Attributions a NEWSLETTER from the DIRECTOR’S OFFICE 2005 –ISSUE ONE INSTITUTE for ADVANCED STUDY
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INSTITUTE for ADVANCED STUDY Einstein Drive Princeton, NJ 08540-0631 Telephone 609.734.8204 Fax 609.683.7605 Email <phughes@ias .edu> Attributions A NEWSLETTER FROM THE DIRECTOR’S OFFICE 2005 –ISSUE ONE INSTITUTE for ADVANCED STUDY “ his year the Institute for TAdvanced Study celebrates James Wolfensohn: its 75th anniversary. Although the work of the Institute did not A Leader in All Ways begin until 1933, the Certificate of Incorporation was signed on May 20, 1930, so this is really the ames D. Wolfensohn has served for a Institute’s birthday. We shall be quarter of a century as a Trustee of the celebrating this milestone on a JInstitute for Advanced Study, nineteen of number of occasions throughout 2005, reflecting on the vision of our those years as Chairman of the Board. On the founders, the remarkable achieve- world’s stage, he is known as President of the ments of those who have worked here World Bank. In the United States, he is renowned and the unique and vital contribu- as a philanthropist who has helped raise more tion that the Institute makes to the than $60 million to restore New York’s landmark world of scholarship today. Carnegie Hall. In his native Australia, he is The continuing work of the famed as an Olympic fencing champion. In Institute, and its adherence to its music circles, he is recognized as a cellist who has original mission of providing an performed with the likes of Vladimir Ashkenazy environment in which a community and Yo-Yo Ma. A cultural leader, music lover and of scholars and scientists can pursue fundamental research, free from patron of the arts, Mr. Wolfensohn has been external pressures, is only possible described as a whirlwind, a Renaissance man, a through the generosity not only of Wall Street Wonder, the ultimate global network- OF THE WORLD BANK COURTESY the founders but also generations of er, and as adroit as any politician on Capitol Hill. James D. Wolfensohn benefactors through the last seventy- Born in Australia on December 1, 1933, Mr. five years. We shall use the opportu- Wolfensohn holds B.A. and LL.B. degrees from Explaining to Jim the significance of some work is nities provided by our anniversary the University of Sydney and an M.B.A. from enormously motivating and somewhat intimidat- celebrations to discuss the work of the the Harvard Business School. He has served ing; I can testify to both.” Institute and the future directions it as Executive Partner of Salomon Brothers in Jim Wolfensohn’s connection with the Institute might take with our friends and New York and head of its investment banking began in 1979, when he was Chairman of the supporters, and we hope to introduce the Institute to others who support department, Executive Deputy Chairman and Board of Trustees of the John F. Kennedy Center its values and objectives. Managing Director of Schroeder’s, Ltd. in for the Performing Arts in Washington, D.C., In addition to our anniversary, London, President of J. Henry Schroeder’s and President and Chief Executive Officer of 2005 also marks the centenary of Banking Corporation in New York, and Managing James D. Wolfensohn, Inc. In 1995, when he took Einstein’s first great prolific burst Director, Darling & Co. of Australia. on the high-profile position of President of the of scientific activity. His annus He has led the board of New York’s Carnegie World Bank, he relinquished these positions and mirabilis of 1905 is being celebrat- Hall, is an Honorary Trustee of the Brookings all other obligations, save one. He remained as ed around the world as well as here Institution, and a member of the Council on Chairman of the Institute’s Board of Trustees. “It at the Institute. Foreign Relations and the Century Association was the only one that I didn’t give up because in Amongst the many on whom we in New York. He has served both as Chairman its own way, I think the Institute has the potential depend for support, the Trustees of of the Finance Committee and as Director of the for similar leverage in terms of influencing the the Institute play a special role. The Institute is very fortunate in having Rockefeller Foundation and of the Population lives of scholars globally,” he says. a Board of Trustees outstanding for Council, and has been a member of the Board of Mr. Wolfensohn’s regard for the Institute their individual achievements as well The Rockefeller University. His many awards and is embodied in his admiration for development as their dedication to the Institute honors include the first David Rockefeller Prize of economist Albert O. Hirschman, Professor and its objectives, a tribute to the the Museum of Modern Art in New York, an Hon- Emeritus in the Institute’s School of Social leadership of James