Robert Mundell Net Worth

Robert Mundell is a Canadian economist who received the Nobel Prize in Economic Sciences for developing the theory of optimal currency areas in the modern world. He is credited with predicting the future development of capital markets and international monetary systems around the world, and his work has been widely accepted by economists. He is also known for his ideas of a global currency, returning to the gold standard, and 'supply side' tax cuts. He was the first economist to study the effect of floating exchange rates, and he contributed to the 'Mundell-Fleming Theory' and the 'Mundell-Tobin Theory'.
Robert Mundell is a member of Intellectuals & Academics

Age, Biography and Wiki

Who is it? Economist
Birth Day October 24, 1932
Birth Place Kingston, Ontario, Canada, Canadian
Birth Sign Scorpio
Institution Johns Hopkins University (1959–61, 1997–98, 2000–01) University of Chicago (1965–72) Graduate Institute of International Studies in Geneva, Switzerland (1965–75) University of Waterloo (1972–74) McGill University (1989–1990) Columbia University (1974 – present) Chinese University of Hong Kong (2009 – present)
Field Monetary economics
School or tradition Supply-side economics
Alma mater London School of Economics UBC Vancouver School of Economics University of Washington Massachusetts Institute of Technology University of Waterloo
Doctoral advisor Charles Kindleberger
Doctoral students Jacob A. Frenkel Rudi Dornbusch Carmen Reinhart
Influences Ludwig Von Mises
Contributions Mundell–Fleming model Optimum currency areas Research on the gold standard
Awards Nobel Memorial Prize in Economics (1999)

💰 Net worth: $18 Million (2024)

Robert Mundell, the renowned Canadian economist, is estimated to have a net worth of $18 million by the year 2024. His remarkable career in the field of economics has contributed immensely to his financial success. Mundell is widely acknowledged as one of the pioneers of the theory of optimal currency areas and has made significant contributions to the understanding of international monetary systems. Besides his intellectual achievements, he has also held prestigious positions at various universities and organizations, further consolidating his influence and reputation in the field. With his extensive knowledge and expertise, Robert Mundell continues to be recognized as a leading figure in the realm of economics, both in Canada and globally.

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Mundell was born in Kingston, Ontario, Canada. He earned his BA in Economics at the University of British Columbia in Vancouver, Canada, and his MA at the University of Washington in Seattle. After studying at the University of British Columbia and at The London School of Economics in 1956, he attended the Massachusetts Institute of Technology (MIT), where he obtained his PhD in Economics in 1956. In 2006 Mundell earned an honorary Doctor of Laws degree from the University of Waterloo in Canada. He was Professor of Economics and Editor of the Journal of Political Economy at the University of Chicago from 1965 to 1972, Chairman of the Department of Economics at the University of Waterloo 1972 to 1974 and since 1974 he has been Professor of Economics at Columbia University. He also held the post of Repap Professor of Economics at McGill University.


In the 1960s, Canada, of which Mundell is a native, floated its exchange: this caused Mundell to begin investigating the results of floating exchange rates, a phenomenon not widely seen since the 1930s "Stockholm School" successfully lobbied Sweden to leave the gold standard.


In 1962, along with Marcus Fleming, he co-authored the Mundell–Fleming model of exchange rates, and noted that it was impossible to have domestic autonomy, fixed exchange rates, and free capital flows: no more than two of those objectives could be met. The model is, in effect, an extension of the IS/LM model applied to currency rates.


Mundell was awarded the Guggenheim Fellowship in 1971 and the Nobel Memorial Prize in Economics in 1999. In 2002 he was made a Companion of the Order of Canada.


This work later led to the creation of the euro and his prediction that leaving the Bretton Woods system would lead to "stagflation" so long as highly progressive income tax rates applied. In 1974, he advocated a drastic tax reduction and a flattening of income tax rates.


In 1992, Mundell received the Docteur Honoris Causa from the University of Paris. Mundell's honorary professorships and fellowships were from Brookings Institution, the University of Chicago, the University of Southern California, McGill University, the University of Pennsylvania, the Bologna Center and Renmin University of China. He became a Fellow of the American Academy of Arts and Sciences in 1998. In June 2005 he was awarded the Global Economics Prize World Economics Institute in Kiel, Germany and in September 2005 he was made a Cavaliere di Gran Croce del Reale Ordine del Merito sotto il Titolo di San Ludovico by Principe Don Carlo Ugo di Borbone Parma.


Mundell won the Nobel Memorial Prize in Economic Science in 1999 and gave as his prize lecture a speech titled "A Reconsideration of the Twentieth Century". According to the Nobel Prize Committee, he got the honor for "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas".


In 2000, he predicted that before 2010, the euro zone would expand to cover 50 countries, while the dollar would spread throughout Latin America, and much of Asia would look towards the yen. Such predictions have proved highly inaccurate.


Mundell has appeared on CBS's Late Show with David Letterman. His first appearance was on October 17, 2002 where he gave The Top 10 List on "Ways My Life has Changed Since Winning the Nobel Prize." In March 2004 he told "You might be a redneck" jokes followed in May 2004 with "Yo Mama" jokes. In September 2004 he appeared again, this time to read excerpts from Paris Hilton's memoir at random moments throughout the show. In November 2005 he told a series of Rodney Dangerfield's jokes. On February 7, 2006 he read Grammy Award nominated song lyrics, the night before CBS aired the 48th Grammy Awards.


Mundell started the Pearl Spring Chess Tournament, a double round robin tournament with six players. The first tournament in 2008 was won by the Bulgarian, Veselin Topalov. The next two: 2009–2010 was won by the Norwegian, Magnus Carlsen.


Mundell has also appeared on China Central Television's popular Lecture Room series. Professor Mundell was also a special guest making the ceremonial first move in Game Five of the 2010 World Chess Championship between Viswanathan Anand and Veselin Topalov.