Michael Bruno facts for kids
Quick facts for kids
Michael Bruno
|
|
|---|---|
 |
|
| Born | 30 July 1932 |
| Died | 25 December 1996 (aged 64) |
| Nationality | Israeli |
| Field | Macroeconomics |
| Alma mater | Stanford University King's College, Cambridge Hebrew University of Jerusalem |
| Doctoral advisor |
Kenneth J. Arrow |
| Influences | Don Patinkin |
Michael Peter Bruno (Hebrew: מיכאל ברונו) was an important Israeli economist. He was born on July 30, 1932, and passed away on December 25, 1996. He served as the head of Israel's central bank and was also a top economist at the World Bank.
Contents
Who Was Michael Bruno?
Michael Peter Bruno was born in Hamburg, Germany. His family was German-Jewish. They moved to Mandatory Palestine (which is now Israel) in 1933. This was because of Adolf Hitler's rise to power in Germany. They settled in the town of Haifa.
His father, Hans, was a doctor, and his mother, Lotte, was a pianist. Michael loved science like his father and music like his mother. Both his parents also loved nature and travel.
Early Life and Challenges
The Bruno family brought their European culture with them to Palestine. But their first years there were difficult. Many doctors had recently moved to Palestine, so Michael's father worked as a car mechanic for a few years.
When World War II began, Hans Bruno joined the British Army. He worked as a medical officer in Alexandria, Egypt.
During the fight for Israel's independence from British rule, Michael's family had to move. They were relocated to a less safe part of town. Michael had to ride to school in a special armored vehicle for safety. These difficulties became less severe after Israel became an independent state.
Education and Studies
Michael Bruno finished school at the Hebrew Reali School in Haifa. After serving in the military, he began studying Mathematics and Physics. He attended the Hebrew University of Jerusalem in 1952.
In 1954, he went to England. He studied Mathematics and Economics at King's College, Cambridge. Later, he traveled to California to get his doctorate degree. He studied at Stanford University. He finished his special research paper, called a thesis, in 1963. It was about how different parts of Israel's economy worked together.
His professor, Kenneth Arrow, said that Michael was a natural leader. He was smart and could ask the right questions. He was also balanced in his thinking and not arrogant. Michael was chosen to lead important economic groups in Israel and around the world.
Michael Bruno's Career
After his studies, Michael Bruno returned to Israel. From 1957 to 1963, he worked as the research director at the Bank of Israel. Then, he joined the Economics department at the Hebrew University of Jerusalem. This was his main academic workplace until he passed away.
Fighting Inflation in Israel
Michael Bruno is well-known for creating Israel's 1985 economic plan. This plan helped to greatly reduce inflation in Israel. Inflation is when prices for goods and services rise very quickly. Before his plan, prices were rising by 450% each year. Within two years, he helped bring this down to less than 20%.
In 1986, Michael Bruno became the governor of the Bank of Israel. He was appointed when Shimon Peres was the Prime Minister. He also became the president of the Econometric Society in the same year.
Work at the World Bank
Even though he was connected to the Labour political party, the next government asked him to stay. But Bruno decided to join the World Bank in 1991. He became the Vice-President and Chief Economist there. He held this important job until a few months before he died.
Michael Bruno was also a visiting professor at other famous universities. These included MIT, Harvard University, the University of Stockholm, and the London School of Economics.
The Michael Bruno Memorial Award was started in 1999. It is a very important science prize given in his honor.
Bruno's Impact and Legacy
Many people remember Michael Bruno as an economist who put ideas into practice. He was good at explaining complex economic ideas to people who weren't economists. He also convinced political leaders to follow his plans.
He helped change Israel's tax system in 1975 to support private businesses. As governor of the Bank of Israel, he worked hard to keep the anti-inflation program successful. His plan to fight inflation was copied by other countries. It also inspired "shock therapy" in Eastern Europe.
Another important achievement was his plan to help hundreds of thousands of Soviet Jews move to Israel. Instead of telling them where to live or work, he believed in free markets. He suggested giving immigrants money to help them settle. He also wanted Israel's national labor union to allow more job creation.
At the World Bank, he helped change its focus. He encouraged the bank to be a center for research. He wanted it to move away from just lending money to countries that could get private investments.
Political Views and Personal Life
Politically, Bruno was on the left in Israel. This meant he favored peaceful solutions with Israel's Arab neighbors. He was one of the people who started the Peace Now movement in 1978. He was active in their protests and meetings. He helped convince the Labour Party to include in their plans that Israel should not rule over another people.
Michael Bruno was a very dedicated worker. He felt a strong duty to his country. He once said, "You cannot quite understand, here in Britain, when I tell you that I have to work to contribute to the very survival of my country." He also believed in doing manual work.
His father once told a story about how their family survived the Holocaust. A grateful patient warned them to leave Hamburg quickly. Michael later said, "We took the hint and survived – many of my parents' friends did not and were to perish in the Holocaust."
Michael Bruno passed away from cancer in Jerusalem. He is survived by his second wife, Netta, and his three children: Yael, Ido, and Asa.
Awards and Honors
- In 1970, Michael Bruno was given the Carl Melchior chair of international economics.
- In 1974, he received the Rothschild Prize for Social Science.
- In 1994, he was awarded the Israel Prize for his work in economics.
