Peter Diamond facts for kids
Quick facts for kids
Peter Diamond
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Diamond in 2010
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| Born |
Peter Arthur Diamond
April 29, 1940 New York City, New York, U.S.
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| Spouse(s) | Kate Myrick |
| Institutions | Massachusetts Institute of Technology University of California, Berkeley University of Cambridge |
| Field | Political economics Welfare economics Behavioral economics |
| Doctoral advisor |
Robert Solow |
| Doctoral students |
Martin Hellwig David K. Levine Andrei Shleifer Emmanuel Saez Botond Kőszegi |
| Awards | Nemmers Prize in Economics (1994) Nobel Memorial Prize in Economic Sciences (2010) |
| Information at IDEAS / RePEc | |
Peter Arthur Diamond (born April 29, 1940) is an American economist. He is well-known for his work on how the U.S. Social Security system works. He also advised the Social Security Advisory Council in the late 1980s and 1990s.
In 2010, he won the Nobel Memorial Prize in Economic Sciences. He shared this award with Dale T. Mortensen and Christopher A. Pissarides. Peter Diamond is currently an Institute Professor at the Massachusetts Institute of Technology (MIT). In 2011, he decided not to join the board of governors for the Federal Reserve. This was after a long period of political disagreement.
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Early Life and Education
Peter Diamond was born in New York City. His family was Jewish. His grandparents came to the U.S. around 1900. His mother's parents and six older siblings came from Poland. His father's parents met in New York; his grandmother was from Russia and his grandfather from Romania.
Both of his parents were born in 1908. They grew up in New York City and always lived there. They both finished high school and started working. His father studied at Brooklyn Law School at night while selling shoes during the day. His parents married in 1929. Peter has one brother, Richard, who was born in 1934.
Peter started public school in the Bronx. In second grade, his family moved to Woodmere on Long Island. He then went to suburban public schools there. He graduated from Lawrence High School. He earned a bachelor's degree in mathematics from Yale University in 1960. He then received his Ph.D. from the Massachusetts Institute of Technology (MIT) in 1963.
Career Highlights
After finishing his studies, Peter Diamond became an assistant professor. He taught at the University of California, Berkeley, from 1963 to 1965. He then joined the MIT faculty as an associate professor in 1966. He became a full professor in 1970. He also led the Department of Economics at MIT from 1985 to 1986. In 1997, he was named an Institute Professor.
In 1968, Diamond was chosen as a fellow of the Econometric Society. He later served as its president. In 2003, he was the president of the American Economic Association. He is also a member of the National Academy of Sciences. In 2000, he taught economics at the University of Siena in Italy.
Diamond wrote a book about Social Security with Peter R. Orszag. Orszag was a former director for President Obama. The book is called Saving Social Security: A Balanced Approach (2004).
In 2010, President Barack Obama nominated Diamond for a position on the Federal Reserve Board. The Federal Reserve is like the central bank of the U.S. It helps manage the country's money and economy. However, the Senate did not approve his nomination. He was nominated two more times but faced strong political opposition. In June 2011, Diamond decided to withdraw his name. He wrote an article saying the process was too political. He believed his knowledge of the job market was important for the Federal Reserve.
Ben Bernanke, who later won a Nobel Prize and led the Federal Reserve, was once a student of Peter Diamond.
In October 2010, Diamond won the Nobel Memorial Prize in Economic Sciences. He shared it with Dale T. Mortensen and Christopher A. Pissarides. They won for their research on "markets with search frictions." This means they studied how people and jobs find each other.
In 2011, he received The John R. Commons Award. This award is from Omicron Delta Epsilon, an economics honor society.
Two of his former doctoral students, Andrei Shleifer and Emmanuel Saez, also won major economics awards.
Peter Diamond married Kate (Priscilla Myrick) in 1966. They have two sons.
Key Economic Ideas
Peter Diamond has made many important contributions to economics. His work includes studies on government debt, financial markets, and how to tax people fairly. He also studied how people find jobs and how social insurance programs work.
Social Security Policy
Much of Diamond's career has focused on Social Security in the U.S. He also studied similar programs in other countries, like China. He has written many articles and books about social welfare programs. He often suggests ways to improve them. For example, he has proposed small increases in Social Security contributions. He also suggested adjusting payments based on how long people are expected to live.
See also
In Spanish: Peter Diamond para niños
- List of Jewish Nobel laureates
