Duncan Black

Biography

Black was born in Motherwell, Scotland, an industrial town south east of Glasgow, to a working-class family. He graduated from the Dalziel High School in Motherwell and then studied mathematics and physics at the University of Glasgow. He then enrolled for a degree in economics and politics which he finished with first class honours in 1932. He started teaching at the newly formed Dundee School of Economics (later part of the University of Dundee). There Black was influenced by his colleague Ronald Coase, originator of the Theory of the Firm. He later taught at the University College of North Wales (now Bangor University) and Glasgow.

Black also had visiting positions in the United States, at the universities of Rochester, Chicago, Virginia and Michigan State. These occurred after William H. Riker reviewed his work in 1961. He was elected a Foreign Honorary Member of the American Academy of Arts and Sciences in 1980.