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Elizabeth Ellis Hoyt
American economist

Elizabeth Ellis Hoyt was an American economist who focused on consumption economics and developing countries. She is considered the inventor of the modern day Consumer Price Index.

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Early life and education

Hoyt was born on born January 27, 1893 in Augusta, Maine.1 She was the youngest of three children, and her mother died when she was 10.2

Hoyt earned her AB degree from Boston College in 1913 after only three years of schooling.3 She entered the workforce and later earned her MA from Radcliffe College in 1924 followed by her PhD from Harvard University in 1925.4

Career

Hoyt worked as a researcher at the National Industrial Conference Board from 1915 to 1921.5 During this time, she compiled cost-of-living metrics into what is considered the forerunner of the Consumer Price Index.6

From 1921 to 1923, Hoyt was an instructor at Wellesley College.7 After receiving her graduate degrees, she joined Iowa State College as an associate professor, becoming the only female faculty member.8 She became a full professor in 1927 and taught at Iowa State through her retirement in 1963.9

Alongside Hazel Kyrk and Margaret Reid, Hoyt was considered an early pioneer in the study of the economics of consumption.10 Hoyt's work focused on the use and management of resources in the future, and she studied how consumption's role is "useful for understanding the nature of economic systems, especially in other cultures".11 The work of Hoyt, Kyrk, and Paul Nystrom is credited with helping to found the concept of marginal utility.12

Death and legacy

Hoyt died November 22, 1980 in Gleneden Beach, Oregon.13 She is buried at Ocean Hill Cemetery in Bristol, Maine.14 Despite being considered a pioneer of consumption economics, she is recognized as being "neglected in published accounts".15

  • In 1950, Hoyt was awarded a Fulbright Scholarship to study the economy in East Africa16
  • In 1957, Hoyt received a Ford Foundation grant to study workers in Central America and the Caribbean17
  • In 1964, Hoyt received a Graduate Society Medal from Radcliffe College18
  • In 1969, Hoyt was awarded a Faculty Citation from Iowa State19
  • In 1970, a library in Paradise View, South Africa, was named after her in recognition of her work in Africa20

Works

  • Primitive Trade (1926)
  • Consumption of Wealth (1928)
  • Consumption in our Society (1938)
  • Income in Our Society (1950)
  • Choice and Destiny of Nations (1969)

References

  1. "Elizabeth Ellis Hoyt collection, 1973". University of New England. July 30, 2019. Retrieved April 20, 2025. https://library.une.edu/mwwc/collections/collections-a-z/elizabeth-ellis-hoyt-collection-1973/ ↩

  2. Thorne, Alison Comish (2003). Leave The Dishes In The Sink. Utah State University Press. Retrieved April 20, 2025. https://muse.jhu.edu/pub/187/oa_monograph/chapter/202589 ↩

  3. Luckett, Dudley (July 30, 2021). "Hoyt, Elizabeth Ellis". pubpub.org. Retrieved April 20, 2025. https://isubios.pubpub.org/pub/zsgo3ul3/release/1 ↩

  4. "Elizabeth Ellis Hoyt collection, 1973". University of New England. July 30, 2019. Retrieved April 20, 2025. https://library.une.edu/mwwc/collections/collections-a-z/elizabeth-ellis-hoyt-collection-1973/ ↩

  5. Sloss, Margaret (2001). "Twentieth Century Women of Iowa State: Elizabeth Hoyt". Iowa State University. Retrieved April 19, 2025. https://historicexhibits.lib.iastate.edu/20thWomen/Listpages/hoyt1.html ↩

  6. Becchio, Giandomenica (October 30, 2019). A History of Feminist and Gender Economics. Taylor & Francis. ISBN 9781351592406. Retrieved April 20, 2025. 9781351592406 ↩

  7. Sloss, Margaret (2001). "Twentieth Century Women of Iowa State: Elizabeth Hoyt". Iowa State University. Retrieved April 19, 2025. https://historicexhibits.lib.iastate.edu/20thWomen/Listpages/hoyt1.html ↩

  8. Becchio, Giandomenica (October 30, 2019). A History of Feminist and Gender Economics. Taylor & Francis. ISBN 9781351592406. Retrieved April 20, 2025. 9781351592406 ↩

  9. Luckett, Dudley (July 30, 2021). "Hoyt, Elizabeth Ellis". pubpub.org. Retrieved April 20, 2025. https://isubios.pubpub.org/pub/zsgo3ul3/release/1 ↩

  10. Pietrykowski, Bruce (2009). The Political Economy of Consumer Behavior: Contesting Consumption. Routledge. p. 32. ISBN 9781351592406. Retrieved April 23, 2025. 9781351592406 ↩

  11. Becchio, Giandomenica (October 30, 2019). A History of Feminist and Gender Economics. Taylor & Francis. ISBN 9781351592406. Retrieved April 20, 2025. 9781351592406 ↩

  12. Ewen, Stuart (August 2008). Captains Of Consciousness Advertising And The Social Roots Of The Consumer Culture. Basic Books. p. 89. ISBN 9780786722877. Retrieved April 23, 2025. 9780786722877 ↩

  13. "Economist Hoyt Dies". Des Moines Tribune. November 25, 1980. Retrieved April 21, 2025. https://www.newspapers.com/image/325241647/?match=1&terms=%22elizabeth%20hoyt%22%20economist ↩

  14. "Elizabeth Ellis Hoyt collection, 1973". University of New England. July 30, 2019. Retrieved April 20, 2025. https://library.une.edu/mwwc/collections/collections-a-z/elizabeth-ellis-hoyt-collection-1973/ ↩

  15. Parsons, Elizabeth (August 2, 2013). "Pioneering consumer economist: Elizabeth Ellis Hoyt (1893‐1980)". Journal of Historical Research in Marketing. 5 (3): 334–350. doi:10.1108/JHRM-03-2013-0014. Retrieved April 23, 2025. https://www.emerald.com/insight/content/doi/10.1108/jhrm-03-2013-0014/full/html ↩

  16. "Economist Hoyt Dies". Des Moines Tribune. November 25, 1980. Retrieved April 21, 2025. https://www.newspapers.com/image/325241647/?match=1&terms=%22elizabeth%20hoyt%22%20economist ↩

  17. Sloss, Margaret (2001). "Twentieth Century Women of Iowa State: Elizabeth Hoyt". Iowa State University. Retrieved April 19, 2025. https://historicexhibits.lib.iastate.edu/20thWomen/Listpages/hoyt1.html ↩

  18. "Radcliffe Assn. Honor: Three Given Medals by Graduate Society". The Republican. June 10, 1964. Retrieved April 22, 2025. https://www.newspapers.com/image/1058376095/?match=1&terms=%22elizabeth%20ellis%20hoyt%22 ↩

  19. Sloss, Margaret (2001). "Twentieth Century Women of Iowa State: Elizabeth Hoyt". Iowa State University. Retrieved April 19, 2025. https://historicexhibits.lib.iastate.edu/20thWomen/Listpages/hoyt1.html ↩

  20. "Economist Hoyt Dies". Des Moines Tribune. November 25, 1980. Retrieved April 21, 2025. https://www.newspapers.com/image/325241647/?match=1&terms=%22elizabeth%20hoyt%22%20economist ↩