Michael Darby

Warren C. Cordner Chair in Money and Financial Market

Phone: (310) 825-4180

Fax: (310) 454-2748




Cornell Hall, Room D5.10
UCLA Anderson School of Management
110 Westwood Plaza
Los Angeles, CA 90095-1481

Michael Darby currently serves as the Warren C. Cordner Distinguished Professor of Money and Financial Markets at UCLA Anderson School of Management and in the Departments of Economics and Public Policy at the University of California, Los Angeles, and as Director of the John M. Olin Center for Policy at UCLA Anderson. Concurrently he holds appointments as Chairman of The Dumbarton Group, Research Associate with the National Bureau of Economic Research, and Adjunct Scholar with the American Enterprise Institute.


Ph.D. Economics, 1970, University of Chicago
M.A. Economics, 1968, University of Chicago
A.B. summa cum laude (senior fellow) 1967, Dartmouth College


Productivity Growth, Science of Science and Technology, Consumer Price Index, Biotechnology Industry, Corporate Earnings, Employment, Nanotechnology Industries, Semiconductor Industries, Stem-Cell Industry, Very-large-scale Databases, Computational Content Analysis, Banking, Capital Markets, Employment and Unemployment, Federal Reserve, Inflation, Interest Rates, Monetary Policy, Macroeconomics, International Finance, Industrial Organization


  • Fellow, California Council on Science and Technology, 2000-present.
  • Hightower Distinguished Lecturer in Organization and Management, Emory University, 1993.
  • Listed among top 25 young economists (under 40 in 1985), ranked by total [14th] and
    mean [9th] citations, 1971-1985, in David Colander, "Research on the Economics Profession," Journal of Economic Perspectives, Fall 1989, 3: 143.
  • Alexander Hamilton Award (U.S. Treasury Department's highest honor), 1989.
  • Listed in:  Who's Who in Economics:  A Biographical Dictionary of Major Economists,
    1700-1981, 1983  (also 2nd edition 1985, 3rd edition 1996); Who's Who in America, etc.
  • Federal Deposit Insurance Corporation:  Graduate Fellow 1969-70; Prize for Best
      Dissertation, Fellowship Year 1969-70.
  • National Science Foundation Graduate Fellow, 1967-69.
  • Lilly Honor Fellow, 1967-70.
  • Woodrow Wilson Fellow (Honorary), 1967-68.
  • Senior Fellow of Dartmouth College, 1966-67.
  • Phi Beta Kappa, 1966.
  • Michael R. Darby and Edi Karni. (April 1973). Free Competition and the Optimal Amount of Fraud. Journal of Law and Economics, 16: 67-88.
  • Michael R. Darby. (June 1975). The Financial and Tax Effects of Monetary Policy on Interest Rates. Economic Inquiry, 13: 266-76.
  • Michael R. Darby. (February 1976). Three-and-a-Half Million U.S. Employees Have Been Mislaid: Or, An Explanation of Unemployment, 1934-1941. Journal of Political Economy, 84: 1-16.
  • Michael R. Darby, James R. Lothian, and Arthur E. Gandolfi, Anna J. Schwartz, Alan C. Stockman,. (1983). The International Transmission of Inflation. A National Bureau of Economic Research Monograph, Chicago: University of Chicago Press,
  • Michael R. Darby, John C. Haltiwanger, and Mark W. Plant. (September 1985). Unemployment-Rate Dynamics and Persistent Unemployment under Rational Expectations. American Economic Review,, 75: 614-637.
  • Lynne G. Zucker and Michael R. Darby. (November 12, 1996). Star Scientists and Institutional Transformation: Patterns of Invention and Innovation in the Formation of the Biotechnology Industry. Proceedings of the National Academy of Sciences, 93(23): 12709-12716.
  • Lynne G. Zucker, Michael R. Darby, and Jeff Armstrong. (January 1998). Geographically Localized Knowledge: Spillovers or Markets?. Economic Inquiry, 36: 65-86.
  • Lynne G. Zucker, Michael R. Darby, and Marilynn B. Brewer. (March 1998). Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises. American Economic Review, 88(1): 290-306.
  • Lynne G. Zucker, Michael R. Darby, and Jeff Armstrong. (January 2002). Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology. Management Science, 48(1): 138-153.
  • Lynne G. Zucker and Michael R. Darby. (2005). An Evolutionary Approach to Institutions and Social Construction: Process and Structure. Chapter 25 in Ken G. Smith and Michael A. Hitt, eds., Great Minds in Management: The Process of Theory Development, Oxford, UK: Oxford University Press,
  • Michael R. Darby and Lynne G. Zucker. (July/December 2005). Grilichesian Breakthroughs: Inventions of Methods of Inventing in Nanotechnology and Biotechnology. Annales d'Economie et Statistique, 79/80: 143-164.
  • Michael R. Darby and Lynne G. Zucker. (2007). Real Effects of Knowledge Capital on Going Public and Market Valuation. The MIT Press, in Naomi Lamoreaux and Kenneth Sokoloff, eds., Financing Innovation in the United States, 1870 to the Present, Cambridge, MA.
  • Lynne G. Zucker and Michael R. Darby,. Public and/or research use web databases. Published to the web 2007-present (continuing updates and extensions). [ Link ]
  • Lynne G. Zucker, Michael R. Darby, Jonathan Furner, Robert C. Liu, and Hongyan Ma. (July 2007). Minerva Unbound: Knowledge Stocks, Knowledge Flows and New Knowledge Production. Research Policy, 36(6): 850-863.
  • Lynne G. Zucker and Michael R. Darby. (2011). Legacy and New Databases for Linking Innovation to Impact. The Science of Science Policy: A Handbook, Palo Alto, CA: Stanford University Press, in Kaye Husbands Fealing, Julia Lane, John H. Marburger III, Stephanie Shipp, eds.
  • Lynne G. Zucker, Michael R. Darby and Jason Fong,. (in press 2014). Communitywide Database Designs for Tracking Innovation Impact: COMETS, STARS and Nanobank. Annals of Economics and Statistics (Annales d'Economie et Statistique, Issue 115/116.
  • Lynne G. Zucker and Michael R. Darby. (in press 2014). Movement of Star Scientists and Engineers and High-Tech Firm Entry. Annals of Economics and Statistics (Annales d'Economie et Statistique), Issue 115/116. [ Link ]
  • Lynne G. Zucker and Michael R. Darby. (in press 2014). Defacto and Deeded Intellectual Property: Knowledge-Driven Co-Evolution of Firm Collaboration Boundaries and IPR Strategy. Annals of Economics and Statistics (Annales d'Economie et Statistique), 115/116. [ Link ]

Working Papers

Michael Darby, and Lynne Zucker. (July 2007). "Star Scientists, Innovation and Regional and National Immigration."

Michael Darby, and Lynne Zucker. (November 2006). "Movement of Star Scientists and Engineers and High-Tech Firm Entry."