An IBM 650 in the basement of the business school — a history of computing and economics at Carnegie GSIA

In 1956, the fledgling Graduate School of Industrial Administration (GSIA) at Carnegie Institute of Technology received an IBM 650 computer to use jointly with the engineering and the mathematics departments. In the coming years, this acquisition led to a number of research activities which not only produced multiple economics Nobel Prizes and Turing Awards, but also two very distinct, somewhat incompatible economic frameworks: bounded rationality and rational expectations.

Pittsburgh, the Iron City. Photo by Library of Congress.



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