Kevin M. Murphy
Encyclopedia
Kevin Miles Murphy is the George J. Stigler
Distinguished Service Professor of Economics at the University of Chicago Booth School of Business and a Senior Fellow at the Hoover Institution
.
In 1997 Murphy was awarded the prestigious John Bates Clark Medal
by the American Economic Association
, given once every two years to the most outstanding American economist under the age of forty, and widely considered to be the second most prestigious prize in economics (after the Nobel Prize in Economics). Murphy was cited for his study of the causes of growing income inequality between white-collar and blue-collar worker
s in the United States and his research linking the growth in income inequality to growth in the demand for skilled labor. His other research has covered such topics as economic growth, income inequality, valuing medical research, rational addiction
, and unemployment.
Murphy has authored over 50 published articles on a variety of topics including a cost-benefit analysis of the war in Iraq.
On September 20, 2005, he was named as one of the 2005 recipients of the MacArthur Fellowship, often referred to as the "genius grant."
Education: B.A. (economics, Phi Beta Kappa
), University of California, Los Angeles
, 1981; Ph.D., University of Chicago
, 1986 (thesis: Specialization and Human Capital).
George Stigler
George Joseph Stigler was a U.S. economist. He won the Nobel Memorial Prize in Economic Sciences in 1982, and was a key leader of the Chicago School of Economics, along with his close friend Milton Friedman....
Distinguished Service Professor of Economics at the University of Chicago Booth School of Business and a Senior Fellow at the Hoover Institution
Hoover Institution
The Hoover Institution on War, Revolution and Peace is a public policy think tank and library founded in 1919 by then future U.S. president, Herbert Hoover, an early alumnus of Stanford....
.
In 1997 Murphy was awarded the prestigious John Bates Clark Medal
John Bates Clark Medal
The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge"...
by the American Economic Association
American Economic Association
The American Economic Association, or AEA, is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review...
, given once every two years to the most outstanding American economist under the age of forty, and widely considered to be the second most prestigious prize in economics (after the Nobel Prize in Economics). Murphy was cited for his study of the causes of growing income inequality between white-collar and blue-collar worker
Blue-collar worker
A blue-collar worker is a member of the working class who performs manual labor. Blue-collar work may involve skilled or unskilled, manufacturing, mining, construction, mechanical, maintenance, technical installation and many other types of physical work...
s in the United States and his research linking the growth in income inequality to growth in the demand for skilled labor. His other research has covered such topics as economic growth, income inequality, valuing medical research, rational addiction
Rational addiction
Rational addiction is the hypothesis that addictions can be usefully modeled as specific kinds of rational, forward-looking, optimal consumption plans. The canonical theory is due to Kevin M. Murphy and Nobel Prize Winner Gary S. Becker...
, and unemployment.
Murphy has authored over 50 published articles on a variety of topics including a cost-benefit analysis of the war in Iraq.
On September 20, 2005, he was named as one of the 2005 recipients of the MacArthur Fellowship, often referred to as the "genius grant."
Education: B.A. (economics, Phi Beta Kappa
Phi Beta Kappa Society
The Phi Beta Kappa Society is an academic honor society. Its mission is to "celebrate and advocate excellence in the liberal arts and sciences"; and induct "the most outstanding students of arts and sciences at America’s leading colleges and universities." Founded at The College of William and...
), University of California, Los Angeles
University of California, Los Angeles
The University of California, Los Angeles is a public research university located in the Westwood neighborhood of Los Angeles, California, USA. It was founded in 1919 as the "Southern Branch" of the University of California and is the second oldest of the ten campuses...
, 1981; Ph.D., University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
, 1986 (thesis: Specialization and Human Capital).
Major works
- Measuring the Gains from Medical Research: An Economic Approach (edited volume with Robert H. Topel) University of Chicago Press , 2003.
- Social Economics: Market Behavior in a Social Environment (with Gary S. Becker). Cambridge , MA : Harvard University Press (The Belknap Press), 2000.