Jacob Marschak Explained

Jacob Marschak (23 July 1898 – 27 July 1977) was an American economist.

Life

Born in a Jewish family of Kyiv,^{[1] [2]} Jacob Marschak (until 1933 Jakob) was the son of a jeweler. During his studies, he joined the social democratic Menshevik Party, becoming a member of the Menshevik International Caucus. In 1918, he was the labor minister in the Terek Soviet Republic. In 1919, he emigrated to Germany, where he studied at the University of Berlin and the University of Heidelberg.^[2]

From 1922 to 1926, he was a journalist, and in 1928, he joined the new Kiel Institut für Weltwirtschaft. With the gathering Nazi storm, he emigrated to England, where he went to Oxford to teach at the Oxford Institute of Statistics,^[1] which was funded by the Rockefeller Foundation, allowing him to emigrate to the United States in 1939.^[1] After teaching at the New School for Social Research, in 1943, he went to University of Chicago, where he led the Cowles Commission.^[1] He followed the commission's move to Yale University,^[1] and he then became a professor at UCLA in 1960.^{[1] [2]}

In 1972, he co-founded Team Theory with Roy Radner.

Marschak was fluent in approximately one dozen languages. Shortly before he was due to become president of the American Economic Association, he died from a cardiac arrest.^[2]

UCLA sponsors the recurring Jacob Marschak Interdisciplinary Colloquium on Mathematics in the Behavior Sciences.

Major publications

Books

• Book: Marschak . Jacob . Die Lohndiskussion . 1930 . J.C.B. Mohr (Paul Siebeck) Tübingen .
• Book: Marschak . Jacob . Elastizität der Nachfrage. Zur empirischen Feststellung relativer Marktkonstanten durch Beobachtung von Haushalt, Betrieb und Markt . 1931 . J.C.B. Mohr (Paul Siebeck) Tübingen .
• Book: Marschak . Jacob. Lederer . Emil . The new middle class . 1937 . Isha Books . 9789332875661 .
• Book: Marschak . Jacob . Three lectures on probability in the social sciences . 1954 . Cowles Commission for Research in Economics . Chicago . 760721040 .
• Book: Marschak . Jacob . Radner . Roy . Roy Radner . Economic theory of teams . 1972 .
• Book: Marschak . Jacob . Economics, information, decision and prediction, Selected Essays, 3 Volumes . 1974 . Reidel: Dordrecht and Boston, MA . 9789027711960 .

Chapters in books

Translates as:

