Massachusetts Institute of Technology

Definition

The Massachusetts Institute of Technology (MIT) is a prestigious private research university located in Cambridge, Massachusetts. It is renowned for its academic excellence and cutting-edge research in science, engineering, and technology.

5 Must Know Facts For Your Next Test

1. MIT was founded in 1861 and has since become one of the most influential institutions in the world for science and technology.
2. The Sloan School of Management at MIT offers highly respected programs in finance, economics, and business management.
3. MIT's research has significantly contributed to advancements in economic theories related to money supply, interest rates, and macroeconomic policy.
4. Prominent economists such as Paul Samuelson and Robert Merton have been affiliated with MIT, shaping modern economic thought.
5. The institution plays a crucial role in developing financial models and tools used by governments and financial institutions globally.

Review Questions

• What year was the Massachusetts Institute of Technology founded?
• Which school within MIT is known for its programs in finance and economics?
• Name two prominent economists associated with MIT who have influenced modern economic theories.

Related terms

Macroeconomics:

The branch of economics that studies large-scale economic factors such as inflation, national income, and GDP.

Interest Rates:

The amount charged by lenders to borrowers for the use of money, usually expressed as an annual percentage.

Money Supply: The total amount of monetary assets available in an economy at a specific time.