James A. Mirrlees, is a Scottish economist, who was rewarded Nobel Prize for Economics in 1996 for his fundamental contributions to the economic theory of incentives under asymmetric information.
Personal, career and Academic profiles
James A. Mirrlees was born on July 5, 1936 in Minnigaff, Scotland, United Kingdom.
1957: James A. Mirrlees completed his M.A. in Mathematics from at the University of Edinburgh.
1963: Mirrlees was awarded PhD from Trinity College, Cambridge.
1969-1995: During this period, James A. Mirrless engaged as a teacher at the University of Oxford. In this period of time at Oxford, James published the economic models and equations for which he eventually awarded his Nobel Prize in 1996.
1995: Dr. Mirrless went to University of Cambridge.
During 1960s and 1970s, Mirrless was engaged as an advisor to the British labor Party.
Honors and awards
In 1996 James A. Mirrless was awarded the Nobel Prize in Economic Science for his contribution to the study in the field of information economics.
Theories propounded
People will remember James A. Mirrless for his groundbreaking work on optimal income taxation, which actually is a progressive tax that included incentives for earning. He will also be remembered for his analytic research work on economic incentives in conditions engaging asymmetrical information.
Major Works and publications of James A. Mirrlees
1962: "A New Model of Economic Growth", with N. Kaldor
1967: "Optimum Growth When Technology is Changing"
1969: "The Dynamic Nonsubstitution Theorem"
1969: "The Evaluation of National Income in an Imperfect Economy"
1971: "Optimal Taxation and Public Production", with P.A. Diamond
1971: "An Exploration in the Theory of Optimal Income Taxation"
1972: "On Producer Taxation"
1973(with P.A. Diamond): "Aggregate Production with Consumption Externalities"
1974( with I.M.D. Little): Project Appraisal and Planning for Developing Countries
1974: "Optimal Accumulation under Uncertainty: the Case of Stationary Returns to Investment"
1974: Notes on Welfare Economics, Information and Uncertainty"
1975: “Optimal Taxation in a Two-Class Economy"
1975(with A.K. Dixit and N.H. Stern):"Optimum Saving with Economies of Scale"
1976(with P.A. Diamond): "Private Constant Returns and Public Shadow Prices"
1977(with P.A. Diamond, ):"A Model of Social Insurance with Retirement"
1982:"The Economic Uses of Utilitarianism"
1990: "Taxing Uncertain Incomes"
1992(with P.A. Diamond): "Optimal Taxation of Identical Consumers when markets are incomplete"
1996: "Information and Incentives: The Economics of Carrots and Sticks"
1997: "Information and Incentives: The Economics of Carrots and Sticks"
1998: "The Theory of Moral Hazard, Part I", Review of Economic Studies
People will also remember Lucas for his contributions to international finance, investment theory and economic growth theory. Robert E. Lucas, Jr. is the author of "Models of Business Cycles".
Major Works and publications of Robert Lucas
1967: "Optimal Investment Policy and the Flexible Accelerator"
1967: "Adjustment Costs and the Theory of Supply"
1969 (with Leonard A. Rapping): "Real Wages, Employment and Inflation"
1971 (with E.C. Prescott): "Investment Under Uncertainty"
1972: "Expectations and the Neutrality of Money"
1972: "Econometric Testing of the Natural Rate Hypothesis"
1973: "Some International Evidence on Output-Inflation Tradeoffs"
1974 (with E. C. Prescott): "Equilibrium Search and Unemployment"
1975: "An Equilibrium Model of the Business Cycle"
1976: "Econometric Policy Evaluation: A critique"
1977: "Understanding Business Cycles"
1978: "Asset Prices in an Exchange Economy"
1978 (with T.J. Sargent): "'New' Explanations of the Persistence of Inflation and Unemployment"
1978 (with T.J. Sargent): "After Keynesian Macroeconomics"
1980: "Rules, Discretion and the Role of the Economic Advisor"
1980: "Methods and Problems in Business Cycle Theory"
1981: "Tobin and Monetarism: A review article"
1982: "Interest Rates and Currency Prices in a Two-Country World"
1983 ( with N.L. Stokey): "Optimal Fiscal and Monetary Policy in an Economy without Capital"
1984(with N. L. Stokey): "Optimal Growth with Many Consumers"
1984: "Money in a Theory of Finance"
1987(with N. L. Stokey): "Money and Interest in a Cash-in-Advance Economy"
1988: "On the Mechanics of Economic Development"
1989(with N. L. Stokey):Recursive Methods in Economic Dynamics
1990: "Liquidity and Interest Rates"