Jeffrey Sachs facts for kids
Quick facts for kids
Jeffrey Sachs
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Sachs in 2019
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Jeffrey David Sachs
November 5, 1954 Oak Park, Michigan, U.S.
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| Spouse(s) | Sonia Ehrlich Sachs |
| Institution | Columbia University |
| Field |
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| School or tradition |
Keynesian economics |
| Doctoral advisor |
Martin Feldstein |
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| Contributions | Millennium Villages Project |
Jeffrey David Sachs (/sæks/ saks; born November 5, 1954) is an American economist and public policy analyst who is a professor at Columbia University, where he was former director of The Earth Institute. He worked on the topics of sustainable development and economic development.
Sachs is director of the Center for Sustainable Development at Columbia University and president of the UN Sustainable Development Solutions Network. He is an SDG Advocate for United Nations (UN) Secretary-General António Guterres on the Sustainable Development Goals (SDGs), a set of 17 global goals adopted at a UN summit meeting in September 2015.
From 2001 to 2018, Sachs was special advisor to the UN Secretary General, and held the same position under the previous UN Secretary-General Ban Ki-moon and prior to 2016 a similar advisory position related to the earlier Millennium Development Goals (MDGs), eight internationally sanctioned objectives to reduce extreme poverty, hunger and disease by 2015. In connection with the MDGs, he had first been appointed special adviser to the UN Secretary-General in 2002 during the term of Kofi Annan.
Sachs is co-founder and chief strategist of Millennium Promise Alliance, a nonprofit organization dedicated to ending extreme poverty and hunger. From 2002 to 2006, he was director of the United Nations Millennium Project's work on the MDGs. In 2010, he became a commissioner for the Broadband Commission for Sustainable Development, whose stated aim is to boost the importance of broadband internet in international policy. Sachs has written several books and received several awards. His views on economics, on the origin of COVID-19, and on the Russian invasion of Ukraine have garnered attention and some criticism.
Contents
Early life and education
Sachs was raised in Oak Park, a suburb of Detroit, Michigan, the son of Joan (née Abrams) and Theodore Sachs, a labor lawyer. He graduated from Oak Park High School and attended Harvard College, where he received his Bachelor of Arts summa cum laude in 1976. He went on to receive his M.A. and Ph.D. in economics from Harvard with his thesis titled Factor Costs and Macroeconomic Adjustment in the Open Economy: Theory and Evidence and was invited to join the Harvard Society of Fellows while still a Harvard graduate student.
Academic career
Harvard University
In 1980, Sachs joined the Harvard faculty as an assistant professor, and was promoted to associate professor in 1982. A year later at the age of 28, he became a professor of economics with tenure at Harvard.
During the next 19 years at Harvard, Sachs became the Galen L. Stone Professor of International Trade, director of the Harvard Institute for International Development (1995–1999) and director of the Harvard Institute for International Development (1999–2002).
Columbia University
Sachs is the director of the Center for Sustainable Development at Columbia University. He is university professor at Columbia University. From 2002 to 2016, Sachs was director of the Earth Institute of Columbia University, a university-wide organization, with an interdisciplinary approach to addressing complex issues facing the Earth, in support of sustainable development. Sachs's classes are taught at the School of International and Public Affairs and the Mailman School of Public Health, and his course "Challenges of Sustainable Development" is taught at the undergraduate level.
Scholarship, consulting, and activism
Sachs has advised several countries on economic policy.
Bolivia
Prior to the 1985 Bolivian general election, Sachs was invited by Hugo Banzer to advise him on an anti-inflation economic plan to implement if he was elected. Sachs' stabilization plan centered on price deregulation, particularly for oil, along with cuts to the national budget. Sachs stated that his plan could end Bolivian hyperinflation, which had reached up to 14,000%, in a single day. Although Banzer lost the election to Víctor Paz Estenssoro, Sachs's plan was still implemented. Inflation quickly stabilized in Bolivia.
Sachs's suggestion for reducing inflation was to apply fiscal and monetary discipline and end economic regulation that protected the elites and blocked the free market. Hyperinflation reduced within weeks of the Bolivian government instituting his suggestions and the government settled its $3.3 billion debt to international lenders for about 11 cents on the dollar. At the time, this was about 85% of Bolivia's GDP.
