Edward Lazear
Edward Paul Lazear (/ləˈzɪər/, lə-ZEER; August 17, 1948 – November 23, 2020)[1] was an American economist, the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution at Stanford University and the Davies Family Professor of Economics at Stanford Graduate School of Business.[2]
Edward Lazear
November 23, 2020 (aged 72)
Victoria Lazear
Lazear served as chairman of the Council of Economic Advisers from 2006 to 2009.[3] As chairman, he was the chief economic advisor to President George W. Bush,[4] holding a cabinet-level post as part of the White House team that led the response to the 2007-2008 financial crisis. Lazear has been called the founder of personnel economics a field of economics that applies economic models to the study of the management of human resources in the firm.[5] His research advanced new models of employee incentives, promotions, compensation and productivity in firms. He is also credited with developing a theory of entrepreneurship and leadership that emphasizes skill acquisition.[6] In addition to personnel economics, Lazear was a labor economist known for his work on the educational production function, and the importance of culture and language in explaining the rise of multiculturalism.[7][8][9]
Early life and education[edit]
Lazear was born on August 17, 1948, in New York City. He grew up in a Jewish family in Brooklyn, New York, before moving to Los Altos, California. His father was a shipyard worker during World War II, and had also been a janitor at a hospital, while his mother was a salesperson at a jewelry shop.[10] As a high school student, he worked at a hospital mailroom and was also a member of the school cross-country running team.[10]
Lazear received a Bachelor of Arts and a Master of Arts in economics from the University of California, Los Angeles in 1971. His wife said he struggled at first, until he took an economics course and did well.[10] He received a Doctor of Philosophy in economics from Harvard University in 1974.[11][2]
Lazear won a number of awards over his career. Among those are:[2]
His book, Personnel Economics (MIT Press, 1995) was selected as a MIT Press Outstanding Book in 1996, and as one of the ten most important books in Labor Economics by Princeton in 1996. Professor Lazear had also received honorary degrees from Albertson College of Idaho (1997), Aarhus School of Business (2006), the University of Zurich (2010), and Copenhagen Business School (2013). Lazear was an elected fellow of the American Academy of Arts and Sciences, the American Association for the Advancement of Science, the Econometric Society, and the Society of Labor Economists. He had also been the recipient of numerous National Science Foundation grants.[36]
Personal life[edit]
Lazear was married to his wife Victoria, a litigation consultant, and had a daughter.[10] He was known to enjoy outdoor activities, and was an avid traveler, skier and mountain biker.[37]
Lazear died from pancreatic cancer on November 23, 2020.[38]