Hollis B. Chenery

Hollis Burnley Chenery (January 6, 1918 – September 1, 1994) was an American economist well known for his pioneering contribution in the field of development economics.

Hollis Chenery
Chief Economist of the World Bank
In office
1972–1982
PresidentRobert McNamara
Alden W. Clausen
Preceded byPosition established
Succeeded byAnne Osborn Krueger
Personal details
Born
Hollis Burnley Chenery

(1918-01-06)6 January 1918
Richmond, Virginia, U.S.
Died1 September 1994(1994-09-01) (aged 76)
Santa Fe, New Mexico, U.S.
Spouse(s)
Louise Seamster
​
​
(m. 1942; div. 1964)​

Mary Montgomery
​
​
(m. 1970; died 1993)​
Children2
RelativesChristopher Chenery (Father)
Penny Chenery (Sister)
EducationUniversity of Arizona (BSc)
University of Oklahoma (BSc)
California Institute of Technology (MSc)
University of Virginia (MA)
Harvard University (PhD)
Academic career
InstitutionWorld Bank
Harvard University
Stanford University
FieldDevelopment economics

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.

Selected works

His major works include:

  • Chenery, Hollis. (1952). Overcapacity and the acceleration principle., Econometrica
  • Abramovitz, Moses (1959), "The welfare interpretation of secular trends in national income and product", in Abramovitz, Moses; et al. (eds.), The allocation of economic resources: essays in honor of Bernard Francis Haley, Stanford, California: Stanford University Press, OCLC 490147128. ISBN 9780804705684.
  • Chenery, Hollis; Clark, P. (1959). Interindustry economics.
  • Chenery, Hollis. (1960). Patterns of industrial growth., American Economic Review
  • Chenery, Hollis. (1961). Comparative advantage and development policy., American Economic Review
  • Chenery, Hollis; Strout, A. (1966). Foreign assistance and economic development., American Economic Review
  • Chenery, Hollis; et al. (1971). Studies in development planning.
  • Chenery, Hollis; et al. (1974). Redistibution with growth: an approach to policy.
  • Chenery, Hollis; Syrquin, R. (1975). Patterns of development, 1950–1970.
  • Chenery, Hollis. (1975). A structuralist approach to development policy, 1975., American Economic Review
  • Chenery, Hollis. (1979). Structural change and development policy.
  • Chenery, Hollis. (1983). Interaction between theory and observation, world development.[3]
  • Chenery, Hollis; Srinivasan, T.N. (1988). Handbook of development economics. 1. Amsterdam New York New York, N.Y., U.S.A: North-Holland Sole distributors for the U.S.A. and Canada, Elsevier Science Pub. Co. ISBN 9780444703378.
  • Chenery, Hollis; Srinivasan, T.N. (1988). Handbook of development economics. 2. Amsterdam New York New York, N.Y., U.S.A: North-Holland Sole distributors for the U.S.A. and Canada, Elsevier Science Pub. Co. ISBN 9780444703385.

References
  1. Page, Eric (September 5, 1994), "Obituary Hollis B. Chenery Dies at 77; Economist for the World Bank", New York Times
  2. Syrquin, M.; Taylor, T.; Westphal, Larry E., eds. (1984). Economic Structure and Performance: Essays in Honor of Hollis B. Chenery. Academic Press. ISBN 0-12-680060-X.
  3. History of Economic Thought Website Archived 2004-07-01 at the Wayback Machine
Diplomatic posts
Preceded by
 Chief Economist of the World Bank
1972–1982		 Succeeded by
Anne Osborn Krueger
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