Peter Temin PhD ’64, the MIT Elisha Gray II Professor of Economics, emeritus, passed away on Aug. 4. He was 87.
Temin was a preeminent economic historian whose work spanned a remarkable range of topics, from the British Industrial Revolution and Roman economic history to the causes of the Great Depression and, later in his career, the decline of the American middle class. He also made important contributions to modernizing the field of economic history through his systematic use of economic theory and data analysis.
“Peter was a dedicated teacher and a wonderful colleague, who could bring economic history to life like few before or since,” says Jonathan Gruber, Ford Professor and chair of the Department of Economics. “As an undergraduate at MIT, I knew Peter as an engaging teacher and UROP [Undergraduate Research Opportunities Program] supervisor. Later, as a faculty member, I knew him as a steady and supportive colleague. A great person to talk to about everything, from research to politics to life at the Cape. Peter was the full package: a great scholar, a great teacher, and a dedicated public goods provider.”
When Temin began his career, the field of economic history was undergoing a reorientation within the profession. Led by giants like Paul Samuelson and Robert Solow, economics had become a more quantitative, mathematically rigorous discipline, and economic historians responded by embracing the new tools of economic theory and data collection. This “new economic history” (today also known as “cliometrics”) revolutionized the field by introducing statistical analysis and mathematical modeling to the study of the past. Temin was a pioneer of this new approach, using econometrics to reexamine key historical events and demonstrate how data analysis could lead to the overturning of long-held assumptions.
A prolific scholar who authored 17 books and edited six, Temin made important contributions to an incredibly diverse set of topics. “As kindly as he was brilliant, Peter was a unique type of academic,” says Harvard University Professor Claudia Goldin, a fellow economic historian and winner of the 2023 Nobel Prize in economic sciences. “He was a macroeconomist and an economic historian who later worked on today’s social problems. In between, he studied antitrust, health care, and the Roman economy.”
Temin’s earliest work focused on American industrial development during the 19th century and honed the signature approach that quickly made him a leading economic historian — combining rigorous economic theory with a deep understanding of historical context to reexamine the past. Temin was known for his extensive analysis of the Great Depression, which often challenged prevailing wisdom. By arguing that factors beyond monetary policy — including the gold standard and a decline in consumer spending — were critical drivers of the crisis, Temin helped recast how economists think about the catastrophe and the role of monetary policy in economic downturns.
As his career progressed, Temin’s work increasingly expanded to include the economic history of other regions and periods. His later work on the Great Depression placed a greater emphasis on the international context of the crisis, and he made significant contributions to our understanding of the drivers of the British Industrial Revolution and the nature of the Roman economy.
“Peter Temin was a giant in the field of economic history, with work touching every aspect of the field and original ideas backed by careful research,” says Daron Acemoglu, Institute Professor and recipient of the 2024 Nobel Prize in economics. “He challenged the modern view of the Industrial Revolution that emphasized technological changes in a few industries, pointing instead to a broader transformation of the British economy. He took on the famous historian of the ancient world, Moses Finley, arguing that slavery notwithstanding, markets in the Roman economy — especially land markets — worked. Peter’s influence and contributions have been long-lasting and will continue to be so.”
Temin was born in Philadelphia in 1937. His parents were activists who emphasized social responsibility, and his older brother, Howard, became a geneticist and virologist who shared the 1975 Nobel Prize in medicine. Temin received his BA from Swarthmore College in 1959 and went on to earn his PhD in Economics from MIT in 1964. He was a junior fellow of Harvard University’s Society of Fellows from 1962 to 1965.
Temin started his career as an assistant professor of industrial history at the MIT Sloan School of Management before being hired by the Department of Economics in 1967. He served as department chair from 1990t o 1993 and held the Elisha Gray II professorship from 1993 to 2009. Temin won a Guggenheim Fellowship in 2001, and served as president of the Economic History Association (1995-96) and the Eastern Economic Association (2001-02).
At MIT, Temin’s scholarly achievements were matched by a deep commitment to engaging students as a teacher and advisor. “As a researcher, Peter was able to zero in on the key questions around a topic and find answers where others had been flailing,” says Christina Romer, chair of the Council of Economic Advisers under President Obama and a former student and advisee. “As a teacher, he managed to draw sleepy students into a rousing discussion that made us think we had figured out the material on our own, when, in fact, he had been masterfully guiding us. And as a mentor, he was unfailingly supportive and generous with both his time and his vast knowledge of economic history. I feel blessed to have been one of his students.”
When he became the economics department head in 1990, Temin prioritized hiring newly-minted PhDs and other junior faculty. This foresight continues to pay dividends — his junior hires included Daron Acemoglu and Abhijit Banerjee, and he launched the recruiting of Bengt Holmström for a senior faculty position. All three went on to win Nobel Prizes and have been pillars of economics research and education at MIT.
Temin remained an active researcher and author after his retirement in 2009. Much of his later work turned toward the contemporary American economy and its deep-seated divisions. In his influential 2017 book, “The Vanishing Middle Class: Prejudice and Power in a Dual Economy,” he argued that the United States had become a “dual economy,” with a prosperous finance, technology, and electronics sector on one hand and, on the other, a low-wage sector characterized by stagnant opportunity.
“There are echoes of Temin’s later writings in current department initiatives, such as the Stone Center on Inequality and Shaping the Future of Work” notes Gruber. “Temin was in many ways ahead of the curve in treating inequality as an issue of central importance for our discipline.”
In “The Vanishing Middle Class,” Temin also explored the role that historical events, particularly the legacy of slavery and its aftermath, played in creating and perpetuating economic divides. He further explored these themes in his last book, “Never Together: The Economic History of a Segregated America,” published in 2022. While Temin was perhaps best known for his work applying modern economic tools to the past, this later work showed that he was no less adept at the inverse: using historical analysis to shed light on modern economic problems.
Temin was active with MIT Hillel throughout his career, and outside the Institute, he enjoyed staying active. He could often be seen walking or biking to MIT, and taking a walk around Jamaica Pond was a favorite activity in his last few months of life. Peter and his late wife Charlotte were also avid travelers and art collectors. He was a wonderful husband, father, and grandfather, who was deeply devoted to his family.
Temin is lovingly remembered by his daughter Elizabeth “Liz” Temin and three grandsons, Colin and Zachary Gibbons and Elijah Mendez. He was preceded in death by his wife, Charlotte Temin, a psychologist and educator, and his daughter, Melanie Temin Mendez.