1975: Nobel Prizes.

Economics.

For the first time since the award was introduced in 1969, an economist from the Communist bloc received a Nobel Prize in economics. Dr.Leonid Vitaliyevich Kantorovich of the Soviet Union's policy-level Institute of Economic Management, shared the 1975 award with a Dutch-born American, Dr.Tjalling Charles Koopmans of Yale University. The Swedish Royal Academy of Sciences cited them "for their contributions to the theory of optimum allocation of resources," which have led to improved economic planning on the part of national economies as well as corporations. Separated by the political and economic barriers that have divided the Communist and capitalist nations, the two men worked independently of each other in developing mathematical techniques to be used in making basic economic decisions as to the type and quantity of goods to be produced and the proportions of labour, capital, and raw materials to be combined in the production process. This "activity analysis" model of production can be applied in centrally planned economies, such as that of the Soviet Union was, as well as in capitalist economies.

Leonid Vitaliyevich Kantorovich was born in 1912 in St.Petersburg. After graduating from the University of Leningrad in 1930 he advanced rapidly, achieving the rank of full professor in four years. In 1939 he wrote a brochure on "Mathematical Methods for the Organization and Planning of Production," in which he proposed the technique that later became known as linear programming. Although he was highly regarded as a mathematician, his work was not taken seriously until after the Stalin era ended in the 1950's. After recognition came, he was awarded the Lenin Prize for his linear programming proposals, and in 1971 a mathematical economics laboratory was created for him at Moscow's Institute of Economic Management.

Tjalling Charles Koopmans was born in 1910 in the Netherlands and studied mathematics and physics at the University of Utrecht, from which he received a master's degree in 1933. Then, deciding that economics was more challenging, he changed his major and in 1936 received a doctorate in economics from the University of Leiden with a dissertation entitled "Linear Regression Analysis of Economic Time Series." He was teaching at the Netherlands School of Economics when World War II began, and in 1940 he came to the United States. In the late 1940's he became a research associate at the Cowles Commission for Research at the University of Chicago, and he held a professorship there from 1948 to 1955, when he moved with the Cowles Commission from Chicago to Yale. There, as Alfred Cowles Professor of Economics, he continued his research.

Money in our everyday life quotations. Attitudes to money.

Money will say more in one moment than the most eloquent lover can in years.

Henry Fielding

Money is the poor man's credit card.

Marshall McLuhan

What's money? It's the only thing that's handier than a credit card.

Anon

Money isn't everything, but it's a long way ahead of what comes next.

Sir Edmund Stockdale

I would not say millionaires were mean. They simply have a healthy respect for money. I've noticed that people who don't respect money don't have any.

J.Paul Getty

Having money is rather like being a blond. It's more fun but not vital.

Mary Quant

Money differs from an automobile, a mistress or cancer in being equally important to those who have it and those who don't.

John Kenneth Galbraith

To have money is to be virtuous, honest, beautiful and witty. And to be without it is to be ugly and boring and stupid and useless.

Jean Giraudoux

Grocers object to the forgery of cheques, which is a danger to their business more, than they object to the forgery of jam, which puts money in their purses.

Robert Lynd

I don't believe money is no object. Money is the object.

James Gulliver

The chief value of money lies in the fact that one lives in a world in which it is overestimated.

H.L.Mencken