Elizabeth Ellis Hoyt
American economist From Wikipedia, the free encyclopedia
Elizabeth Ellis Hoyt was an American economist who focused on consumption economics and developing countries. She is considered the inventor of the modern day Consumer Price Index.
Elizabeth Ellis Hoyt | |
|---|---|
| Born | January 27, 1893 |
| Died | November 22, 1980 (aged 87) |
| Resting place | Ocean Hill Cemetery at Long Cove in Bristol, Maine |
| Education | |
| Occupation | Economist |
Early life and education
Hoyt was born on born January 27, 1893 in Augusta, Maine.[1] She was the youngest of three children, and her mother died when she was 10.[2]
Hoyt earned her AB degree from Boston College in 1913 after only three years of schooling.[3] She entered the workforce and later earned her MA from Radcliffe College in 1924 followed by her PhD from Harvard University in 1925.[1]
Career
Hoyt worked as a researcher at the National Industrial Conference Board from 1915 to 1921.[4] During this time, she compiled cost-of-living metrics into what is considered the forerunner of the Consumer Price Index.[5]
From 1921 to 1923, Hoyt was an instructor at Wellesley College.[4] After receiving her graduate degrees, she joined Iowa State College as an associate professor, becoming the only female faculty member.[5] She became a full professor in 1927 and taught at Iowa State through her retirement in 1963.[3]
Alongside Hazel Kyrk and Margaret Reid, Hoyt was considered an early pioneer in the study of the economics of consumption.[6] Hoyt's work focused on the use and management of resources in the future, and she studied how consumption's role is "useful for understanding the nature of economic systems, especially in other cultures".[5] The work of Hoyt, Kyrk, and Paul Nystrom is credited with helping to found the concept of marginal utility.[7]
Death and legacy
Hoyt died November 22, 1980 in Gleneden Beach, Oregon.[8] She is buried at Ocean Hill Cemetery in Bristol, Maine.[1] Despite being considered a pioneer of consumption economics, she is recognized as being "neglected in published accounts".[9]
- In 1950, Hoyt was awarded a Fulbright Scholarship to study the economy in East Africa[8]
- In 1957, Hoyt received a Ford Foundation grant to study workers in Central America and the Caribbean[4]
- In 1964, Hoyt received a Graduate Society Medal from Radcliffe College[10]
- In 1969, Hoyt was awarded a Faculty Citation from Iowa State[4]
- In 1970, a library in Paradise View, South Africa, was named after her in recognition of her work in Africa[8]
Works
- Primitive Trade (1926)
- Consumption of Wealth (1928)
- Consumption in our Society (1938)
- Income in Our Society (1950)
- Choice and Destiny of Nations (1969)
References
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