Lionel W. McKenzie
Encyclopedia
Lionel Wilfred McKenzie (January 26, 1919 – October 12, 2010) was the Wilson Professor Emeritus of Economics at the University of Rochester
. He was born in Montezuma, Georgia
. He completed undergraduate studies at Duke University
in 1939 and subsequently moved to Oxford
that year as a Rhodes Scholar. McKenzie worked with the Cowles Commission while it was in Chicago and served as an assistant professor at Duke from 1948-1957. Having received his Ph.D at Princeton University
in 1956, McKenzie moved to Rochester where he was responsible for the establishment of the graduate program in economics.
McKenzie has been the recipient of numerous professional awards, including the Guggenheim Fellowship
in 1973, election to the United States National Academy of Sciences
in 1978, the Order of the Rising Sun
in 1995 and honorary doctorates from Keio University
in 1998 and Kyoto University
in 2004. The latter three reflect the success of his many Japanese students. McKenzie has been referred to as "the father of the mathematical economists in Japan".
His research focused on general equilibrium
and capital theory. Although most widely known as a co-creator of the Arrow-Debreu-McKenzie model, he also published a book and numerous research papers, including:
The 1957 paper appears to include the first derivation of Shephard's lemma
in the context of consumer theory.
University of Rochester economist Lionel McKenzie, one of the chief architects of modern general equilibrium theory and an "economist's economist" revered for the clarity and rigor of his work, died in 2010. He was 91.
University of Rochester
The University of Rochester is a private, nonsectarian, research university in Rochester, New York, United States. The university grants undergraduate and graduate degrees, including doctoral and professional degrees. The university has six schools and various interdisciplinary programs.The...
. He was born in Montezuma, Georgia
Montezuma, Georgia
Montezuma is a city in Macon County, Georgia . The population was 3,999 at the 2000 census. It is home to the armory of Bravo Company, 648th Engineers of the Georgia Army National Guard.-History:...
. He completed undergraduate studies at Duke University
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
in 1939 and subsequently moved to Oxford
Oxford
The city of Oxford is the county town of Oxfordshire, England. The city, made prominent by its medieval university, has a population of just under 165,000, with 153,900 living within the district boundary. It lies about 50 miles north-west of London. The rivers Cherwell and Thames run through...
that year as a Rhodes Scholar. McKenzie worked with the Cowles Commission while it was in Chicago and served as an assistant professor at Duke from 1948-1957. Having received his Ph.D at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
in 1956, McKenzie moved to Rochester where he was responsible for the establishment of the graduate program in economics.
McKenzie has been the recipient of numerous professional awards, including the Guggenheim Fellowship
Guggenheim Fellowship
Guggenheim Fellowships are American grants that have been awarded annually since 1925 by the John Simon Guggenheim Memorial Foundation to those "who have demonstrated exceptional capacity for productive scholarship or exceptional creative ability in the arts." Each year, the foundation makes...
in 1973, election to the United States National Academy of Sciences
United States National Academy of Sciences
The National Academy of Sciences is a corporation in the United States whose members serve pro bono as "advisers to the nation on science, engineering, and medicine." As a national academy, new members of the organization are elected annually by current members, based on their distinguished and...
in 1978, the Order of the Rising Sun
Order of the Rising Sun
The is a Japanese order, established in 1875 by Emperor Meiji of Japan. The Order was the first national decoration awarded by the Japanese Government, created on April 10, 1875 by decree of the Council of State. The badge features rays of sunlight from the rising sun...
in 1995 and honorary doctorates from Keio University
Keio University
,abbreviated as Keio or Keidai , is a Japanese university located in Minato, Tokyo. It is known as the oldest institute of higher education in Japan. Founder Fukuzawa Yukichi originally established it as a school for Western studies in 1858 in Edo . It has eleven campuses in Tokyo and Kanagawa...
in 1998 and Kyoto University
Kyoto University
, or is a national university located in Kyoto, Japan. It is the second oldest Japanese university, and formerly one of Japan's Imperial Universities.- History :...
in 2004. The latter three reflect the success of his many Japanese students. McKenzie has been referred to as "the father of the mathematical economists in Japan".
His research focused on 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...
and capital theory. Although most widely known as a co-creator of the Arrow-Debreu-McKenzie model, he also published a book and numerous research papers, including:
- "Demand Theory Without a Utility Index", The Review of Economic Studies, 1957.
- "On the Existence of General Equilibrium for a Competitive Economy", Econometrica, 1959.
- "The Classical Theorem on Existence of Competitive Equilibrium," Econometrica, 1981.
- "Turnpike Theory, Discounted Utility, and the von Neumann Facet" Journal of Economic Theory, 1983.
- "General Equilibrium,* The New Palgrave: A Dictionary of Economics, 1987, v. 2, pp. 498-512.
- "Turnpike TheoryTurnpike theoryTurnpike theory refers to a set of economic theories about the optimal path of accumulation in a system based depending on the initial and final levels...
," The New Palgrave: A Dictionary of Economics, 1987, v. 4, pp. 712-20. - "Classical General Equilibrium Theory", The MIT Press, 2002.
The 1957 paper appears to include the first derivation of Shephard's lemma
Shephard's lemma
Shephard's lemma is a major result in microeconomics having applications in the theory of the firm and in consumer choice. The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good with price p_i is unique...
in the context of consumer theory.
University of Rochester economist Lionel McKenzie, one of the chief architects of modern general equilibrium theory and an "economist's economist" revered for the clarity and rigor of his work, died in 2010. He was 91.