Word: modigliani
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...holds that people tend to save when they are young to create a nest egg for their old age. Basic though it may be, that notion ranks among the most powerful and widely used concepts in modern economics. It was also the work for which M.I.T.'s Franco Modigliani, 67, the theory's principal author, was named the 1985 Nobel laureate in economic science. "With many people, the Nobel Prize is a question of if," said Paul Samuelson, an M.I.T. colleague and the 1970 economics laureate. "With Franco, it was only a question of when." The Italian-born Modigliani...
Explaining some of his work, Modigliani told the Associated Press yesterday that his savings theory is based on the idea that people save and corporations invest according to their immediate circumstances...
...thought the main reason people saved had to do with consumption wishes. They saved whenever they had more money than usual and they didn't save when they had less," Modigliani said...
...Nobel Prize in economics, created in 1969 by Sweden's central bank, is awarded by the Royal Swedish Academy of Sciences and carries a $225,000 prize. Modigliani is the 13th American to receive this prize in 17 years...
...Modigliani has lived in the United States since 1939, when he fled fascist Italy. Before coming to MIT, he taught at Carnegie-Mellon, Northwestern and several other schools...