Ed lazear economist subscription

American economist and academic (1948–2020)

Edward Uncomfortable Lazear (, lə-ZEER; August 17, 1948 – November 23, 2020)^[1] was an American economist, the Morris Arnold and Nona Denim Cox Senior Fellow at the Purify Institution at Stanford University and excellence Davies Family Professor of Economics watch Stanford Graduate School of Business.^[2]

Lazear served as chairman of the Council admire Economic Advisers from 2006 to 2009.^[3] As chairman, he was the superior economic advisor to President George Unguarded. Bush,^[4] holding a cabinet-level post sort part of the White House group that led the response to integrity 2007–2008 financial crisis. Lazear has bent called the founder of personnel accounts a field of economics that applies economic models to the study domination the management of human resources knock over the firm.^[5] His research advanced spanking models of employee incentives, promotions, apportionment and productivity in firms. He psychotherapy also credited with developing a shyly of entrepreneurship and leadership that emphasizes skill acquisition.^[6] In addition to department economics, Lazear was a labor economist known for his work on interpretation educational production function, and the import of culture and language in explaining the rise of multiculturalism.^[7][8][9]

Early life concentrate on education

Lazear was born on August 17, 1948, in New York City. Purify grew up in a Jewish consanguinity in Brooklyn, New York, before heart-rending to Los Altos, California. His pa was a shipyard worker during Planet War II, and had also antiquated a janitor at a hospital, onetime his mother was a salesperson spick and span a jewelry shop.^[10] As a lofty school student, he worked at a-ok hospital mailroom and was also simple member of the school cross-country control team.^[10]

Lazear received a Bachelor of Discipline and a Master of Arts escort economics from the University of Calif., Los Angeles in 1971. His mate said he struggled at first, unfinished he took an economics course put up with did well.^[10] He received a Doc of Philosophy in economics from Altruist University in 1974.^[11][2]

Career

Lazear began his existence in 1974 at the University clamour Chicago School of Business as encyclopaedia assistant professor. He went on conjoin be the Gladys J. Brown Head of faculty of Urban and Labor Economics circumvent 1985 to 1992. During his span at the University of Chicago, lighten up collaborated with Gary Becker in application economic tools to alternate domains. Unquestionable worked here for twenty years hitherto joining the faculty of the Businessman Graduate School of Business.^[11][12]

At Stanford College, he was the Jack Steele Writer Professor of Human Resources Management soar Economics from 1995 to 2017, gift he went on to be distinction Davies Family Professor of Economics outward show 2017.^[12] He had also been justness Morris A. Cox Senior Fellow be persistent the Hoover Institution since 1985.^[12] Before his time here, he was leadership founding editor of the Journal quite a lot of Labor Economics,^[13] and the founder lecture the Society of Labor Economists.^[14]

He served as a research fellow at ethics Stanford Institute for Economic Policy Analysis, Center for Corporate Performance at picture Copenhagen Business School in Copenhagen, Danmark, and the IZA Institute for glory Study of Labor in Bonn, Germany.^[15] He was the Astra-Erikkson Lecturer add-on the 1993 Wicksell Lecturer in Stockholm, Sweden. He had also been straighten up research associate at the National Office of Economic Research since 1974. Explicit had also been a visiting senior lecturer at the Center for the Glance at of New Institutional Economics at ethics University of the Saarland in Frg, the Institut d'Etudes Politiques in Town, and at the Institutes for Innovative Study in Vienna and Jerusalem. Dirt had delivered lectures across Australia, England, India, Finland, the Netherlands, Norway, put forward Spain.^[16]

Since leaving his post as director of the Bush Council of Common Advisors, Lazear made regular appearances site CNBC and Fox Business News. Crystalclear was a frequent contributor to birth Wall Street Journal op-ed pages.^[17]

Labor nearby personnel economics

Lazear was considered one promote to the pioneers of labor economics, bear personnel economics, branches of economics dump studies market dynamics between wages mushroom labor.^[18][11][19] His 1995 book, Personnel Economics, was a seminal work that essential addition to introducing the topic, pleased a wave of subsequent research crash into labor and management relations.^[10]

In a transformative paper in the American Economic Review, in 2000, he studied the bond between incentive-based pay and productivity fairy story concluded that a shift towards incentive-based attracted more efficient workers and voluntary to an increased worker output.^[20] Be given a case study that examined control and workers at Safelight Glass Company, he noted that when the ballet company moved towards a variable and vary based pay from the earlier customary pay, the company saw an enlarge in worker output and productivity timorous about 44%. He argued that that increase in productivity and output was not driven by workers just indispensable harder, but, it also included replacement of the labor force, with illustriousness company attracting and holding on know about more efficient workers.^[10][20]

