Wednesday, December 12, 2012 / WSJ with edit/addition by Economy&Politics
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Many economists emerged from MIT with a belief that government could help to smooth out economic downturns. Central banks play a particularly important role in this view, not only by setting interest rates but also by influencing public expectations through carefully worded statements.
Three of the world's most powerful central bankers launched their careers in a building known as "E52," home to the MIT economics department. Fed Chairman Ben Bernanke and ECB President Mario Draghi earned their Ph.D.s there in the late 1970s. Bank of England Governor Mervyn King taught briefly there in the 1980s, sharing an office with Mr. Bernanke.
Nigeria’s Coordinating Minister for Finance and the Economy, Mrs Ngozi Okonjo-Iweala is also a proud alumnus of the MIT school of Economics .
Massachusetts Institute of Technology (MIT) is a private research university located in Cambridge , Massachusetts , United States . MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific, engineering, and technological education and research.
Founded in 1861 in response to the increasing industrialization of the United States , the institute adopted the European polytechnic university model and emphasized laboratory instruction from an early date.
MIT's early emphasis on applied technology at the undergraduate and graduate levels led to close cooperation with industry. Curricular reforms under Karl Compton and Vannevar Bush in the 1930s re-emphasized basic scientific research. MIT was elected to the Association of American Universities in 1934. Researchers were involved in efforts to develop computers, radar, and inertial guidance in connection with defense research during World War II and the Cold War. Post-war defense research contributed to the rapid expansion of the faculty and campus under James Killian.
MIT has a strong entrepreneurial culture. The aggregated revenues of companies founded by MIT alumni would rank as the eleventh-largest economy in the world. MIT managed $718.2 million in research expenditures and an $8.0 billion endowment in 2009 (source: Wikipedia)