Journal articles

• Marschak . Jacob . Wirtschaftsrechnung und Gemeinwirtschaft . Archiv für Sozialwissenschaft . 1923 .
• Marschak . Jacob . Das Kaufkraft-Argument in der Lohnpolitik . Magazin der Wirtschaft . 1930 .
• Marschak . Jacob . Annual survey of statistical information: the branches of national spending . . 1 . 4 . 373–386 . October 1933 . 10.2307/1907329 . 1907329 .
• Marschak . Jacob . Money and the theory of assets . . 6 . 4 . 311–325 . October 1938 . 10.2307/1905409 . 1905409 .
• Marschak . Jacob . Makower . H. . Helen Makower. Assets, prices and monetary theory . Economica . 5 . 19 . 261–288 . August 1938 . 10.2307/2548629 . 2548629 .
• Marschak . Jacob . A discussion on methods in economics . The Journal of Political Economy . 49 . 3 . 441–448 . The University of Chicago Press. June 1941 . 1824738 . 10.1086/255725. 154589379 .
• Marschak . Jacob . Andrews . William H. . Random simultaneous equations and the theory of production . . 12 . 3–4 . 143–205 . October 1944 . 10.2307/1905432 . 1905432 .
• Marschak . Jacob . A cross-section of business cycle discussion . The American Economic Review . 35 . 3 . 368–381 . June 1945 . American Economic Association . 1811447 .
• Marschak . Jacob . Neumann's and Morgenstern's New Approach to Static Economics . The Journal of Political Economy . 54 . 2 . 97–115 . April 1946 . 1825790 . 10.1086/256327. 154536775 .
• Marschak . Jacob . On mathematics for economists . Review of Economics and Statistics . 29 . 4 . 269–273 . November 1947 . 10.2307/1927826 . 1927826 .
• Marschak . Jacob . Statistical inference from non-experimental observation: an economic example . In Proceedings of the International Statistical Conference Held in Washington, DC, September 6–18, 1947 . 3 . 289–296 . 1949 . Pdf version.
• Marschak . Jacob . Role of liquidity under complete and incomplete information . The American Economic Review, Papers and Proceedings of the Sixty-first Annual Meeting of the American Economic Association . 39 . 3 . 182–195 . The American Economic Association . May 1949 . 1831743 .
• Marschak . Jacob . Arrow . Kenneth J. . Harris . Theodore . Kenneth Arrow . Ted Harris (mathematician) . Optimal inventory policy . . 19 . 3 . 250–272 . 10.2307/1906813 . 1906813 . July 1951 .
• Marschak . Jacob . Elements for a theory of teams . Management Science . 1 . 2 . 127–137 . January 1955 . 10.1287/mnsc.1.2.127 .
• Marschak . Jacob . Block . H.D. . An identity in arithmetic . Bulletin of the American Mathematical Society . 65 . 3 . 123–124 . 1960 . 10.1090/S0002-9904-1959-10287-1 . free .
• Marschak . Jacob . Theory of an efficient several-person firm . The American Economic Review, Papers and Proceedings of the Seventy-second Annual Meeting of the American Economic Association . 50 . 2 . 541–548 . May 1960 . American Economic Association . 1815057 .
• Marschak . Jacob . Economics of inquiring, communicating, deciding . The American Economic Review, Papers and Proceedings of the Eightieth Annual Meeting of the American Economic Association . 58 . 2 . 1–18 . May 1968 . American Economic Association . 1831792 .
• Book: Marschak . Jacob . Economic Information, Decision, and Prediction . Rational Behavior, Uncertain Prospects, and Measurable Utility (1950) . Economic Information, Decision, and Prediction: Selected Essays: Volume I Part I Economics of Decision . 7 . 1 . 5–39 . Springer . 1974 . 10.1007/978-94-010-9276-0_2 . 978-90-277-1195-3 .
• Book: Marschak . Jacob . Efficient and Viable Organizational Forms (1959) . Economic Information, Decision, and Prediction . Economic Information, Decision, and Prediction: Selected Essays: Volume II Part II Economics of Decision . 7 . 2 . 77–90 . Springer . 1974 . 10.1007/978-94-010-9278-4_5 . 978-90-277-1196-0 .
• Book: Marschak . Jacob . Economic Information, Decision, and Prediction . The Rationale of the Demand for Money and of 'Money Illusion' . Economic Information, Decision, and Prediction: Selected Essays: Volume III Part III Economics of Decision . 7 . 3 . 95–130 . Springer . 1974 . 10.1007/978-94-010-9280-7_6 . 978-90-277-1197-7 .

Honours

• 1946 President of the Econometric Society
• 1963 Honorary Fellow of the Royal Statistical Society
• 1967 Distinguished Fellow of the American Economic Association

External links

• Biography at HET
• Biography at Yale
• Kenneth J. Arrow, "Jacob Marschak", Biographical Memoirs of the National Academy of Sciences (1991)

Notes and References

1. News: Noted Professor in UCLA Post . Los Angeles Evening Citizen . August 24, 1960 . Los Angeles, CA . 5 . April 26, 2022 . Newspapers.com.
2. News: Jacob Marschak, Noted Economics Scholar, Dies . The Los Angeles Times . July 28, 1977 . Los Angeles, CA . 37 . April 25, 2022 . Newspapers.com.