Joseph M Burns—teacher, author, and economist—died at his home in
Princeton, New Jersey, on January 27, 2022, at the age of 83. Born in New York
City, Joseph Burns was the son of Arthur Frank Burns and Helen Bernstein
Burns. In the 1950s, his family moved to the Maryland suburbs of Washington,
D.C., where Joe graduated from St. Albans School in 1957. Joe’s summer days
were spent at the working farm his family owned for over 50 years in Ely, in the
town of Fairlee, Vermont. In contrast to today, the region near the Burns farm
had once been in the 1880s the site of copper miners’ economic unrest and
insurrection known as the “Ely Wars.” In Joe’s youth, Ely was a summer retreat
and a think tank collective for his father and other prominent economists. Joe
often recalled listening on the radio as a boy with his family to New York Giants
baseball late into Vermont summer evenings.
Graduated from Swarthmore College with high honors in 1960, Joe then obtained
an M.A. (1961) and Ph.D. in economics (1967) from the University of Chicago.
He published two books: Accounting Standards and International Finance, with
emphasis on multinational corporations, and A Treatise on Markets, focusing on
spots, futures, and options markets. Beginning in 1967, Dr. Burns’ teaching
career led him to Texas and Rice University as an economics professor and also
to California as a visiting professor at UCLA and Stanford universities. He also
lectured in finance at Georgetown University and was briefly a fellow at the
Hoover Institute. Burns additionally worked as the Deputy Director of Monetary
Research at the newly created (in 1974 by President Ford) Commodities Futures
Trading Commission (1976-1979) to regulate the U.S. derivatives market,
including futures, swaps, and options. Dr. Burns then worked as a senior
economist at the U.S. Department of Justice Anti-trust Division. While
investigating many prominent cases of anti-competitive business practices of the
time, Joe often joked how he was the foremost authority in the country on
billboard advertising, work that he found interesting, unique, and controversial.
Even though he had a distinguished academic and government career, Joe was
most proud of being a father to his two children, Rebecca and Stephen. When
they were children, he would often sing to them the old Doris Day song, “Qué
Sera Sera.” In the mornings, he would wake them up with the revelry song or Dr.
Seuss’ “It’s a Great Day for Up.” At other times, to galvanize them, he would sing
—very off-key—“Roar Lions Roar,” the Columbia fight song that was sung by his
father to him as a child. Joe also loved to make up bedtime stories for his
children about the adventures of animals, particularly bears, crocodiles, and
hippopotamuses. Burns passed on to his children a love of animals, having
many dogs and cats and long supporting animal rights groups. His interests also
spanned from researching ancient and modern coins to extensive investigation of
alternative natural medicine.
Even though both his parents were Jewish, Dr. Burns did not become a Bar Mitzvah
until he was 50 years old on the mountaintop of Masada, the ancient rock
fortress high in the desert overlooking the Dead Sea in Israel. This Bar Mitzvah
was on the site of the mythical story of Jewish rebels’ last stand for freedom from
oppressors and invaders. The primary focus of Joe’s economic work was the
concrete practice of helping to ensure freedom–specifically freedom of economic
opportunity in fair and transparent capitalist markets. Joe assimilated his early
Episcopal and Quaker schooling and strove to discover, understand, and
embrace the Jewish meaning of Mitzvot, living his life with meaning and a strong
sense of fairness.
Although Dr. Burns had a serious and respectful demeanor, those who knew him
appreciated his quirky sense of humor, humility, compassion and assumption of
good faith, and devotion to his family. Joe made a difference in many people’s
lives; he will be very missed. Joe is survived by his wife of thirty years, Ellen
Herbst Burns, his daughter Rebecca Burns, his son Stephen Burns, and his
brother David Burns and sister-in-law Christina Burns. Donations in Joseph
Burns’ honor may be given to Israeli Guide Dogs for the Blind
(https://israelguidedog.org).
