English | دری

Jan Tinbergen

in Economist of the Month

Jan Tinbergen
Jan TinbergenIn 1969 Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch shared the first Nobel Prize in economics “for having developed and applied dynamic models for the analysis of economic processes.” Tinbergen, who held a Ph.D. in physics, had become interested in economics while working on his dissertation, “Minimum Problems in Physics and Economics” (1929). He began to apply mathematical tools to economics, which at the time was a relatively verbal and nonmathematical discipline. In 1929 he joined a unit of the Dutch Central Bureau of Statistics to do research on business cycles. He stayed there until 1945, taking a leave of absence from 1936 to 1938 to work for the League of Nations in Geneva.

Along with Frisch and others Tinbergen developed the field of econometrics, the use of statistical tools to test economic hypotheses. Tinbergen was one of the first economists to create multiequation models of economies. He produced a twenty-seven-equation econometric model of the Dutch economy, and his 1939 book, Business Cycles in the United States, 1919–1932, includes a forty-eight-equation model of the American economy that explains investment activity and models American business cycles.

Another of Tinbergen’s major contributions was to show that a government with several economic targets—for both theunemployment rate and the inflation rate, for example—must have at least as many policy instruments, such as taxes andmonetary policy.

Source: http://www.econlib.org/library/Enc/bios/Tinbergen.html



Related Articles

Leon Walras

Separately but almost simultaneously with William Stanley Jevons and Carl Menger, French economist Leon Walras developed the idea of marginal utility and is

Jeffrey D. Sachs

Jeffrey D. Sachs is the Director of The Earth Institute, Quetelet Professor of Sustainable Development, and Professor of Health Policy

Paul Krugman

Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*