Jack Hirshleifer facts for kids
Jack Hirshleifer (born August 26, 1925 – died July 26, 2005) was an American economist. He was a professor for many years at the University of California, Los Angeles (UCLA). He was known for his interesting ideas about how people make decisions when things are uncertain. He also studied how conflicts happen and how biology connects with economics.
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Who Was Jack Hirshleifer?
Jack Hirshleifer was an important American economist. An economist is someone who studies how societies use their resources. They look at how people make choices about money, goods, and services. Jack Hirshleifer taught at a big university and wrote many books and articles.
His Journey in Education
Jack Hirshleifer went to Harvard University, a famous school. He earned his first degree, a Bachelor of Science (B.S.), in 1945. Then, he got his Ph.D. in 1950. A Ph.D. is a very high degree that shows you are an expert in your field.
Working at RAND and Teaching
After college, Jack Hirshleifer worked at a place called the RAND Corporation in Santa Monica. This was from 1949 to 1955. RAND is a research center that helps solve big problems.
Later, he became a teacher. He taught at the University of Chicago from 1955 to 1960. After that, he moved to UCLA and taught there until 2001. That's a long time to be a professor!
His Big Ideas in Economics
Jack Hirshleifer was famous for several key ideas in economics.
- Uncertainty and Information: He studied how people make choices when they don't know everything. He looked at how having more information can change those choices.
- Conflict: He also explored the economics of conflict. This means looking at why groups fight and how resources are used in those situations.
- Bioeconomics: This is a fascinating area where he combined ideas from biology with economics. He looked at how natural selection and evolution might influence economic decisions.
He wrote a popular textbook for college students called Price Theory and Applications. This book was so good that it was updated and printed seven times!
A Closer Look at His Ideas
In 1958, Jack Hirshleifer wrote an article that helped bring back an old but important idea. This was Irving Fisher's theory about capital and interest. This theory helps us understand how money grows over time and how people decide to save or spend. Today, it's a very important part of economics.
While he was at the RAND Corporation, Jack Hirshleifer also worked on a report about a big project. This project was the Oroville Dam. The dam was planned to help manage water for Los Angeles. Hirshleifer's report pointed out that the original plan didn't include the cost of building the dam itself! Even with his concerns, the dam was eventually built.