Princeton, New Jersey, on January 27, 2022, at the age of 83. Born in New York
City, Joseph Burns was the son of Arthur Frank Burns and Helen Bernstein
Burns. In the 1950s, his family moved to the Maryland suburbs of Washington,
D.C., where Joe graduated from St. Albans School in 1957. Joe’s summer days
were spent at the working farm his family owned for over 50 years in Ely, in the
town of Fairlee, Vermont. In contrast to today, the region near the Burns farm
had once been in the 1880s the site of copper miners’ economic unrest and
insurrection known as the “Ely Wars.” In Joe’s youth, Ely was a summer retreat
and a think tank collective for his father and other prominent economists. Joe
often recalled listening on the radio as a boy with his family to New York Giants
baseball late into Vermont summer evenings.
Graduated from Swarthmore College with high honors in 1960, Joe then obtained
an M.A. (1961) and Ph.D. in economics (1967) from the University of Chicago.
He published two books: Accounting Standards and International Finance, with
emphasis on multinational corporations, and A Treatise on Markets, focusing on
spots, futures, and options markets. Beginning in 1967, Dr. Burns’ teaching
career led him to Texas and Rice University as an economics professor and also
to California as a visiting professor at UCLA and Stanford universities. He also
lectured in finance at Georgetown University and was briefly a fellow at the
Hoover Institute. Burns additionally worked as the Deputy Director of Monetary
Research at the newly created (in 1974 by President Ford) Commodities Futures
Trading Commission (1976-1979) to regulate the U.S. derivatives market,
including futures, swaps, and options. Dr. Burns then worked as a senior
economist at the U.S. Department of Justice Anti-trust Division. While
investigating many prominent cases of anti-competitive business practices of the
time, Joe often joked how he was the foremost authority in the country on
billboard advertising, work that he found interesting, unique, and controversial.
Even though he had a distinguished academic and government career, Joe was
most proud of being a father to his two children, Rebecca and Stephen. When
they were children, he would often sing to them the old Doris Day song, “Qué
Sera Sera.” In the mornings, he would wake them up with the revelry song or Dr.
Seuss’ “It’s a Great Day for Up.” At other times, to galvanize them, he would sing
—very off-key—“Roar Lions Roar,” the Columbia fight song that was sung by his
father to him as a child. Joe also loved to make up bedtime stories for his
children about the adventures of animals, particularly bears, crocodiles, and
hippopotamuses. Burns passed on to his children a love of animals, having
many dogs and cats and long supporting animal rights groups. His interests also
spanned from researching ancient and modern coins to extensive investigation of
alternative natural medicine.
Even though both his parents were Jewish, Dr. Burns did not become a Bar Mitzvah
until he was 50 years old on the mountaintop of Masada, the ancient rock
fortress high in the desert overlooking the Dead Sea in Israel. This Bar Mitzvah
was on the site of the mythical story of Jewish rebels’ last stand for freedom from
oppressors and invaders. The primary focus of Joe’s economic work was the
concrete practice of helping to ensure freedom–specifically freedom of economic
opportunity in fair and transparent capitalist markets. Joe assimilated his early
Episcopal and Quaker schooling and strove to discover, understand, and
embrace the Jewish meaning of Mitzvot, living his life with meaning and a strong
sense of fairness.
Although Dr. Burns had a serious and respectful demeanor, those who knew him
appreciated his quirky sense of humor, humility, compassion and assumption of
good faith, and devotion to his family. Joe made a difference in many people’s
lives; he will be very missed. Joe is survived by his wife of thirty years, Ellen
Herbst Burns, his daughter Rebecca Burns, his son Stephen Burns, and his
brother David Burns and sister-in-law Christina Burns. Donations in Joseph
Burns’ honor may be given to Israeli Guide Dogs for the Blind
(https://israelguidedog.org).
My deepest condolences for Rebecca and family. I loved your father