Hollis B. Chenery

Student of Wassily Leontief.

Received his Ph.D. from Harvard in 1950.

Major Works of Hollis B. Chenery

– Overcapacity and the Acceleration Principle, 1952, Econometrica
– Interindustry Economics, with P. Clark, 1959.
– Patterns of Industrial Growth, 1960, AER
– Comparative Advantage and Development Policy, 1961, AER
– Capital-Labor Substitution and Economic Efficiency, with K.J. Arrow, B.S. Minhas and R.M. Solow, 1961, REStat
– Foreign Assistance and Economic Development, with A. Strout, 1966, AER
– Foreign Aid and Economic Development: The case of Greece, with I. Adelman, 1966, REStat
– Studies in Development Planning, with others, 1971.
– Redistibution with Growth: An approach to policy, with others, 1974.
– Patterns of Development, 1950-1970, with R. Syrquin, 1975.
– A Structuralist Approach to Development Policy, 1975, AER
– Structural Change and Development Policy, 1979.
– Interaction Between Theory and Obvervation, 1983, World Development

Early life

Chenery was born in Richmond, son of Christopher Chenery, a businessman and horseman. He was educated in Virginia, Pelham Manor, New York and at the University of Arizona (BSc Mathematics, 1939), the University of Oklahoma (BSc Engineering, 1941), and California Institute of Technology (MSc Engineering, 1943). He served in the United States Army Air Forces in World War II. After the war he earned degrees from the University of Virginia (MA Economics, 1947) and Harvard University (PhD Economics, 1950).

Career

He worked as a professor of economics at Stanford from 1952 to 1961, as a Guggenheim fellow in 1961 and joined the United States Agency for International Development in 1961, and rose to become an assistant administrator. In 1965 he became a professor of economics at Harvard. He worked as the World Bank’s vice president for development policy from 1972 through to 1982.[1]

Chenery’s work was wide-ranging but might be summarised as involving the analysis of patterns of development, the use of a two-gap model and multi-sectoral analysis.[2]

Horse racing fame

After his father died in January 1973, his sister Penny Chenery raced Secretariat on behalf of the family. Secretariat became the first horse in 25 years to win the American Triple Crown, with record-setting victories in the Kentucky Derby, the Preakness and the Belmont Stakes. After Secretariat’s victory in the Belmont Stakes, Hollis Chenery led the horse down the walkway to the winner’s circle as cameras took pictures and the crowd gave a standing ovation. He was played by Dylan Baker in the 2010 film Secretariat

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