Leonid Hurwicz

Date of Birth: August 21, 1917

Zodiac Sign: Leo

Date of Death: June 24, 2008

Biography

Leonid Hurwicz was a Polish-American economist and mathematician, renowned for his pioneering work in the field of mechanism design theory. Born on August 21, 1917, in Moscow, Russia, Hurwicz and his family moved back to Warsaw, Poland, soon after his birth. He studied law at the University of Warsaw and later pursued economics at the London School of Economics and the University of Chicago. Hurwicz’s academic career was significantly influenced by interactions with notable economists such as Jacob Marschak and Tjalling Koopmans. His most influential work centered around the theory of mechanism design, which explores how to achieve desired outcomes by structuring incentives appropriately within economic systems. This work was groundbreaking and earned him the Nobel Memorial Prize in Economic Sciences in 2007, an honor he shared with Eric Maskin and Roger Myerson. Throughout his long career, Hurwicz held positions at various prestigious institutions, including the University of Minnesota, where he spent much of his career. He was known for his deep intellect, humility, and significant contributions to economic theory, which have left a lasting impact on the field.

5 Interesting Facts about Leonid Hurwicz

1. Leonid Hurwicz was the oldest recipient of the Nobel Memorial Prize in Economic Sciences, receiving the honor at the age of 90.

2. He was a pioneer in the field of mechanism design theory, which looks at designing rules or mechanisms that lead to desired outcomes in economic transactions.

3. Hurwicz was fluent in multiple languages, including Polish, English, Russian, and French.

4. He fled Poland in 1939 due to the Nazi invasion, ultimately moving to the United States where he continued his academic career.

5. Hurwicz was a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences.

5 Most Interesting Quotes from Leonid Hurwicz

1. “I always felt that there was something missing in economics, namely, the analysis of institutions in a systematic way.”

2. “Mechanism design takes into account that individuals have their own agendas and information that is not necessarily shared with others.”

3. “The question is not whether the government is involved, but how it is involved.”

4. “Economic theory has to be useful; it must be able to address problems that arise in the real world.”

5. “Incentives are the essence of economics, and mechanism design is about creating systems where those incentives align with desired outcomes.”

Highest Net Worth Achieved

While exact figures are not publicly available, Leonid Hurwicz’s net worth was modest compared to today’s standards for Nobel laureates, as most of his life was devoted to academia rather than commercial enterprises.