To illustrate the previous post on the difficulties in putting together a chronology, here is tentative chronology of economics at Carnegie. It’s still in process, and links, sources and entries will be updated as I read.
It reflects both my general interest in the subject, and my specific concern with a small cluster of economists who have so far remained in the background of the Carnegie picture. Must-read historical narratives featuring Carnegie which I use here include Rancan’s just published paper, which wonderfully wave together the different early strands of thinking about expectations at Carnegie in the 50s; Augier and March’s chapter on the GSIA from their book on business schools; Fourcade and Khurana’s paperand Khurana’s book on business schools, Augier’s work on and Crowther-Heyck’s extensive biography of Herbert Simon (see here and here), Sent who tied together her study of Sargent’ rational expectations and her analysis of Simon as a cyborg scientist, and the witness seminar on rational expectations organized by Hoover and Young in 2011, Freitas’s research on Lucas.
1946-1949
-Establishment of the GSIA (Graduate Schol of Industrial Administration) at the Carnegie Institute of Technology (CIT) by George Leland Bach
-Recruitment of Herbert Simon and William Cooper
1950
- Project on intra-firm behavior (funded US Air Force)
1952
-Arrivals: Modigliani (from Illinois, had been working on expectations and business fluctuations), Muth (graduate program)
-beginning of project on inventory planning (funded ONR): Holt Cooper Miller Muth Simon
1954
-Arrivals: Dreze (visiting that year), Miller (faculty, or 1953?)
-“The Control of Inventories and Production Rates: A Survey” by Simon and Holt (application of servomechanism to inventory and planning)
-“The Predictability of Social Events” by Modigliani and Brumberg
1955
“A behavioral model of rational man” Simon
1956
Arrivals: Ando (graduate program)
1957
Arrivals: Meltzer (faculty)
1958
-Organizations by March and Simon
-“Elements of a Theory of Human Problem Solving” Simon-Newell-Shaw
-“The Cost of Capital, Corporation Finance and the Theory of Investment” Modigliani-Miller
1959
Ando graduates (dissertation subject?)
1960
-Departures: (Modigliani, to Northwestern, then MIT in 62); Miller (to Chicago); Ando (to MIT)
-Planning, Production, Inventory and the Workforce by Holt, Modigliani, Muth, Simon
1961
“Rational Expectations and the Theory of Price Movements” by John Muth
1962
-Arrivals: Rapping( faculty)
1963
-Arrivals: Lucas ( assistant professor), Lovell (graduate program), Prescott (graduate program)
-Williamson graduates (PhD Title: “The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm” )
-A Behavioral Theory of the Firm by Cyert and March (see Augier)
1967-1968
-Sargent is a research associate
-Prescott and Mortensen graduate. Prescott recruited at Penn, Mortensen at Northwestern
1969
-Arrivals: Kydland (graduate program, works on the assignment problem), Azariadis (graduate program, working on theoretical labor markets and implicit contracts)
-“Real Wages, Employment and Inflation” Lucas-Rapping
-In the wake of the Phelps conference on Microfoundations at Penn in January, Lucas writes a draft on expectations and the neutrality of money
-Phelps conference on Microfoundations at Penn
1970
-Arrivals: Cass (faculty, tranfered from Yale. Supervises Kydland)
1971
- “Investment under uncertainty” by Lucas and Prescott
1972
-“Expectations and the neutrality of money” Lucas
-“On capital overaccumulation in the aggregative, neoclassical model of economic growth: a complete characterization” Cass
-“Risk aversion and wealth effects on portfolios with many assets” Cass and Stiglitz
-Lucas and Prescott working on models of labor market search
1973
-Azariadis graduates (worked with Lucas and Prescott) and leaves to Brown
-Kydland graduates (dissertation title: Decentralized Macroeconomic Planning)
-First (?) Carnegie-Rochester conference on public policy, organized by Meltzer and Brunner. Theme: the Phillips curve and Labor markets
-Creation of the Shadow Open Market Committee by Brunner and Meltzer
-Lucas working on a draft of his critique of econometric policy evaluation
1974
departures: Cass (to Penn), Lucas accepts an offer by Chicago in January.
-“Equilibrium search and Unemployment” by Lucas and Prescott
