Rybczynski Theorem 50th Anniversary - November 2005

Biography

Tadeus Rybczynski (1923-1998)


Tad Rybczynski was a distinguished academic economist as well as a prominent and well respected businessman.  Most well known for his development of the Rybczynski Theorem in 1955, Tad also played a major role and active development in the Society of Business Economists. 

Theorem

Biography

International Trade

In May of 1923, Tadeus Rybczynski was born in Lvov, Ukraine, which was then part of the Soviet Union.  He spent his childhood there until 1942 when he moved to Britain.  In Britain, he became a fighter pilot for the Royal Air Force and flew night missions over Germany.  Once the war had ended, Tadeus chose to remain in London and receive an education at the London School of Economics.  During his schooling, Rybczynski became ever more enthralled by the field of economics, writing a thesis on the Factor Allocation in International Trade.  This piece was then recognized and published in 1955 as the Rybczynski Theorem.  This theorem has remained an extremely useful building block of international theory. 

To further his economic career, Rybczinski joined Lazard Brothers in 1954 at the age of 31.  Lazard is one of the most prominent investment banks, which provides advisory services for asset management, mergers and acquisitions, partnerships and restructuring corporations.  Eventually in 1986, Tad retired from Lazard after spending 17 years as Director of Securities.  He continued on as their economic advisor until 1988. 

During this time at Lazard, Tadeus accomplished much more in the economic field.   Tad was one of the earliest member of the Business Economists Group, which later was renamed the Society of Business Economists.  At the infancy of the profession, Rybczynski promoted the international orientation between economic societies.  He began discussions with NABE and AFEDE (French Society) and formed an official link between the three societies.  The outcome was IFABE, the International Federation of Associations of Business Economists.  Their first official meeting was in 1972 and they continue to this day to grow in membership. 

Business EconomicsIn 1986, Rybczynski became the first receipient of the Abramson Award.  This award, given by the National Association of Business Economists, acknowledges exceptional articles Published by the Business Economics.  Rybczynski's insightful article was on the development and functioning of the world monetary system.  Contributing to the business and economics profession, Rybczynski continued to be acknowledged for his success.  In that same year, he was elected as a Special Associate Member of the conference of Business Economists. 

Rybczynski passed away due to deterioriating health on December 18, 1998 in London.  Although his most well known achievement was the Rybczynski Theorem in 1955, his passion and dedication for business economics motivated many individuals in the field and furthered the advancement of the profession.  Tadeus Rybczynski's long standing successes distinguished him as a leader in the business world. 

The Society of Business Economists (SBE)            

Society of Business Economists

The Society of Business Economists is the leading organization assisting business economists in the United Kingdom.  The society serves as a forum to all users of economics in the business environment, including industry, finance, commerce, public service, or consultancy.  Members are encouraged to discuss and debate elements of economic issues as well as to remain up to date on theoretical advancements.  Their activities aim at enhancing the use of economic analysis as a tool to support business decision making. 
The Society of Business Economists Home Page

The Rybczynski Prize

In 2000, the Society of Business Economists developed the Rybczynski Prize in memory of Tadeus Rybczynski.  The competition was developed to encourage business and economists to relate important real world economic issues to the business world.  This competition is only open to members of SBE and is awarded every year.

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Tadeus Rybczynski played an important role in the society, being one of the earliest members.  He then acted as Chairman from 1963 to 1975.   During this time, membership increased more than twenty times. Rybczynski helped establish the society as a respected and sought after assosiation.  This status had much to do with his devotion to the field of economics as well as Rybczynski's high level of standards.  Tadeus Rybczynski distinguished role in the Society of Business Economists is the underlying factor behind his acknowledgements of the Rybczynski Prize.
  The Rybczynski Prize Informational Flyer

1955 Factoids

RCA sells 20,000 color television sets.  Mostly 21" models.

Blue jeans, rock and roll and comic books becomes extremely popular.

January 7 - Marion Anderson is the first black singer to perform at the Metropolitan Opera in NYC.

February 26 - U.S. stockpile of Atomic bombs reach 4,000

March 19 - American actor, Bruce Willis is born.

April 12 - The Salk vaccine against pollio is introduced.

April 15 - Ray Kroc begins McDonalds fast food chain.

April 18 - Albert Einstein, German physisist, dies.

May 5 - West Germany becomes a soveriegn state.

July 7 - $64,000 Question begins with host Hal March.

July 17 - Disneyland opens.

 August 19 - Hurricane Diane hits NE United States.  Killing 200 people and causing $1 billion in damages. 

September 10 - Gunsmoke begins a 20 year run on television.

October 3 - The Mickey Mouse Club debuts on ABC.

November 5 - Racial segregation is prohibited on trains and buses in interstate commerce.

December 1 - Rosa Parks refuses to give up her seat to a white man on the bus and is arrested.


54% of American homes have television sets. 

Winston Churchill resigns as Prime Minister of Great Britian. 

The Soviet Union and seven other Eastern European countries sign the Warsaw Pact.

1955 Thunderbird tbird' 



What Things Cost in 1955:

Car: $1,950
Gasoline: 29cents/gallon
House: $17,500
Bread: 18 cents/loaf
Milk: 92 cents/gallon
Postage Stamp: 3 cents
Average Annual Salary: $5,000
Minimum Wage: 75 cents per hour