James Mirrlees Net Worth

James Mirrlees was born on July 05, 1936 in Minnigaff, Kirkcudbrightshire, Scotland, British, is Economist. Sir James A. Mirrlees is a Scottish economist who received the Nobel Prize for his research on economic incentives in 1996. He shared the Nobel Prize with William Vickrey of the ‘Columbia University’. His main contribution to the field of economics was his path-breaking research work on optimal taxation on income or a progressive taxation process which included incentives for earning. He started his research work in an era when taxes were very high and the economy was controlled centrally. He assumed that the government should tax the rich more and use it for the benefit of the poor. He also made further assumptions that the rate of taxes has a direct effect on the incentive of people to work and earn more. With these assumptions he calculated the highest marginal tax rate that should be applied on the high-income groups. The optimal tax rate that he computed was actually only 20 percent of the income and not 83 percent as was prevalent at that time in Britain. Moreover he concluded that everyone should be taxed at a flat rate of 20 percent for the maximum benefit of all wage earners. He also helped to design contracts that would provide the maximum incentives to the employees of companies.
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Age, Biography and Wiki

Who is it? Economist
Birth Day July 05, 1936
Birth Place Minnigaff, Kirkcudbrightshire, Scotland, British
Birth Sign Leo
Institution Chinese University of Hong Kong Oxford University University of Cambridge
Field Political economics
Alma mater University of Edinburgh Trinity College, Cambridge
Doctoral advisor Richard Stone
Doctoral students Partha Dasgupta Nicholas Stern Peter J. Hammond Franklin Allen Barry Nalebuff Huw Dixon Anthony Venables John Vickers Alan Manning Gareth Myles Paul Seabright Hyun-Song Shin Zhang Weiying
Awards Nobel Memorial Prize in Economic Sciences (1996)

💰 Net worth: Under Review

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Born in Minnigaff, Kirkcudbrightshire, Mirrlees was educated at the University of Edinburgh (MA in Mathematics and Natural Philosophy in 1957) and Trinity College, Cambridge (Mathematical Tripos and PhD in 1963 with thesis title Optimum Planning for a Dynamic Economy, supervised by Richard Stone). He was a very active student debater. One contemporary, Quentin Skinner, has suggested that Mirrlees was a member of the Cambridge Apostles along with fellow Nobel Laureate Amartya Sen during the period.


Between 1968 and 1976, Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times. He was also a visiting professor at the University of California, Berkeley (1986) and Yale University (1989). He taught at both Oxford University (1968–1995) and University of Cambridge (1963–1968 and 1995–).


Mirrlees and Vickrey shared the 1996 Nobel Prize for Economics "for their fundamental contributions to the economic theory of incentives under asymmetric information".


In 2009, he was appointed Founding Master of the Morningside College of the Chinese University of Hong Kong.


Mirrlees is also co-creator, with MIT Professor Peter A. Diamond of the Diamond–Mirrlees efficiency theorem, which was developed in 1971.