Rybczynski Theorem 50th Anniversary - November 2005

Biography

In May of 1923, Tadeus Rybczynski was born in Lvov, Ukraine, which was then part of the Soviet Union.  He spent his childhood there until 1942 when he moved to Britain.  In Britain, he became a fighter pilot for the Royal Air Force and flew night missions over Germany.  Once the war had ended, Tadeus chose to remain in London and receive an education at the London School of Economics.  During his schooling, Rybczynski became ever more enthralled by the field of economics, writing a thesis on the Factor Allocation in International Trade.  This piece was then recognized and published in 1955 as the Rybczynski Theorem.  This theorem has remained an extremely useful building block of international theory. 

To further his economic career, Rybczinski joined Lazard Brothers in 1954 at the age of 31.  Lazard is one of the most prominent investment banks, which provides advisory services for asset management, mergers and acquisitions, partnerships and restructuring corporations.  Eventually in 1986, Tad retired from Lazard after spending 17 years as Director of Securities.  He continued on as their economic advisor until 1988. 

During this time at Lazard, Tadeus accomplished much more in the economic field.   Tad was one of the earliest member of the Business Economists Group, which later was renamed the Society of Business Economists.  At the infancy of the profession, Rybczynski promoted the international orientation between economic societies.  He began discussions with NABE and AFEDE (French Society) and formed an official link between the three societies.  The outcome was IFABE, the International Federation of Associations of Business Economists.  Their first official meeting was in 1972 and they continue to this day to grow in membership. 

In 1986, Rybczynski became the first receipient of the Abramson Award.  This award, given by the National Association of Business Economists, acknowledges exceptional articles Published by the Business Economics.  Rybczynski's insightful article was on the development and functioning of the world monetary system.  Contributing to the business and economics profession, Rybczynski continued to be acknowledged for his success.  In that same year, he was elected as a Special Associate Member of the conference of Business Economists. 

Rybczynski passed away due to deterioriating health on December 18, 1998 in London.  Although his most well known achievement was the Rybczynski Theorem in 1955, his passion and dedication for business economics motivated many individuals in the field and furthered the advancement of the profession.  Tadeus Rybczynski's long standing successes distinguished him as a leader in the business world. 

The Society of Business Economists (SBE)            

The Society of Business Economists is the leading organization assisting business economists in the United Kingdom.  The society serves as a forum to all users of economics in the business environment, including industry, finance, commerce, public service, or consultancy.  Members are encouraged to discuss and debate elements of economic issues as well as to remain up to date on theoretical advancements.  Their activities aim at enhancing the use of economic analysis as a tool to support business decision making. 

The Rybczynski Prize

In 2000, the Society of Business Economists developed the Rybczynski Prize in memory of Tadeus Rybczynski.  The competition was developed to encourage business and economists to relate important real world economic issues to the business world.  This competition is only open to members of SBE and is awarded every year.



Tadeus Rybczynski played an important role in the society, being one of the earliest members.  He then acted as Chairman from 1963 to 1975.   During this time, membership increased more than twenty times. Rybczynski helped establish the society as a respected and sought after assosiation.  This status had much to do with his devotion to the field of economics as well as Rybczynski's high level of standards.  Tadeus Rybczynski distinguished role in the Society of Business Economists is the underlying factor behind his acknowledgements of the Rybczynski Prize.