Advising in post-communist economies
In 1989, Sachs advised Poland's anticommunist Solidarity movement and the government of Prime Minister Tadeusz Mazowiecki. He wrote a comprehensive plan for the transition from central planning to a market economy which became incorporated into Poland's reform program led by Finance Minister Leszek Balcerowicz. Sachs was the main architect of Poland's debt reduction operation. Sachs and IMF economist David Lipton advised on the rapid conversion of all property and assets from public to private ownership. Closure of many uncompetitive factories ensued. In Poland, Sachs was firmly on the side of rapid transition to capitalism. At first, he proposed American-style corporate structures, with professional managers answering to many shareholders and a large economic role for stock markets. That did not bode well with the Polish authorities, but he then proposed that large blocks of the shares of privatized companies be placed in the hands of private banks. As a result, there were some economic shortages and inflation, but prices in Poland eventually stabilized. The government of Poland awarded Sachs one of its highest honors in 1999, the Commander's Cross of the Order of Merit. He also received an honorary doctorate from the Kraków University of Economics. Based on Poland's success, his advice was sought first by Soviet President Mikhail Gorbachev and by his successor, Russian President Boris Yeltsin, on the transition of the USSR/Russia to a market economy.
Sachs' methods for stabilizing economies became known as shock therapy and were similar to successful approaches used in Germany after the two world wars. He faced criticism for his role after the Russian economy faced significant struggles after adopting the market-based shock therapy in the early 1990s.
Work on global economic development
Since his work in post-communist countries, Sachs has turned to global issues of economic development, poverty alleviation, health and aid policy and environmental sustainability. He has written extensively on climate change, disease control and globalization. Since 1995, he has been engaged in efforts to alleviate poverty in Africa.
In his 2005 work The End of Poverty, which had a foreword by Bono, Sachs wrote that "Africa's governance is poor because Africa is poor". According to Sachs, with the right policies and key interventions, extreme poverty—defined as living on less than $1 a day—can be eradicated within 20 years. India and China are examples, with the latter lifting 300 million people out of extreme poverty during the last two decades. Sachs has said that a key element to accomplishing this is raising aid from $65 billion in 2002 to $195 billion a year by 2015. He emphasizes the role of geography and climate as much of Africa is landlocked and disease-prone. However, he stresses that these problems can be overcome.
Sachs suggests that with improved seeds, irrigation and fertilizer, the crop yields in Africa and other places with subsistence farming can be increased from 1 ton per hectare to 3 to 5 tons per hectare. He said that increased harvests would significantly increase the income of subsistence farmers, thereby reducing poverty. Sachs does not believe that increased aid is the only solution. He also supports establishing credit and microloan programs which are often lacking in impoverished areas. Sachs advocates the distribution of free insecticide-treated bed nets to combat malaria. The economic impact of malaria has been estimated to cost Africa $12 billion per year. Sachs estimates that malaria can be controlled for $3 billion per year, therefore suggesting that anti-malaria projects would be an economically justified investment.
He is founding editor of the World Happiness Report.
The Millennium Villages Project (MVP), which he directs, operates in more than a dozen African countries and covers more than 500,000 people. Critics of the MVP have questioned both the design of the project and claims made for its success. In 2012, The Economist reviewed the project and concluded "the evidence does not yet support the claim that the millennium villages project is making a decisive impact". Critics have said that the programme had not included suitable controls to allow an accurate determination of whether the MVP methods were responsible for any observed gains in economic development. A 2012 Lancet paper claiming a three-fold increase in the rate of decline in childhood mortality was criticized for flawed methodology and the authors later admitted that the claim was "unwarranted and misleading". In her 2013 book, The Idealist: Jeffrey Sachs and the Quest to End Poverty, journalist Nina Munk concluded that the MVP was a failure.
