In memoriam, Edward Leamer, the esteemed professor emeritus of global economics and management at UCLA Anderson, passed away on February 25 in Los Angeles at the age of 80. His academic career, spanning over five decades, was marked by significant contributions to economics, encompassing research methodologies, global economic issues, and forecasting. Leamer believed in merging theoretical economics with real-world applications, even testing his ideas through a vice presidential run in 2016.
UCLA Anderson Dean Antonio Bernardo remarked on Leamer’s immense influence, noting, “It is impossible to overstate his impact.” His numerous publications, including five influential books and over 100 papers, reflect his commitment to advancing economic thought. Notably, his 1983 article, “Let’s Take the Con Out of Econometrics,” inspired a shift toward greater transparency in economic modelling, promoting clarity in theorising and forecasting.
As director of the UCLA Anderson Forecast from 2000 to 2016, Leamer transformed economic projections by presenting them in engaging narratives. His forecasts became trusted references across various sectors, predicting events like the 2001 recession with remarkable accuracy. His teaching at UCLA spanned nearly four decades, guiding numerous students who now occupy crucial roles in diverse fields worldwide.
A Binghamton native, Leamer earned his mathematics degree from Princeton, furthering his studies in economics at the University of Michigan. Starting his career at Harvard, he moved to UCLA in 1975, where he later became the Chauncey J. Medberry Professor of Management. Throughout his illustrious career, he collaborated with several prestigious institutions and received accolades for his contributions to economic research, including fellowships at the American Academy of Arts and Sciences.
To honour his dedication to transparency, the Berkeley Initiative established the Leamer-Rosenthal Prizes for Open Social Science in 2015. Leamer’s innovative approach to economic forecasting emphasised storytelling alongside statistical analysis, engaging audiences by explaining the narratives behind the numbers. He advocated for a revised methodology, one that accounts for unique, unpredictable events impacting economics.
Leamer’s brief foray into politics included a write-in candidacy for vice president, where he aimed to underscore pressing economic concerns such as student debt and social security reform. “The good economist takes into account both the effect that can be seen and those effects that must be foreseen,” he eloquently stated during his campaign.
Even in his final days, colleagues celebrated Leamer’s profound legacy, with prominent economists, including Nobel laureates, gathering to honour his contributions. His brother highlighted that for Leamer, the most significant pursuit was intellectual adventure, remarking on his extraordinary achievements. Edward Leamer’s legacy endures in the broad impact he made on economics, education, and public policy, leaving behind a loving family and a stellar academic footprint.
Edward Leamer, a prominent UCLA economist, passed away at 80, leaving a significant legacy in the field through his influential research, teaching, and innovative forecasting methods. His advocacy for transparency reshaped economic modelling, and he made notable contributions, including a unique narrative approach to presenting forecasts. Additionally, he briefly ventured into politics to spotlight critical economic issues. Leamer’s lasting impact on both students and the broader economic community is profound.
Edward Leamer’s remarkable journey through academia and beyond has left an indelible mark on the field of economics. His commitment to transparency, innovative forecasting methods, and nurturing of future economists showcases his dedication to bridging theory with practice. As Leamer transitions from this world, his influence remains palpable in the realms of academia and beyond, inspiring generations to engage in the intellectual adventure he so cherished.
Original Source: newsroom.ucla.edu
