April 12, 2016 - Issue: Vol. 162, No. 55 — Daily Edition114th Congress (2015 - 2016) - 2nd Session
IN TRIBUTE TO DR. LESTER THUROW, TRAILBLAZING ECONOMIST AND FORMER DEAN OF THE MIT SLOAN SCHOOL OF MANAGEMENT; Congressional Record Vol. 162, No. 55
(Extensions of Remarks - April 12, 2016)
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[Extensions of Remarks] [Pages E423-E424] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] IN TRIBUTE TO DR. LESTER THUROW, TRAILBLAZING ECONOMIST AND FORMER DEAN OF THE MIT SLOAN SCHOOL OF MANAGEMENT ______ HON. SHEILA JACKSON LEE of texas in the house of representatives Tuesday, April 12, 2016 Ms. JACKSON LEE. Mr. Speaker, I rise to pay tribute to Dr. Lester Thurow, the iconoclastic economist and former dean of MIT's Sloan School of Management, who passed away on March 25, 2016. Lester Thurow was born on May 7, 1938 in Livingston, Montana. Lester Thurow's father was a Methodist minister and his mother was a teacher. Lester Thurow worked in the local copper mines for four summers as a young man, but as an excellent student soon found himself on a fast academic track. Lester Thurow's journey began when he received his bachelor's degree in political economy from Williams College in 1960. Following his graduation from Williams College, Lester Thurow was awarded a Rhodes Scholarship, where he studied philosophy, politics and economics at Balliol College of Oxford University in London. Lester Thurow graduated with first class honors from Oxford University in 1962. In 1964, Lester Thurow earned his doctorate in economics from Harvard University. Lester Thurow joined the faculty of MIT's Sloan School of Management in 1968 and was appointed dean in 1987, a position he held until 1993. In 1964, Lester Thurow served on the staff of the Council of Economic Advisors during the administration of President Lyndon Johnson, and served as an economic advisor to Governor Jimmy Carter during the 1976 presidential campaign. In 1986, Lester Thurow joined with five other leading economic policy experts to found the Economic Policy Institute, the mission of which was to find solutions to address the growing problems of rising income inequality in the United States. Lester Thurow was a longtime advocate of a political and economic system of the Japanese and European type, in which governmental involvement in the direction of the economy is far more extensive than is the case in the United States--a model that has come to be known as ``Third Way'' philosophy. He supported policies that would help society and corporations make long-term investments in research in order to spur growth. Lester Thurow authored several economics books targeted to a general readability in the 1990s, including: 1. ``Head to Head: The Coming Economic Battle Among Japan, Europe, and America'' (1992), which surveyed the post-Cold War economic landscape and suggested that investment and education would be keys to renewing developed economies; 2. ``The Future of Capitalism: How Today's Economic Forces Shape Tomorrow's World'' (1996); and 3. ``Building Wealth: The New Rules for Individuals, Companies, and Nations in a Knowledge-Based Economy.'' Lester Thurow's ability to explain the most complex economic issues created a path for anyone who was willing to listen and learn no matter their social or economic background. Lester Thurow summarized the impact that economists have on society when he stated that, ``Economists, can for example, always retreat to unobservable variables to explain unwelcome facts.'' Lester Thurow knew that the advice economists give is not always what is the most popular thing to say, but what leaders and students need to hear. On March 25, 2016, Lester Thurow passed away at his home in Westport, Massachusetts, surrounded by his family. Lester Thurow is survived by his wife of 18 years, the former Anna Soldinger, of Westport and Tel Aviv; two sons, Torben Thurow and Ethan Thurow, both of Boston; two stepchildren, Yaron Karasik and Yael Shinar, both of Tel Aviv; a brother; and seven grandchildren. Mr. Speaker, I ask the House to observe a moment of silence for this trailblazing economist and educator whose pioneering work made a significant contribution to our understanding of micro and macroeconomics. [[Page E424]] ____________________