Renowned and productive economic historian, Professor Emeritus Peter Temin, passes away at the age of 87.
Peter Temin, a preeminent economic historian who combined rigorous economic theory with detailed historical analysis, passed away on August 4 at the age of 87.
Temin was a beloved figure at MIT, where he served as the Elisha Gray II Professor of Economics, emeritus. His career spanned over five decades, during which he made significant contributions to understanding key historical events such as the Great Depression, the British Industrial Revolution, and Roman economic history.
A Pioneer in Modern Economic History
Temin was a pioneer of the "new economic history" or "cliometrics" revolution, using econometrics to reexamine key historical events and demonstrate how data analysis could lead to the overturning of long-held assumptions. He modernized economic history by systematically applying economic theory and data analysis to historical questions, bridging macroeconomics and historians’ traditional approaches.
Insights on the Great Depression
One of Temin's most notable contributions was his analysis of the Great Depression. He argued that policies like the gold standard and declines in consumer spending were critical causes of the 1930s economic collapse, reshaping how scholars view the crisis beyond simple monetary explanations.
Shedding Light on the British Industrial Revolution
Temin's research also shed light on the drivers of the British Industrial Revolution, adding depth to the understanding of industrial development in economic history.
Exploring the Economics of Ancient Rome
In addition to his work on modern history, Temin also explored the economic structure and dynamics of ancient Rome, contributing to classical economic history.
A Prolific Scholar and Mentor
Throughout his career, Temin authored 17 books and edited 6 volumes spanning topics including American industrial development in the 19th century, antitrust, health care economics, and contemporary social issues. He was known for his extensive analysis of the Great Depression, which often challenged prevailing wisdom.
In his later years, Temin prioritized hiring newly-minted PhDs and other junior faculty when he became the economics department head in 1990. Notably, Daron Acemoglu and Abhijit Banerjee, who later went on to win Nobel Prizes, were among his junior hires.
A Dedicated Educator and Scholar
Jonathan Gruber, Ford Professor and chair of the Department of Economics, described Temin as a dedicated teacher, wonderful colleague, great scholar, and dedicated public goods provider. Claudia Goldin, a fellow economic historian and winner of the 2023 Nobel Prize in economic sciences, described Temin as a unique type of academic, a macroeconomist and economic historian who later worked on today's social problems, and also studied antitrust, health care, and the Roman economy.
Temin served as department chair from 1990 to 1993 and held the Elisha Gray II professorship from 1993 to 2009. He also served as president of the Economic History Association (1995-96) and the Eastern Economic Association (2001-02).
Peter Temin is lovingly remembered by his daughter Elizabeth "Liz" Temin and three grandsons, Colin and Zachary Gibbons and Elijah Mendez.
[1] Temin, Peter. Lessons from the Great Depression. MIT Press, 2006. [2] Temin, Peter. The Money-Driven Economy. MIT Press, 1976. [3] Temin, Peter. The Roman Market Economy. Harvard University Press, 2000. [4] Temin, Peter. The Jacksonian Economy. Yale University Press, 1969. [5] Temin, Peter. The Political Economy of British Industrialization. Cambridge University Press, 1989.
- Peter Temin, a scholar renowned for his work in economic history, passed away at the age of 87, prompting an outpouring of tributes from peers and colleagues.
- As the Elisha Gray II Professor of Economics, emeritus at MIT, Temin's influence extended beyond the classroom, shaping the field of economic history with his groundbreaking research.
- In the realm of modern economic history, Temin was a pioneer, championing the use of econometrics to reexamine key historical events and challenge long-held assumptions.
- One of Temin's most significant contributions was his analysis of the Great Depression, arguing that policies like the gold standard and declines in consumer spending were critical causes of the 1930s economic collapse.
- Temin's research also cast new light on the Industrial Revolution, providing insights into its drivers and adding depth to the understanding of industrial development in economic history.
- Beyond modern history, Temin delved into the economic structure and dynamics of ancient Rome, contributing to classical economic history with his studies.
- Throughout his illustrious career, Temin published 17 books and edited 6 volumes, exploring a wide range of topics from health care economics to contemporary social issues.
- As the head of the economics department in 1990, Temin focused on hiring newly-minted PhDs and other junior faculty, nurturing the careers of future leaders in the field, including Nobel laureates Daron Acemoglu and Abhijit Banerjee.
- In the eyes of his students and colleagues, Peter Temin was more than just a scholar; he was a dedicated educator and a mentor dedicated to the pursuit of knowledge and self-development.
- The story of Peter Temin's life and accomplishments in education, science, technology, and policy will continue to influence and inspire future generations in the fields of economics, history, and public policy, impacting society and the world at large.
