Academic department at the Massachusetts Institute of Technology
TheMIT Department of Economics is a department of theMassachusetts Institute of Technology inCambridge ,Massachusetts .
Undergraduate studies in economics were introduced in the 19th century by institute presidentFrancis Amasa Walker , while the department's Ph.D. program was introduced in 1941. By 2020, the department has the second highest number of Ph.D. alumni who received theNobel Prize in Economics in the world (12) only behindHarvard Economics (13) and ahead ofUChicago Economics (9). Nine out of 18Clark medalists since 1999 received Ph.D. degrees from the department.
In the 1890s, economists includingFrancis Amasa Walker andDavis Rich Dewey taught courses in economics to the undergraduate students.[ 1] [ 2] [ 3] [ 4] [ 5] [ 6]
Paul Samuelson (1940–2009),Nobel Prize , 1970Franco Modigliani (1962–2003), Nobel Prize, 1985John Williamson (1967–1980), originator of the 'Washington Consensus 'Robert Solow , (1960–1979) Nobel Prize, 1987Stanley Fischer , (1977–1988), Vice-Chairman of the US Federal Reserve, Governor ofBank of Israel Robert F. Engle , (1969-1977), Nobel Prize, 2003Daniel McFadden , (1977–1991), Nobel Prize, 2000[ 7] George P. Shultz , (1948–1957), Former Secretary of State, Secretary of Treasury, Secretary of LabourMyron S. Scholes (1968–1973), Nobel prize in 1997 for the Black-Scholes equationRudi Dornbusch (1975–2002), known for theOvershooting Model [ 8] Francesco Giavazzi (1989–present)[ 9] Among the department's past and current faculty and alumni are several recipients of theNobel Prize in Economics :
Daron Acemoglu andSimon Johnson , 2024Joshua Angrist , 2021Esther Duflo (Ph.D., 1999) andAbhijit Banerjee , 2019William Nordhaus , 2018Bengt Holmstrom , 2016Jean Tirole , 2014Robert J. Shiller , 2013Peter A. Diamond , 2010Oliver E. Williamson , 2009Paul Krugman (Ph.D., 1977), 2008Eric Maskin , 2007Edmund Phelps , 2006Robert J. Aumann , 2005Robert F. Engle , 2003George Akerlof (Ph.D., 1966) andJoseph Stiglitz (Ph.D., 1967), 2001Daniel McFadden , 2000Robert Mundell (Ph.D., 1956), 1999Amartya Sen , 1998Robert C. Merton (Ph.D, 1970), 1997Robert Solow , 1987Franco Modigliani , 1985Lawrence Klein (Ph.D., 1944), 1980Paul Samuelson , 1970Associate Professors [ edit ] Assistant Professors [ edit ] Nikhil Agarwal David Atkin Frank Schilbach Susan Athey (Ph.D.,Stanford )John Bates Clark Medal , 2007E. Cary Brown (Ph.D.,Harvard ) Professor of Economics, EmeritusEvsey Domar (Ph.D.,Harvard )Rudi Dornbusch (Ph.D.,Chicago ) Ford International Professor, International EconomicsRobert F. Engle (Ph.D.,Cornell )Stanley Fischer (Ph.D.,MIT )Charles P. Kindleberger (Ph.D.,Columbia ) Ford International Professor of Economics, EmeritusEdwin Kuh (Ph.D.,Harvard )Paul Krugman (Ph.D.,MIT )John Bates Clark Medal , 1991Eric Maskin (Ph.D.,Harvard )Daniel McFadden (Ph.D.,Minnesota )Franco Modigliani (D.Jur., Rome and D.Soc.Sci.,The New School for Social Research ) Institute Professor Emeritus; Professor of Finance & EconomicsGeorge P. Shultz (Ph.D.,MIT )Hal Varian (Ph.D.,Berkeley )Lawrence R. Klein (Ph.D., 1944)John Bates Clark Medalist Econometric Society , 1960; president of theAmerican Economic Association , 1977;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Margaret Garritsen de Vries (Ph.D., 1946)Carolyn Shaw Bell Award Recipient, 2002George P. Shultz (Ph.D., 1949) Distinguished Fellow of theAmerican Economic Association , 2004Ronald W. Jones (Ph.D., 1956) Distinguished Fellow of theAmerican Economic Association , 2009William Nordhaus (Ph.D., 1967),Council of Economic Advisers 1977 - 1979Mario Draghi (Ph.D., 1976) Governor of theBanca d'Italia , chairman of theFinancial Stability Forum , president of theEuropean Central Bank Robert