This chapter looks at the life of Franco Modigliani who was awarded the Nobel Prize in 1985. Born in Rome in 1918, he earned his academic degrees in 1944 from the University of Rome and from the New School for Social Research. He later became a professor of economics and finance at MIT, and later an institute professor, emeritus. He stayed in that position until 2003. His work involved the life-cycle hypothesis which shows how public deficits or debts have an effect on the well-being of future generations as they displace productive capital. He also pursued emerging issues of economic policy that stress on the international payments system. His books include National Incomes and International Trade and Planning Production, Inventories and Work Forces.
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