Honoring the Life and Legacy of a Pioneer in Econometrics and Agricultural Economics at the University of Maryland
The Department of Agricultural and Resource Economics (AREC) at the University of Maryland mourns the loss of Dr. Marc Leon Nerlove, a revered former faculty member, who passed away peacefully on the morning of July 10, 2024.
Marc Nerlove’s illustrious career, spanning over 60 years, left an indelible mark on the field of econometrics. His pioneering work developed dynamic models of producer supply, allowing economists to distinguish and quantify lags due to adjustment costs and future expectations. This breakthrough framework continues to be widely utilized in global supply studies, distinguishing short- and long-run supply elasticities in response to product prices. His work in developing and applying statistical methods to analyze data has had an enduring impact on agriculture and resource economics in both the United States and developing countries, fundamentally changing how economists think about farmers’ responses to price.
Born on October 12, 1933, in Chicago, Illinois, Marc Nerlove's academic journey began at the University of Chicago and Johns Hopkins University, where he earned his PhD in 1956 under the mentorship of Carl Christ. His distinguished teaching career included appointments at the University of Minnesota, Stanford University, Yale University, the University of Chicago, Northwestern University, the University of Pennsylvania, and the University of Maryland, where he served until 2016.
In 2012, the University of Maryland awarded Nerlove the title of Distinguished University Professor—the highest academic honor the university confers upon a faculty member. This title recognizes not just excellence but also significant contribution to the nominee’s field, knowledge, profession, and practice.
During his career, Nerlove’s scholarly achievements earned him numerous honors and awards, including the John Bates Clark Medal in 1969, given to the American economist under the age of 40 judged to have made the most significant contribution to the field. He was also made a member of the National Academy of Sciences, a Fellow of the American Academy of Arts and Sciences, a Fellow and past President of the Econometric Society, a Fellow of the American Statistical Association, and a Fellow of the American Agricultural Economics Association (now the Agricultural and Applied Economics Association).
Nerlove was recognized as a Distinguished Fellow of the American Economic Association in 2012, celebrating his outstanding contributions to the field and cementing his legacy as a luminary in the field of economics. The award notices stated, in part:
“In a career spanning 58 years and counting Marc Nerlove developed widely used econometric methods in the course of addressing important empirical problems.
“In a series of influential papers he … created a template that continues to be used on a wide scale in studies around the world. His framework made it possible to identify both short run and long run elasticities of supply in response to product price. [He] pioneered the development of modern time series methods including the application of spectral analysis to aggregate economic time series and the development of unobserved components and time series factor models. Nerlove pioneered the analysis of panel data in econometrics.
"Nerlove’s research on the electricity industry in the early 1960s was the first application of duality theory to estimate production functions. Nerlove, with Razin, has also done basic research on economic demography and life cycle fertility in dynamic equilibrium settings with overlapping generations.”
Marc Nerlove’s profound influence on econometrics and his unwavering commitment to applied economics will be remembered by colleagues, students, and the broader academic community. His legacy lives on through the countless researchers and practitioners who continue to build on his groundbreaking work.
His colleagues, former students, and all the University community members extend our deepest condolences to his family and loved ones during this time of loss. Marc Nerlove’s contributions to this community and the field of economics will be cherished and remembered with great respect and admiration.
We encourage those of you who learned from and worked together with Dr. Nerlove to share your fondest memories here so that they can be shared with his family and our community.
