Word: modigliani
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Dates: during 1980-1989
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...Modigliani's wide-ranging achievements have proved valuable to investors and corporate officers too. In bestowing the prize, the Nobel Committee cited a pathbreaking Modigliani study of the value of stocks. Written in 1958 with Merton Miller of the University of Chicago, the paper showed that investors look mainly at a firm's prospect for future profits when deciding what its shares may be worth. Those findings are now second nature to executives and securities analysts...
...ardent Keynesian, the silver-haired Modigliani advocates using flexible taxing and spending programs to steer the economy. He took the occasion of his new celebrity last week to attack the runaway budget deficit and the Reagan Administration's economic policies...
...While Modigliani's award seemed entirely fitting to his colleagues, the economist himself was a bit surprised. Said he: "As a main-line economist, I haven't regarded it as something worth thinking about, since more esoteric economists have been winning...
Friends fondly describe Modigliani, who emigrated from Italy in 1938 to escape anti-Jewish persecution, as a man filled with energy and enthusiasm. An indifferent dresser who fits the mold of the absentminded professor, Modigliani is known for grasping complex issues with amazing speed. For relaxation he turns to sailing, skiing and tennis, but his mind is never far from economics. He once developed an idea for a paper during a fierce tennis match against Samuelson...
...Modigliani's wife Serena handles the family finances. "I give the general ideas," he quipped, "and she makes better specific decisions." Asked what he plans to do with the $225,000 Nobel Prize money, Modigliani said he will abide by his theories and spread the spending over the rest of his life...