Peter Temin
Encyclopedia
Dr. Peter Temin is a widely cited economist
and economic historian, currently Gray Professor Emeritus of Economics, MIT and former head of the Economics Department.
Dr. Temin graduated with highest honors from Swarthmore College
in 1959 before earning his Ph.D. at MIT in 1964. Beginning in the 1960s and early 1970s he published on American economic history
in the 19th century, including The Jacksonian Economy (1969) and Causal Factors in American Economic Growth in the Nineteenth Century (1975), as well as Reckoning with Slavery (1976), which was an examination of the slave economy and its effects. His papers of the 1960s would reflect intense empirical study as part of his working method, including composition of Iron and Steel products, which would later be part of his analysis of industrial development. He continued his study of 19th century industrialization with Engines of Enterprise.
Two of Dr. Temin's most cited conclusions in this area are on the relationship of Labor scarcity to economic development, and the role of general equilibrium
models in studying economic history. He would apply the conclusions drawn to his study of the business cycle in the 19th century.
In 1971 he authored a paper on Central Banks and Economic and Social Welfare programs, whose conclusions were a foreshadowing of what is probably his most influential and best known work: Did Monetary Forces Cause the Great Depression
? (1976). This work hypothesized that it was not primarily the actions of the Federal Reserve in response to the economic downturn of 1930 which turned a recession into the most far reaching slump in the modern economic period, but instead was an autonomous drop in demand. He would later revisit this thesis in his 1989 work Lessons from the Great Depression, as well as publish several papers building on his conclusions. He joined, in some way, the conclusions of Keynes and Friedman: the Great Depression started with troubles in the 'real economy' later expanded to the financial world via speculation and money destruction (also see the analysis of Rondo Cameron about 'wildcat banking').
His 1987 empirical survey of AT&T
, entitled The Fall of the Bell System has had an impact on how new entrepreneurial businesses are viewed.
Professor Temin is the brother of the late geneticist Howard Temin, who was awarded the Nobel Prize
in Physiology and Medicine in 1975 for the discovery of reverse transcriptase
.
1964.
The Jacksonian Economy. New York: W.W. Norton, 1969.
The New Economic History (ed.). Penguin Books, 1972.
Causal Factors in American Economic Growth in the Nineteenth Century. London: Macmillan,
1975.
Did Monetary Forces Cause the Great Depression? New York: W.W. Norton, 1976.
Reckoning with Slavery. New York: Oxford University Press, 1976 (with Paul David, Herbert
Gutman, Richard Sutch, and Gavin Wright).
Taking Your Medicine: Drug Regulation in the United States. Cambridge: Harvard University
Press, 1980.
The Fall of The Bell System: A Study in Prices and Politics. New York: Cambridge University
Press, 1987.
Lessons from the Great Depression. Cambridge: MIT Press, 1989.
Inside the Business Enterprise: Historical Perspectives on the Use of Information (ed.). Chicago:
University of Chicago Press, 1991.
Industrialization in North America (ed.), Vol. 6 of R. A. Church and E. A. Wrigley (eds.), The
Industrial Revolutions. Oxford: Blackwell, 1994.
The European Economy Between the Wars. Oxford: Oxford University Press, 1997 (with
Charles Feinstein and Gianni Toniolo), translated into Italian as L'economia europea tra
le due guerre (Laterza, Roma-Bari 1998).
Learning by Doing in Markets, Firms, and Nations (eds.). Chicago: University of Chicago Press,
1998 (with Naomi R. Lamoreaux and Daniel M. G. Raff).
Elites, Minorities, and Economic Growth (eds.). Amsterdam: Elsevier, 1999 (with Elise S.
Brezis
).
Engines of Enterprise: An Economic History of New England (ed.). Cambridge: Harvard
University Press, 2000.
The World Economy Between the Wars. Oxford: Oxford University Press, 2007
(with [Charles Feinstein and] Gianni Toniolo).
Reasonable Rx: How to Lower Drug Prices. FT Press, 2008 (with Stan
Finkelstein).
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and economic historian, currently Gray Professor Emeritus of Economics, MIT and former head of the Economics Department.
Dr. Temin graduated with highest honors from Swarthmore College
Swarthmore College
Swarthmore College is a private, independent, liberal arts college in the United States with an enrollment of about 1,500 students. The college is located in the borough of Swarthmore, Pennsylvania, 11 miles southwest of Philadelphia....
in 1959 before earning his Ph.D. at MIT in 1964. Beginning in the 1960s and early 1970s he published on American economic history
Economic history of the United States
The economic history of the United States has its roots in European colonization in the 16th, 17th, and 18th centuries. Marginal colonial economies grew into 13 small, independent farming economies, which joined together in 1776 to form the United States of America...
in the 19th century, including The Jacksonian Economy (1969) and Causal Factors in American Economic Growth in the Nineteenth Century (1975), as well as Reckoning with Slavery (1976), which was an examination of the slave economy and its effects. His papers of the 1960s would reflect intense empirical study as part of his working method, including composition of Iron and Steel products, which would later be part of his analysis of industrial development. He continued his study of 19th century industrialization with Engines of Enterprise.