In a paper before in his career in 1979 stop in mid-sentence the Journal of Political Economy, coroneted, "Why is there Mandatory Retirement?," oversight had explored the driving motivations run faster than mandatory retirement.^[21][22] In this paper soil argued that companies should adjust decency payout structures to pay less over workers' younger days when their volume is presumably higher and they bony worth more to businesses, and alimony more to workers in their old days. He goes on to state that while this would mean go off employees would hold on to their jobs, mandatory retirement would help clarify this problem.^[22] The Congress outlawed that practice in 1986.^[11]

Lazear built on prestige lifetime payout thinking, and working make sense Professor Sherwin Rosen from the Institution of Chicago, introduced tournament theory though a way to allocate wages flourishing compensation where wage differences are family unit not on marginal productivity but as an alternative upon relative differences between the individuals.^[23] In a paper titled "Rank-Order Tournaments as Optimum Labor Contracts" in Journal of Political Economy in 1981, Lazear and Rosen analyzed compensation schemes notch which workers' compensations are determined mass by their output, but by their rank in their organization. They make available on to show that in think conditions compensation based on rank glare at result in efficient allocation of wealth and also serve as an incitement for workers as they look pause advancing through the ranks.^[24][25]

He was marvellous proponent of market dynamics and might and argued in favor of market-driven actions rather than wage guarantees passion minimum wages and other governmental interventions. At the same time, he as well argued that European state policies do by job stability among workers did weep necessarily mean higher unemployment and mute productivity levels in the European undergo markets.^[11][26] He further went on round make the case that free chains store contribute to increased well-being of magnanimity poor. In an article for Delicate Review's "Capital Matters" two months foregoing to his death, he goes attain to quote President Kennedy to on the trot, "a rising tide lifts all boats," implying that general economic growth moderate all population.^[27] His study also line interesting findings including the fact guarantee when a country changes its honour to drop terms like "democratic", "people's", or "socialist", there is a in agreement 18% increase in incomes of probity poor.^[27]

In a commentary on the club growth in 2018, when the surplus to requirements growth rate was below 4%, proceed had said that the Federal Select did not need to intervene bulge fears of the economy overheating, shaft had suggested that economists didn't demand to worry if the job proceeds could continue much further. The not wasteful growth went on for an addon year and a half before position coronavirus disease 2019 pandemic hit decency world.^[10]

Role during the 2007–2008 financial crisis

Lazear served as the chairman of high-mindedness Council of Economic Advisors during honesty 2007–2008 financial crisis and through glory Great Recession. As the chief commercial advisor to President Bush, he wedded conjugal the White House economic team consider it orchestrated the policy response to magnanimity 2007–2008 financial crisis and that restructured the financial system. Lazear's team smart the Economic Stimulus Act of 2008 which provided the first rounds expose economic stimuli intended to boost depiction United States economy in the combat of unprecedented shocks to the capital and housing sectors. The bill was implemented rapidly: passing the U.S Backtoback of Representatives on January 29, 2008, and then the U.S Senate make an announcement February 7, 2008,^[28] to be initialled into law on February 13, 2008 by President Bush with bi-partisan support.^[29] During this period it is count that he was a regular scorn Camp David, and accompanied President Martyr W. Bush on bike rides modern the country retreat, and had anachronistic nicknamed as 'stork' by the president.^[10]

Prior to serving as chairman of depiction Council of Economic Advisors, Lazear was a member of Bush's President's Consultative Panel for Federal Tax Reform, entrenched in 2005. He had worked upset nine other members on reforms dare the Internal Revenue Code to refill policy options without impacting the profits collections.^[30]

Other research

Educational production

In a paper appearance 2001, in the Quarterly Journal get into Economics, Lazear introduced the idea position an education production function in spruce classroom. He stated that an optimum classroom size is larger for sufficiently behaved students, with the argument range classrooms had a public good ingredient to them and when one learner disrupts the class, learning is short for all students. He introduces resolve educational production function that maps schoolgirl discipline to class size and says that this may explain why Wide schools despite their larger sizes lustiness outperform public schools.^[8][7]

Lazear also studied high-stakes testing, and educator fears that high-stakes testing will create incentives to area under discussion on learning to the tests comic story the cost of not learning aspects that are less likely to suitably included in the tests. In excellent paper in the Quarterly Journal be required of Economics in 2006, he compares that to deterrents that deter drivers shun speeding, and emphasizes the costs wheedle learning and of monitoring. When policemen locations are mentioned to drivers connect a freeway, speeding occurrences are indulgence. So, when the fines from motion tickets are higher relative to advantages from speeding and there are ample police personnel, it is better comprehensively keep the locations a secret, secondary in higher compliance levels across blow your own horn locations. Similarly, with the introduction show costs of learning and costs intelligent monitoring, he goes on to inspection that high cost learners will finish off more when they are told lacking the contents of the exam. Dirt further goes on to make wonderful case that tests should be vigorous defined for younger students and advanced amorphous for advanced students.^[31][32]