Wolfensohn, orary Knighthood from Queen Elizabeth II, and Science. “Albert is a luminous figure,” says who brings to the Institute not only decorations from the Governments of Australia, Mr. Wolfensohn, who displays a photograph of the knowledge of the world that one France, Germany, Morocco, Norway, and Russia. Professor Hirschman in his Washington, D.C., might expect from the President of At the Institute for Advanced Study, he exem- office. His friendship with Professor Hirschman, the World Bank, but also very wide plifies excellence and service. “It is an honor to he claims, enhances his credibility in development cultural interests and a remarkable understanding of academia. The work for an institution headed by Jim,” comments circles. In 2000, Mr. Wolfensohn helped to create vitality of the Institute today reflects John Bahcall, the Richard Black Professor in the the Albert O. Hirschman Professorship in the his continued commitment to this School of Natural Sciences. “But, there is a price: School of Social Science. Eric S. Maskin, the first unique institution. I think all of us at IAS have wondered at some time Albert O. Hirschman Professor (see sidebar), or other if a particular piece of our research was acknowledges Jim Wolfensohn as “a superb —Peter Goddard, Director worthy of the high standards that Jim embodies. (Continued on page 2) WOLFENSOHN (Continued from page 1) embodiment of the Hirschmanian ideal, what attracts excellent thinkers and under whose leadership, the World Bank, researchers to the Institute, he says, and though sometimes controversial, has been is crucial to the enterprise. “There are no a remarkable force for the eradication rules for what anybody does here. When you of poverty.” come into [the Institute] you are invited to Engaged in the world’s most pressing work without limits. For this, the Institute issues—poverty, education, and globaliza- must maintain its independence,” he says. tion—Jim Wolfensohn holds a unique The Institute’s international aspect position at the intersection of the private (a majority of Members and Faculty come and public sectors. He has made the reduc- from outside the United States) is also one tion of poverty his mission. “Jim is the most that is particularly appreciated by Wolfen- intensely moral person I know,” comments sohn, a native Australian whose parents John Bahcall, “although I am sure he emigrated from England in the 1930s, would reject the characterization. He is and whose Jewish forebears had settled in DOROTHY HAHN constantly doing things to make the world England from Europe in the 19th century. Eric S. Maskin better, whether it is empowering peasant He has seen the Institute grow to include women in India or providing the best con- programs such as the Program for Women Albert O. Hirschman ditions for the finest music to be heard in in Mathematics, and the IAS/Park City Professor Eric S. Maskin New York or Washington. He creates time Mathematics Institute, in which his wife, he doesn’t have, Elaine Wolfen- conomist Eric S. Maskin came to the in what must sohn, takes a EInstitute for Advanced Study in 2000 be his 48-hour particular interest, from Harvard University, to take up an days, to make and the Artist- appointment as the Institute’s first Albert sure that IAS is in-Residence O. Hirschman Professor in the School of doing the right Program, which Social Science. “Albert Hirschman is one things in the is close to both of economics’ deepest and most original right ways.” their hearts. thinkers. I feel truly honored—and also Through the Music has somewhat daunted—to hold a position World Bank, Mr. been an impor- bearing his name,” says Maskin, whose work Wolfensohn has tant part of Jim in game theory, social choice theory, and helped to forge Wolfensohn’s life the economics of incentives is drawn upon strategic partner- since early child- extensively by economists and political ships in educa- hood when he scientists in the areas of industrial tion, including listened to his organization, finance, and development. the Global Dis- mother singing CLIFF MOORE Professor Hirschman is renowned for tance Learning and playing the James D. Wolfensohn with fellow members of the Board of his innovative, lucid, and brilliantly argued Network and the Trustees of the Institute for Advanced Study in May 2004. piano. It was contributions to economics, the history of Development From left to right: Vice-Chairman Richard B. Black, Chairman through music ideas, and the social sciences. His view of Gateway. “Poverty James D. Wolfensohn, Vice-Chairman Martin L. Leibowitz, that he met development acknowledges the complexity covers the planet, and President of the Corporation Charles Simonyi. his future of human behavior and social reality. He has so does science wife, Elaine, traced the contrast between “interests” and and technology,” he says.