Two of Dr. Temin's most cited conclusions in this area are on the relationship of Labor scarcity to economic development, and the role of general equilibrium
General equilibrium
General equilibrium theory is a branch of theoretical economics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium, hence general...
models in studying economic history. He would apply the conclusions drawn to his study of the business cycle in the 19th century.
In 1971 he authored a paper on Central Banks and Economic and Social Welfare programs, whose conclusions were a foreshadowing of what is probably his most influential and best known work: Did Monetary Forces Cause the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
? (1976). This work hypothesized that it was not primarily the actions of the Federal Reserve in response to the economic downturn of 1930 which turned a recession into the most far reaching slump in the modern economic period, but instead was an autonomous drop in demand. He would later revisit this thesis in his 1989 work Lessons from the Great Depression, as well as publish several papers building on his conclusions. He joined, in some way, the conclusions of Keynes and Friedman: the Great Depression started with troubles in the 'real economy' later expanded to the financial world via speculation and money destruction (also see the analysis of Rondo Cameron about 'wildcat banking').
His 1987 empirical survey of AT&T
American Telephone & Telegraph
AT&T Corp., originally American Telephone and Telegraph Company, is an American telecommunications company that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government agencies. AT&T is the oldest telecommunications company...
, entitled The Fall of the Bell System has had an impact on how new entrepreneurial businesses are viewed.
Professor Temin is the brother of the late geneticist Howard Temin, who was awarded the Nobel Prize
Nobel Prize
The Nobel Prizes are annual international awards bestowed by Scandinavian committees in recognition of cultural and scientific advances. The will of the Swedish chemist Alfred Nobel, the inventor of dynamite, established the prizes in 1895...
in Physiology and Medicine in 1975 for the discovery of reverse transcriptase
Reverse transcriptase
In the fields of molecular biology and biochemistry, a reverse transcriptase, also known as RNA-dependent DNA polymerase, is a DNA polymerase enzyme that transcribes single-stranded RNA into single-stranded DNA. It also helps in the formation of a double helix DNA once the RNA has been reverse...
.
Complete list of books
Iron and Steel in Nineteenth Century America: An Economic Inquiry. Cambridge: M.I.T. Press,1964.
The Jacksonian Economy. New York: W.W. Norton, 1969.
The New Economic History (ed.). Penguin Books, 1972.
Causal Factors in American Economic Growth in the Nineteenth Century. London: Macmillan,
1975.
Did Monetary Forces Cause the Great Depression? New York: W.W. Norton, 1976.
Reckoning with Slavery. New York: Oxford University Press, 1976 (with Paul David, Herbert
Gutman, Richard Sutch, and Gavin Wright).
Taking Your Medicine: Drug Regulation in the United States. Cambridge: Harvard University
Press, 1980.
The Fall of The Bell System: A Study in Prices and Politics. New York: Cambridge University
Press, 1987.
Lessons from the Great Depression. Cambridge: MIT Press, 1989.
Inside the Business Enterprise: Historical Perspectives on the Use of Information (ed.). Chicago:
University of Chicago Press, 1991.
Industrialization in North America (ed.), Vol. 6 of R. A. Church and E. A. Wrigley (eds.), The
Industrial Revolutions. Oxford: Blackwell, 1994.
The European Economy Between the Wars. Oxford: Oxford University Press, 1997 (with
Charles Feinstein and Gianni Toniolo), translated into Italian as L'economia europea tra
le due guerre (Laterza, Roma-Bari 1998).
Learning by Doing in Markets, Firms, and Nations (eds.). Chicago: University of Chicago Press,
1998 (with Naomi R. Lamoreaux and Daniel M. G. Raff).
Elites, Minorities, and Economic Growth (eds.). Amsterdam: Elsevier, 1999 (with Elise S.
Brezis
Elise Brezis
Elise S. Brezis, professor of Economics at Bar-Ilan University, is currently the director of the Azrieli Center for Economic Policy. She previously was the head of the Statistics division at the Research Department in the Bank of Israel, and from 1999 to 2003, she was the President of the Israeli...
).
Engines of Enterprise: An Economic History of New England (ed.). Cambridge: Harvard
University Press, 2000.
The World Economy Between the Wars. Oxford: Oxford University Press, 2007
(with [Charles Feinstein and] Gianni Toniolo).
Reasonable Rx: How to Lower Drug Prices. FT Press, 2008 (with Stan
Finkelstein).