Hirofumi Uzawa 101: A Pioneer in Decentralized Economic Planning
Zatrun Published at May 19, 2023

Hirofumi Uzawa was born on July 21, 1928, in Yonago, Tottori, Japan, into a farming family. He attended high school in Tokyo and graduated from the University of Tokyo’s Department of Mathematics in 1951. He then spent two years as a special research student at the university. If you are interested in learning more about him, keep reading this article.

Hirofumi Uzawa

Who is Hirofumi Uzawa?

In 1953, Hirofumi Uzawa received a Fulbright Scholarship to study economics at Stanford University. While at Stanford, he wrote a paper on decentralized economic planning that caught the attention of Kenneth Arrow, one of the leading economists of the day. Arrow invited Uzawa to join his research group, and the two men collaborated on a number of important papers.

After graduating from Stanford in 1956, Uzawa returned to Japan to teach at the University of Tokyo. He quickly established himself as a leading economist, and in 1964 he was invited to join the faculty of the University of Chicago. At Chicago, Uzawa continued his research on economic growth and development, and he made a number of important contributions to the field.

In 1969, Hirofumi Uzawa returned to Japan to take a position at the National Bureau of Economic Research. He remained at NBER for two years, and then he returned to the University of Tokyo, where he taught until his retirement in 1994.

Uzawa’s research has had a profound impact on the field of economics. His work on economic growth and development has helped to shape our understanding of how economies work, and his contributions to mathematical economics have made it possible to analyze economic problems with greater precision. Uzawa was a brilliant economist and a gifted teacher, and his work will continue to influence the field for many years to come.

Here are some of Uzawa’s most notable contributions to economics

  • He developed a model of economic growth that takes into account the accumulation of human capital.
  • He proved that the Walrasian general equilibrium model is equivalent to the Brouwer fixed-point theorem.
  • He developed a theory of optimal taxation that takes into account the effects of taxation on economic growth.
  • He was a pioneer in the field of mathematical economics, and his work has helped to make economics a more rigorous and quantitative discipline.

Uzawa was a highly respected economist, and he was awarded numerous honors throughout his career. He was a Fellow of the Econometric Society, the American Academy of Arts and Sciences, and the Japan Academy. He was also a recipient of the John Bates Clark Medal, the highest honor in economics. Uzawa died on September 26, 2014, at the age of 86. He will be remembered as one of the most important economists of the 20th century.

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