer, Kepa Ormazabal, Spencer Pack, Michael Perelman, Tiziano Raffaelli, Hugh Rockoff, Barkley Rosser, Warren Samuels,Eric Schliesser, Torsten Schmidt, Sumitra Shah, Peter Stillman, Scot Stradley, Martin Tangora, Pedro Teixeira, Matias Vernengo, AnthonyWaterman, E. Roy Weintraub, James Wible, Donald Winch, and Jeffrey T. Young. The editors are especially grateful to Claire Friedland, whoprovided some elusive facts and reviewed a draft of this calendar.

PHOTO CREDITS

The photos used in this calendar were obtained and the releases were granted through the diligent efforts of Regina Montgomery. We are especially grateful to WilliamHansen of Duke University and Ines ter Horst of the University of Chicago Press for their assistance.

The Friedman and von Hayak images are courtesy of the University of Chicago. Claire Friedland provided the image of George Stigler, which she also obtained throughthe University of Chicago Booth School of Business: photographer is Michael P. Weinstein.

The images of Malthus, Marx, Walras, Veblen, Fisher, Schumpeter, Ricardo, Mill, and Smith are courtesy of the Warren J. Samuels Portrait Collection at Duke University.The Marshall and von Neumann images are courtesy of the Duke University Rare Book, Manuscript, and Special Collections Library.

The Keynes and Robinson photos are from Peter Lofts of Lofty Images, Ramsey and Muspratt collection.

The Edgeworth image is courtesy of The Marshall Library of Economics, photo taken by the London studio of Elliott & Fry.

The Wisconsin Historical Society provided the Ely image.

The image of the 1923 Association's visit to the White House was most likely taken and provided by the White House photographer at that time. It was provided to theAssociation by Friedrich von Hayek just prior to the Association's one-hundredth anniversary in 1985.

The image of George Stigler and Claire Friedland was provided by Claire Friedland, photographer is unknown.