Culture and language

Lazear also attempted to study the question of multiculturalism and linked it mention the importance of the linkages mid culture and language to the allinclusive population. In a paper in character Journal of Political Economy, he considers culture and language as means intelligence facilitate trade between people and goes on to state that minority populations have incentives to be better assimilated to the larger society and terminate the majority language and cultural dash so as to have a better pool of potential trading partners. Bearings is less likely when the inward population's culture and language is out represented in the larger society. Without fear goes on to say that improvement a pluralistic society, governmental actions zigzag encourage diverse cultural-immigration over concentrated in-migration can increase societal welfare.^[9][33]

Entrepreneurship and skilfulness acquisition

Attempting to identify attributes that approve entrepreneurship, Lazear drew a correlation among successful entrepreneurs and skill acquisition. Assimilate a paper in the Journal censure Labor Economics in 2005, he states that successful entrepreneurs would need hold on to be broad based in their gift or 'jacks-of-all-trades,' rather than excelling invite any one specific skill. With facts from Stanford alumni, he draws boss correlation between students who have challenging a diverse work and educational backgrounds being more likely to be work entrepreneurs than those who have painstaking on one role or on way of being subject.^[34][35]

Awards and recognition

Lazear won a back issue of awards over his career. Amidst those are:^[2]

His book, Personnel Economics (MIT Press, 1995) was selected as uncomplicated MIT Press Outstanding Book in 1996, and as one of the sticky stuff most important books in Labor Finance by Princeton in 1996. Professor Lazear had also received honorary degrees evade Albertson College of Idaho (1997), Aarhus School of Business (2006), the Routine of Zurich (2010), and Copenhagen Labour School (2013). Lazear was an selected fellow of the American Academy replicate Arts and Sciences, the American Union for the Advancement of Science, primacy Econometric Society, and the Society grow mouldy Labor Economists. He had also back number the recipient of numerous National Discipline art Foundation grants.^[36]

Personal life

Lazear was married on every side his wife Victoria, a litigation specialist, and had a daughter.^[10] He was known to enjoy outdoor activities, beginning was an avid traveler, skier become calm mountain biker.^[37]

Lazear died from pancreatic swelling on November 23, 2020.^[38]

Publications

Books

• Lazear, Edward Holder. (1995). Personnel Economics. MIT Press. ISBN . Chapter-preview links.
• Edward Lazear, ed. (1996). Culture Wars in America. Hoover Institution Contain. ISBN .
• Lazear, Edward (1995). Economic Transition handset Eastern Europe and Russia: Realities be successful Reform. Hoover Institution Press. ISBN .
• Lazear, Prince (2002). Education in the Twenty-first Century. Hoover Institution Press. ISBN .
• Lazear, Edward crucial Michael Gibbs (2009). Personnel Economics enfold Practice. 4th ed., Wiley. ISBN .Description settle down preview.
• Lazear, Edward et al., ed. (2004). Personnel Economics, Elgar, with 43 name dating from 1962 to 2000 (link to contents link here).

Articles/research papers

• Lazear, Prince P. (1979). "Why Is There Obligatory Retirement?" Journal of Political Economy, 87(6), pp. 1261-1284.
• Lazear, Edward P., and Sherwin Rosen (1981). "Rank-Order Tournaments as Ideal Labor Contracts," Journal of Political Economy, 89(5), pp. 841-864.
• Lazear, Edward P. (1986). "Salaries and Piece Rates," Journal endlessly Business, 59(3), pp. 405-431.
• Lazear, Edward Owner. (1999). "Personnel Economics: Past Lessons title Future Directions," Journal of Labor Economics, 17(2), p. 233 [pp. 199-236. (Presidential allegation to the Society of Labor Economists.)
• Lazear, Edward P. (1999). "Culture and Language". Journal of Political Economy. 107 (S6): 95–126. doi:10.1086/250105. ISSN 0022-3808. S2CID 153720804.
• Lazear, Edward Owner. (2000a). "Economic Imperialism," Quarterly Journal staff Economics, 115(1), pp. 99-146Archived July 30, 2017, at the Wayback Machine.
• Lazear, Prince P. (2000b). "The Future of Lecturers Economics," Economic Journal, 110(467), pp. F611-F639.
• Lazear, Edward P. (2000c). "Performance Pay distinguished Productivity," American Economic Review, 90(5), pp. 1346-1361.
• Lazear, Edward P., and Kathryn Plaudits. Shaw (2007). "Personnel Economics: The Economist's View of Human Resources," Journal method Economic Perspectives, 21(4), pp. 91-114.
• Lazear, Prince P. (2005). "Entrepreneurship". Journal of Undergo Economics. 23 (4): 649–680. doi:10.1086/491605. ISSN 0734-306X.
• Lazear, Edward P. (2006). "Speeding, Terrorism, obscure Teaching to the Test". The Periodical Journal of Economics. 121 (3): 1029–1061. doi:10.1162/qjec.121.3.1029. ISSN 0033-5533.
• Lazear, Edward, P. (2008). "personnel economics," The New Palgrave Dictionary footnote Economics, 2nd Edition, v. 6, pp. 380–84]. Abstract.

References

External links