Yale School of Management - Faculty

Williams Brothers Professor Emeritus of Management Studies

Paul W. MacAvoy is the Williams Brothers Professor Emeritus of Management studies at the Yale School of Management. He has held chaired professorships at MIT and the University of Rochester, and was Dean of the Management Schools at Rochester and Yale. Professor MacAvoy served on President Ford’s Council of Economic Advisors, and as the cochairman of the Presidents Task Force on Regulatory Reforrn. He holds honorary doctorates from Bates College and Sacred Heart University and the Cross Medal from Yale University.

Professor MacAvoy has written numerous journal articles and books, including The Unsustainable Costs of Partial Deregulation (Yale University Press) and The Failure of Antitrust and Regulation to establish Competition in Long-Distance Telephone Services (The MIT Press).

His current writing project is editing and commenting on a select set of letters and papers written while a member of the Council of Economic Advisors in 1975-1976.

He has been a member of the Boards of Directors of the Alumax Corporation, the American Cyanamid Corporation, the Chase Manhattan Bank Corporation, the LaFarge Corporation, and the United States Synthetic Fuels Corporation. His research, teaching and consulting assignments are listed on his Curriculum Vitae. Last of all, Professor MacAvoy is reputed to have been the inventor of the term “voodoo economics” an occurance that took place on the GHW Bush porch at Kennebunkport Maine in 1977.

Boards
Lafarge Corporation, 1993-2004
Alumax Corporation, 1993-1998; successor director to same position at AMAX Corporation, 1978-1993
Open Environment Corporation, 1993-1996
The Chase Manhattan Bank & Chase Manhattan Corporation, 1992-1996
American Cyanamid Company, 1977-1980; 1986-1994
Gleason Corporation, 1987-1993
AMAX Gold, Incorporated, 1992-1993
Combustion Engineering, Incorporated, 1980-1989
Colt Industries, Incorporated, 1984-1988
United States Synthetic Fuels Corporation, 1985-1986
Air One, Incorporated, 1983-1984
The Columbia Gas System Incorporated, 1977-1978

Selected Books
The Unsustainable Costs Of Partial Deregulation, Yale University Press, 2007

Natural Gas Networks, (with V. Marmer, N. Moshkin, and D. Shapiro), World Scientific Publishing Company, 2007

Corporate Profit and Nuclear Safety: Strategy at Northeast Utilities in the 1990s, (with J. W. Rosenthal), Princeton University Press, 2004

The Recurrent Crisis in Corporate Governance, (with I. M. Millstein), Palgrave Macmillan, 2003

Deregulation of Entry in Long Distance Telecommunications, (with M. A. Williams), Michigan State University, 2003

The Natural Gas Market: Sixty Years of Regulation and Deregulation, Yale University Press, 2000

The Failure of Anti-Trust and Regulation to Establish Competition in Long-Distance Telephone Markets, AEI Press and MIT Press, 1996

Deregulation and Privatization in the United States (ed.), Edinburgh University Press, 1995

Industry Regulation and the Performance of the American Economy, W.W. Norton, 1992

Selected Articles
"The Tennessee Valley Authority: Competing in Markets for Capital and Electricity in Pursuit of Solvency," (with D. Logue), Journal of Strategic Management, Vol. 1, No. 1, 2003

"The Efficient Allocation of Windfall Proceeds from a Utility's Sale of Assets" (with J.G. Sidak), Energy Law Journal, 2001

"The New Trend in the Long-Term Price of Natural Gas" (with N. V. Moshkin), Resource and Energy Economics, Vol. 22, 2000

"The Active Board of Directors and Improved Performance of the Large Publicly Traded Corporation" (with I. Millstein), Columbia Law Review (1998) and Journal of Applied Corporate Finance (1999)

"Testing Competitiveness of Markets for Long Distance Telephone Services," Review of Industrial Organization, June, 1998

"Regulation's Role in Creating Competition in Telephone Service Markets: The Experience of the California Utilities Commission," Journal of Law and Public Policy , Vol. 8, No. 2, Spring, 1997

Education
PhD Yale University, 1960
MA Yale University, 1956
AB Bates College, 1955