Tjalling Koopmans' Nobel Prize medal gifted to Cowles
The Cowles Foundation was honored to receive Tjalling Koopmans’ Nobel Prize medal by the Frankel family durning an intimate ceremony held at 28 Hillhouse Avenue on May 24th. The donation of Koopmans’ Nobel medal is especially meaningful, as he was instrumental in moving the Cowles Foundation (then the Cowles Commission) from the University of Chicago to Yale in 1954. He was a life-long staﬀ member who served two terms as director in the 1960s.
During the ceremony, Ann Frankel (Tjalling’s daughter) spoke of her father, his work, and details of the Nobel Prize before handing it over to former Cowles Director, Al Klevorick, who accepted the medal on behalf of the Cowles Foundtion.
“In my view, Tjalling Koopmans embodied, in person and in his work, the Cowles Foundation,” said Klevorick. “It is a great honor for us to have the medal and be able to display it.”
To mark the occasion, Yale Economics Professors and Nobel laureates William Nordhaus and Robert Shiller were on hand to speak of Koopmans’ influence on their careers.
Professor Robert Shiller spoke of Koopmans’ influence in the use of theory in the ﬁeld of economics. Shiller went on to explain how the Cowles Foundation seal and its motto changed when the foundation moved to Yale, and how the motto was influced by Koopmans, as well as the Foundation’s move. “The motto is, ‘Theory and Measurement,’ which is exactly a transposition of [Koopmans’] 1947 paper,” said Shiller.
“I think the spirit of [Koopmans’] research lives on at Cowles,” said Shiller. ”Tjalling was very import in forming the ethos and method that lives on today in the Cowles Foundation, and more broadly, the Yale community.”
Professor William Nordhaus spoke of meeting Tjalling Koopmans for the ﬁrst time during a job interview, and how he was impressed with Koopmans’ wide range of interests. He said it was Koopmans’ influce of mathematical programming that put him on the environmental-economics track. Koopmans suggested that Nordhaus use programming models to better understand the way systems work rather than econometrics for estrucural analysis to ultimately see the impacts of ecomomics on climate change.
During his remarks, Nordhaus quoted a toast given by Koopmans during the 1975 Economics Nobel banquet to show Koopmans’ foresight on environmental issues. “We need to seek a balance between enegy production, food production, and anticipated other global eﬀects and interregional inequities to be compensated for,” read one line from Koopmans toast. “I thought that was really extrordinary; so far ahead of everyone else. So far ahead of his time,” said Nordhaus.
“That was what was so special about working with Tjalling,” said Nordhaus. “He had fundemental and deep insights into so many areas. It lives with me and my spirt in a way I think about economics, and a way I think about society and social issues.”
Ann Frankel was joined by her husband Joseph Frankel, her son Martin Ünsel-Frankel, and Martin’s wife, Gün Ünsal-Frankel. Joseph Frankel reminesed of Koopmans from a “diﬀerent perspective” with an anctedote as a “young suitor” when courting Ann. Joseph Frankel said he was given a problem by Koopmans to solve to see if he was capable of a shift in perspective. “Foruntatley, I passed that one,” quipped Frankel.
Tjalling Koopmans (jointly with Leonid Kantorovich) was awarded the Nobel Memorial Prize in Economic Sciences in 1975 for his contributions to the ﬁeld of resource allocation, speciﬁcally the theory of optimal use of resources. ”I think [the medal] is and will be an inspiration for faculty and students who come here to see it,” said Nordhaus.
The medal is planned to be permanently displayed in the Cowles Foundation building at 30 Hillhouse Ave. A brief biogrpahy of Tjalling can be found on the Cowles website.
To show Koopmans’ forethought on how climate change would have an impact for future generations, Professor Nordhaus quoted from a toast given by Koopmans at the 1975 Economics Nobel banquet dinner. One sentence from Koopmans’ toast said, “We need to seek a balance between enegy production, food production, and anticipated other global eﬀects and interregional inequities to be compensated for.”
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