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		David Autor inducted into American Academy of Arts and Sciences Professor David Autor is among the 220 new members of the American Academy of Arts and Sciences elected for 2012. Fellow inductees include colleague, Amy Finkelstein and MIT Ph.D. Luigi Zingales.

		Featured Research: Why Nations Fail In his new book, Daron Acemoglu asserts that above all else, political institutions, not culture or natural resources, determine the wealth of nations. Nations fail when institutions are "extractive," protecting the political and economic power of only a small elite that takes income from everyone else.

		Featured Research: One Size Does Not Fit All for Microfinance Programs A new study co-authored by Robert Townsend reveals a wide variance in results from Thai Million Baht Village Fund. The study suggests that large-scale microfinance programs can have varying results for participants and may be the most cost-effective use of funds only in limited situations. This paper was also co-authored by Joseph P. Kaboski of the University of Notre Dame.

		Nancy Rose named a MacVicar Faculty Fellow Nancy Rose has been named a MacVicar Faculty Fellow, MIT's highest honor for undergraduate teaching.

		Featured Research: Leading by Example A newly published study co-authored by MIT economist Esther Duflo, shows that the increased presence of local female political leaders in India has had a marked impact on adolescents and their families, raising the career aspirations and educational performance of young women.

		Featured Research: When (and where) Work Disappears MIT Economist David Autor shows that the rapid rise in low-wage manufacturing industries overseas has indeed had a significant impact on the United States. The disappearance of U.S. manufacturing jobs frequently leaves former manufacturing workers unemployed for years, if not permanently, while creating a drag on local economies and raising the amount of taxpayer-borne social insurance necessary to keep workers and their families afloat.

		Parag Pathak selected as an Alfred P. Sloan Research Fellow Dr. Parag Pathak has received an Alfred P. Sloan Research Fellowship. The Sloan Research Fellowships seek to stimulate fundamental research by early-career scientists and scholars of outstanding promise. These fellowships are awarded yearly to researchers in recognition of distinguished performance and a unique potential to make substantial contributions to their field.

		Bengt Holmstrom awarded Senior Banque de France-TSE Prize Bengt Holmstrom has been awarded the 2011 Senior Banque de France-TSE Prize in Monetary Economics and Finance for his analysis of liquidity under asymmetric information.

		Robert Townsend wins the Jean-Jacques Laffont Prize Robert Townsend, an expert in the ways financial systems and practices can contribute to the growth of developing economies, has been named winner of the Jean-Jacques Laffont Prize in economics for 2011.

		Lucas Papademos (PhD '78) named Prime Minister of Greece Lucas Papademos has been selected as the new prime minister of Greece. He earned a degree in physics, a masters in electrical engineering, and a doctorate in economics at Massachusetts Institute of Technology.

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