Keio University in Tokyo, Japan, yesterday (June 29) conferred an honorary doctorate on Lionel W. McKenzie, Wilson Professor Emeritus of Economics at the University of Rochester.
McKenzie is well known as the architect of the general equilibrium theory, which deals with price formation and the supply of goods and services in a competitive economy. He is an economic theorist and the author of numerous scholarly articles that have helped expand an understanding of international trade and public finance.
At yesterday's ceremony, he was also recognized for his contributions to the development of economics by educating a large number of economists working around the world. After receiving the honorary doctorate, McKenzie delivered an address on his work.
His influence is especially strong in Japan. In 1995, the Japanese Government awarded him the medal of the Order of the Rising Sun for his distinguished academic and educational contributions.
McKenzie created a revolutionary doctoral program at the University of Rochester in the late 1950s emphasizing economic theory and mathematical techniques. As department chair from 1957 to 1966, he attracted promising scholars to the program who helped him elevate economics at Rochester to international prominence.