Old Travel Blog Photograph Road To Minnigaff Scotland

Old travel Blog photograph of the road to Minnigaff in Dumfries and Galloway, Scotland. A Scottish village and civil parish on the A714 road on the east side of the River Cree. Nearby towns include Auchinleck, Bargrennan, and Challoch. Minnigaff was the birthplace of Sir James Mirrlees, winner of the 1996 Nobel Prize in Economics. Mirrlees was educated at the University of Edinburgh, and Trinity College, Cambridge, England. Between 1968 and 1976, Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times. He was also a visiting professor at the University of California, Berkeley and Yale University in America. He taught at both Oxford University and University of Cambridge. During his time at Oxford, he published papers on economic models for which he would eventually be awarded his Nobel Prize. The papers centred on asymmetric information, which determines the extent to which they should affect the optimal rate of saving in an economy. Among other results, he demonstrated the principles of " moral hazard " and "optimal income taxation" discussed in the books of William Vickrey. The methodology has since become the standard in the field.



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