Skip to main content Accessibility help
×
Home
  • Print publication year: 2014
  • Online publication date: June 2014

23 - The Education of an Economist

Summary

It has always been important for me to understand what motivates individuals to do what they do and formulate a “big picture” of how the world works. In this essay I describe the events that have impacted my life and were important for formulating my philosophy. My philosophy is no “fixed star.” I know that no one, including myself, holds the key to the “Truth,” and, to paraphrase John Maynard Keynes, I am quite willing to change my mind when the facts so dictate. In short, at the same time I am teaching, I am learning; we are all educators who are constantly being educated.

Early Life

My mother, an intellectual who was well read in philosophy, anthropology, and sociology, named me “Jeremy” (an extremely uncommon name for American boys at that time), after Jeremy Bentham, the early-nineteenth-century British philosopher, whom she greatly admired. Bentham was a progressive thinker, arguing against slavery and for women’s rights, and a utilitarian who believed that law should be structured to maximize society’s “pleasures” and minimize its “pains.” Bentham was also a believer in free markets.

Related content

Powered by UNSILO
References
Department of Commerce (1966), Long-Term Economic Growth, 1860–1965Washington, DC: US Census Bureau.
Friedman, Milton (1953). “The Case for Flexible Exchange Rates,” in Essays in Positive Economics, 157–203. Chicago: University of Chicago Press.
Friedman, Milton (1962). Capitalism and Freedom. Chicago: University of Chicago Press.
Friedman, Milton and Schwartz, Anna J. (1963). A Monetary History of the United States: 1867–1960. NBER Studies in business cycles no. 12. Princeton: Princeton University Press, reprinted as The Great Contraction, 1929–1933. Princeton: N.J. Princeton University Press, 1965.
Galbraith, John Kenneth (1954). The Great Crash, 1929. Pelican.
Homer, Sidney (1963). The History of Interest Rates. New York: John Wiley.
Kritzman, Mark (2000), Puzzles in Finance: Six Practical Problems and Their Remarkable Solutions. New York: Wiley Investment.
Malkiel, Burton (1973), A Random Walk Down Wall Street. New York: W. W. Norton.
Patinkin, Don (1956) Money, Interest, and Prices, 2d ed. (1st ed. 1956). Evanston (Illinois): Row, Peterson and Company.
Siegel, Jeremy (1972). “Risk, Interest Rates, and the Forward Exchange,” Quarterly Journal of Economics 86, no. 2 (May): 303–309; “Reply,” Quarterly Journal of Economics 89, no. 1 (February 1975): 173–175.
Siegel, Jeremy (1992). “The Equity Premium, Stock and Bond Returns Since 1802,” Financial Analysts Journal 48, no. 1 (January/February): 28–38; winner of the 1992 Graham and Dodd Scroll Award.
Siegel, Jeremy (2005). The Future for Investors: Why the Tried and the True Triumph over the Bold and the New. New York: Crown Business, Random House.
Siegel, Jeremy (2008). Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies, 4th ed. New York: McGraw-Hill.
Siegel, Jeremy and Shiller, Robert (1977). “The Gibson Paradox and Historical Movements in Real Interest Rates,” Journal of Political Economy 85, no. 5 (October): 891–907.