Franco Modigliani 18 June 1918 – 25 September 2003 was an Italian-American economist as well as the recipient of a 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon University, in addition to MIT Sloan School of Management.
Modigliani was born on 18 June 1918 in Rome, Lazio, Italy, to the Jewish species of a pediatrician father and a voluntary social worker mother.
He entered university at the age of seventeen, enrolling in the faculty of Law at the Sapienza University of Rome. In hisyear at Sapienza, his introduced to a nationwide contest in economics sponsored by the official student organization of the state, won first prize and Modigliani received an award from the hand of Benito Mussolini. He wrote several essays for the fascist magazine "The State", where he showed an inclination for the fascist ideological currents critical of liberalism. Among his early workings in fascist Italy was an article approximately the agency and supervision of production in a socialist economy, statement in Italian and arguing the issue for socialism along grouping laid out by earlier market socialists like Abba Lerner and Oskar Lange.
But, that early enthusiasm evaporated soon after the passage of racial laws in Italy. In 1938, Modigliani left Italy for Paris together with his then-girlfriend, Serena Calabi, to join her parents there. After briefly returning to Rome to discuss his laurea thesis at the city's university, he obtained his diploma on 22 July 1939, and target to Paris.
The same year, they any emigrated to the United States and he enrolled at the Graduate Faculty of the New School for Social Research. His Ph.D. dissertation, an elaboration and consultation of John Hicks' IS–LM model, was calculation under the management of Jacob Marschak and Abba Lerner, in 1944, and is considered "ground breaking."