A. Mundell (Ph.D., 1956) Distinguished Fellow of theAmerican Economic Association , 1996;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Peter A. Diamond (Ph.D., 1963) president of theEconometric Society , 1991; president of theAmerican Economic Association , 2003;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Riccardo Faini , (PhD), former head of the Economic and Financial Analysis Service of the ItalianMinistry of Treasury George A. Akerlof (Ph.D., 1966)Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel American Economic Association , 2006Joseph E. Stiglitz (Ph.D., 1966)John Bates Clark Medalist Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Jagdish N. Bhagwati (Ph.D., 1967) Distinguished Fellow of theAmerican Economic Association , 2003Robert E. Hall (Ph.D., 1967) president of theAmerican Economic Association , 2010William D. Nordhaus (Ph.D., 1967) Member of theCouncil of Economic Advisers , 1977–1979; Distinguished Fellow of theAmerican Economic Association , 2004; president of theAmerican Economic Association , 2014;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Avinash K. Dixit (Ph.D., 1968) president of theEconometric Society , 2001; president of theAmerican Economic Association , 2008Robert J. Gordon (Ph.D., 1967) Distinguished Fellow of theAmerican Economic Association , 2014Michael Rothschild , (Ph.D., 1968) Distinguished Fellow of theAmerican Economic Association , 2005Stanley Fischer (Ph.D., 1969) Vice-Chairman of the US Federal Reserve, Governor of theBank of Israel ; Distinguished Fellow of theAmerican Economic Association , 2013Robert C. Merton (Ph.D., 1970) president of theAmerican Finance Association , 1986;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Tommaso Padoa-Schioppa , (M.Sc. 1970),European Central Bank executive board 1998-2005, former Italian minister of economy and financeJeremy J. Siegel (Ph.D., 1971) financial markets guruMartin Neil Baily (Ph.D., 1972) Chairman of theCouncil of Economic Advisers , 1999–2001Alan S. Blinder (Ph.D., 1971) Distinguished Fellow of theAmerican Economic Association , 2011Robert J. Shiller (Ph.D., 1972) Fellow of theAmerican Finance Association , 2006;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Lawrence Summers (B.S. , 1975)Secretary of the Treasury , 1999–2001Mario Draghi (Ph.D., 1976) president of theEuropean Central Bank 2011-, Governor of theBanca d'Italia , Chairman of theFinancial Stability Forum Paul R. Krugman (Ph.D., 1977) Member of theCouncil of Economic Advisers , 1982–1983;John Bates Clark Medalist Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Lucas Papademos (Ph.D., 1977) vice president of theEuropean Central Bank , 2002-Ben S. Bernanke (Ph.D., 1979)Chairman of the Federal Reserve , 2006-2014Kenneth S. Rogoff (Ph.D., 1980) IMF chief economistJean Tirole (Ph.D., 1981) president of theEconometric Society , 1998; president of theEuropean Economic Association , 2001;Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel N. Gregory Mankiw (Ph.D., 1984) Chairman of theCouncil of Economic Advisers , 2003–2005Andrei Shleifer (Ph.D., 1986)John Bates Clark Medalist Matthew Rabin (Ph.D., 1989)John Bates Clark Medalist Andrew Samwick (Ph.D., 1993) Member of theCouncil of Economic Advisers , 2003–2004Judith Chevalier (Ph.D., 1993)Elaine Bennett Research Prize recipientSteven D. Levitt (Ph.D., 1994)John Bates Clark Medalist Freakonomics Emmanuel Saez (Ph.D., 1999)John Bates Clark Medalist Esther Duflo (Ph.D. 1999),John Bates Clark Medalist Elaine Bennett Research Prize recipientLaureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Poor Economics Jonathan Levin (Ph.D., 1999)John Bates Clark Medalist Amy Finkelstein (Ph.D., 2001)John Bates Clark Medalist Elaine Bennett Research Prize recipient
