Robert Mundell, the Nobel Prize-winner and supply-side economist who was considered the intellectual father of the euro, has died. He was 88.
A Columbia University professor of economics, Mundell won the Nobel Prize in economics in 1999 for his theory that flexible markets, including the free movement of labor and capital, are necessary for a single-currency zone to succeed. His research helped lay the foundation for the euro, set up by 11 European governments earlier that year.
Robert Alexander Mundell was born Oct. 24, 1932, in Kingston, Ontario, in Canada, one of four sons to William Mundell and the former Lila Knifton. He received a bachelors degree from the University of British Columbia in 1953 and his masters a year later from the University of Washington in Seattle.
In 1956, he earned his Ph.D. in economics from the Massachusetts Institute of Technology and also became a post-doctoral fellow in political economics at the University of Chicago, where he met Friedman.
His academic career included stints at the University of British Columbia, Stanford University, the University of Chicago and Geneva’s Graduate Institute of International Studies. In 1974, he joined Columbia University.
Mundell advised the United Nations, the International Monetary Fund and the World Bank, and was also a consultant to governments in the U.S., Canada, Latin America and China.
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