Three Nobel Laureates in Economics to Speak at UMass Amherst on the World Economy

AMHERST, Mass. - Three winners of the Nobel Prize in Economics will speak on the world economy at the University of Massachusetts on Thurs., Nov. 5 at 4:15 p.m. in Mahar Auditorium. The event is free and open to the public.

The three Nobel laureates are: Kenneth J. Arrow of Stanford University, Robert M. Solow of the Massachusetts Institute of Technology (MIT), and James Tobin of Yale University. They will speak on the topic: "The World Economy Today: The Triumph of Free Markets or the Age of Inequality and Instability?" The event, the fourth Philip Gamble Memorial Lecture, is sponsored by the UMass department of economics.

Arrow is Joan Kenney Professor of Economics Emeritus and Professor of Operations Research Emeritus at Stanford University. Arrow received the Nobel Prize in 1972 for his work on the economics of uncertainty and the theory of social choice. Arrow was professor of economics at Stanford from 1949-68, taught at Harvard University from 1968-79, and returned to Stanford in 1979. He served as an economist for the president’s Council of Economic Advisors in 1962 and has been a consultant to the RAND Corporation since 1948. Arrow is a fellow and past president of the Econometric Society, a fellow of the American Statistical Association, a distinguished fellow and past president of the American Economic Association, and a fellow of the American Association for the Advancement of Science.

Solow is Institute Professor Emeritus at MIT, where he has been a professor of economics since 1949. He received the Nobel Prize in 1987 for his theory of growth. Solow taught macro-economics to both undergraduates and graduate students until January 1996. Solow was a member of the Board of Directors of the Federal Reserve Bank of Boston and served as chair for three years. He is currently a member of the National Science Board, and the National Academy of Sciences, and is a fellow of the British Academy. He is also past president of the American Economic Association and the Econometric Society.

Tobin is Sterling Professor Emeritus of Economics at Yale University and has been a member of the faculty since 1950. Tobin received the Nobel Prize in 1981 for his research on portfolio diversification and macro-economic theory and policy. In 1961-62, while on leave from Yale, Tobin was a member of President John F. Kennedy’s Council of Economic Advisors. Tobin is past president of the Econometric Society, the American Economic Association, and the Eastern Economics Association. He is also a member of the National Academy of Sciences.