Following the adoption of the Millennium Development Goals (MDGs) in 2000, Sachs chaired the WHO Commission on Macroeconomics and Health (2000–2001) which played a pivotal role in scaling up the financing of health care and disease control in the low-income countries to support MDGs 4, 5 and 6. He worked with UN Secretary-General Kofi Annan in 2000–2001 to design and launch The Global Fund to Fight AIDS, Tuberculosis and Malaria. He also worked with senior officials of the George W. Bush administration to develop the PEPFAR program to fight HIV/AIDS and the PMI to fight malaria. On behalf of Annan, from 2002 to 2006 he chaired the UN Millennium Project which was tasked with developing a concrete action plan to achieve the MDGs. The UN General Assembly adopted the key recommendations of the UN Millennium Project at a special session in September 2005.
Previously a special adviser to secretary-general António Guterres, Sachs is an advocate for the 2015 Sustainable Development Goals which build upon and supersede the MDGs.
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In his capacity as a special adviser at the UN, Sachs has frequently met with foreign dignitaries and heads of state. He was photographed with Matt Damon and developed a friendship with international celebrities Bono and Angelina Jolie, who traveled to Africa with Sachs to witness the progress of the Millennium Villages.
Sachs has criticized the International Monetary Fund and its policies around the world and blamed international bankers for what he says is a pattern of ineffective investment strategies.
During the Greek government-debt crisis in July 2015, Sachs, Heiner Flassbeck, Thomas Piketty, Dani Rodrik and Simon Wren-Lewis, published an open letter to the Chancellor of Germany Angela Merkel, regarding Greek debt.
Sachs is one of the founders of the Deep Decarbonization Pathways Project.
Personal life
Sachs lives in New York City with his wife Sonia Ehrlich Sachs, a pediatrician. They have three children.
Awards and honors
In 2004 and 2005, Sachs was named one of the 100 Most Influential People in the World by Time. He was also named one of the "500 Most Influential People in the Field of Foreign Policy" by the World Affairs Councils of America.
In 1993, the New York Times called Sachs "probably the most important economist in the world." In 2005, Sachs received the Sargent Shriver Award for Equal Justice. In 2007, he was awarded the Padma Bhushan, the third highest civilian honor bestowed by the government of India. Also in 2007, he received the Cardozo Journal of Conflict Resolution International Advocate for Peace Award and the Centennial Medal from the Harvard Graduate School of Arts and Sciences for his contributions to society.
In 2007, Sachs received the S. Roger Horchow Award for Greatest Public Service by a Private Citizen, an award given out annually by Jefferson Awards.
From 2000 to 2001, Sachs was chairman of the Commission on Macroeconomics and Health of the World Health Organization (WHO) and from 1999 to 2000 he was a member of the International Financial Institution Advisory Commission established by the United States Congress. Sachs has been an adviser to the WHO, the World Bank, the Organisation for Economic Co-operation and Development, the International Monetary Fund, and the United Nations Development Program. He is a member of the Institute of Medicine, the American Academy of Arts and Sciences, Harvard Society of Fellows, the Fellows of the World Econometric Society, the Brookings Panel of Economists, the National Bureau of Economic Research and the Board of Advisers of the Chinese Economists Society, among other international organizations. Sachs is also the first holder of the Royal Professor Ungku Aziz Chair in Poverty Studies at the Centre for Poverty and Development Studies at the University of Malaya in Kuala Lumpur, Malaysia for 2007–2009. He holds an honorary professorship at the Universidad del Pacifico in Peru. He has lectured at the London School of Economics, the University of Oxford and Yale University and in Tel Aviv and Jakarta.
In September 2008, Vanity Fair ranked Sachs 98th on its list of 100 members of the New Establishment. In July 2009, Sachs became a member of the Netherlands Development Organization's International Advisory Board. In 2009, Princeton University's American Whig-Cliosophic Society awarded Sachs the James Madison Award for Distinguished Public Service.
In 2016, Sachs became president of the Eastern Economic Association, succeeding Janet Currie.
In 2017, Sachs and his wife were the joint recipients of the first World Sustainability Award. In 2015, Sachs was awarded the Blue Planet Prize for his contributions to solving global environmental problems.
In May 2017 Sachs was awarded the Boris Mints Institute Prize for Research of Strategic Policy Solutions to Global Challenges.
In 2022 Sachs was awarded the Tang Prize in the category of sustainable development.
See also
In Spanish: Jeffrey Sachs para niños
