Frases de Franco Modigliani
Data de nascimento: 18. Junho 1918
Data de falecimento: 25. Setembro 2003
Franco Modigliani foi um economista nascido na Itália, naturalizado norte-americano em 1946.
Obteve o doutorado em economia na New School for Social Research em 1944, onde trabalhou com Jacob Marschak. A sua tese de doutoramento formou, junto com o modelo IS/LM de John R. Hicks, o núcleo da chamada Síntese Neoclássica do Keynesianismo, que dominou a macroeconomia no pós-guerra. O seu trabalho subsequente na Hipótese do Ciclo da Vida e na teoria das finanças - nomeadamente, o teorema de "Modigliani-Miller" - foram fundamentais para estabelecer o seu status intelectual. Modigliani leccionou na New School, na Universidade Carnegie Mellon e finalmente no MIT. Foi premiado com o Prémio de Ciências Económicas em 1985.
Citações Franco Modigliani
„I believe people can solve complex problems eventually. By repeated trial and error they will get there; but they need a long time. At this point I agree with Herbert Simon. People do not learn immediately, as those rational expectations models seem to imply. I don't believe that.
The statement that assumptions do not matter is nonsense. It is funny. Yes, I assume people are consistent in their behavior. I assume that not because I believe everybody actually is, but because I believe, on the average, you do not get too far from it.“
„What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.“
— Franco Modigliani
Franco Modigliani and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.
„A situation where people can grow old without having a job that rewards them individually while adding to the collective well-being is morally unacceptable.“
— Franco Modigliani
Franco Modigliani (2001) Adventures of an economist, p. 41.
„Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views (and of course we should never ask how they would come by these views and data, that not even other specialists may have heard of yet, let alone accepted). I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than (almost) everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles (though it might conceivably be in some different ones!).“
„The life cycle of family size, at least in the U. S., has a very humped shape rather similar to that of income, though with a somewhat earlier peak. As a result, one might expect, and generally finds a fairly constant rate of saving in the central age group, but lower saving or even dissaving in the very young or old.“
— Franco Modigliani
Franco Modigliani, " Life Cycle, Individual Thrift and the Wealth of Nations http://piketty.pse.ens.fr/fichiers/enseig/ecoineg/EcoIneg_fichiers/ModiglianiNobelLecture1985(AER1986).pdf" Lecture to the memory of Alfred Nobel, December 9, 1985, in: Nobel Lectures, Economics 1981-1990, Editor Karl-Göran Mäler, World Scientific Publishing Co., Singapore, 1992.