Hendrik S. Houthakker facts for kids
Quick facts for kids
Hendrik S. Houthakker
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Hendrik S Houthakker (1969)
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| Born | December 31, 1924 |
| Died | April 15, 2008 (aged 83) |
| Nationality | Dutch American |
| Institution | Harvard University Stanford University |
| Field | Behavioral economics Econometrics |
| Alma mater | University of Amsterdam |
| Doctoral students |
Christopher A. Sims Elhanan Helpman |
| Influences | Richard Stone |
Hendrik Samuel Houthakker (born December 31, 1924 – died April 15, 2008) was an important American economist. He was known for his work on how people make choices about buying things. He also advised the US government on economic matters.
Contents
A Life in Economics
Early Life and Education
Hendrik Houthakker was born in Amsterdam, Netherlands. His family was Dutch-Jewish, and his father was a well-known art dealer. When he was a teenager, the Nazis took over the Netherlands. He was even arrested once by the Gestapo, which was the secret police. Luckily, he managed to escape. A kind Catholic family helped hide him for several months.
He finished his university studies at the University of Amsterdam in 1949. This was a big step in his journey to becoming an economist.
Teaching and Government Work
After his studies, Houthakker moved to the United States. He taught at Stanford University from 1954 to 1960. Then, he moved to Harvard University, where he spent the rest of his career.
In 1961, he was chosen as a Fellow of the American Statistical Association. This showed that he was a respected expert in statistics.
From 1969 to 1971, Houthakker worked for President Richard Nixon on the Council of Economic Advisers. This group helps the President make decisions about the economy. During this time, he suggested a new way for countries to trade money. He thought that the system used by the International Monetary Fund should be more flexible.
Understanding Choices
The Strong Axiom of Revealed Preference
Hendrik Houthakker made important contributions to economic ideas. He is especially known for something called the "Strong Axiom of Revealed Preference." This sounds complicated, but it's about understanding how people make choices when they buy things.
Imagine you go to a store. You choose to buy a certain item. This choice "reveals" what you prefer. Houthakker's idea helped economists understand that if people make choices in a consistent way, it means their choices follow certain logical rules. His work helped connect different ways of thinking about why people buy what they do. It showed that if your choices are consistent, they can be explained by what you like best.
Family and Friends
Hendrik Houthakker was married to Anna-Teresa Tymieniecka for 52 years. She was a philosopher from Poland. She also started an organization called the World Phenomenology Institute. Through his wife, Houthakker became friends with Pope John Paul II, who was then known as Karol Wojtyła.
An interesting fact is that Barack Obama Sr., who was the father of former US President Barack Obama, worked as a research assistant for Houthakker in 1963 at Harvard.
