FROM THE MOMENT HARVARD DENIED PAUL SAMUELSON A position and the freshly minted Ph.D. chose MIT in its place, F the latter institution became the place to be for all who wanted to learn, teach, and explore financial theory. MIT was home to three of the key figures of our narrative, Fischer Black, Myron Scholes, and Robert Merton, who spent much of their time in its department of economics or its school of business, or both.
The first of the three to beat the path to MIT was Fischer Black. Born in 1938, Black was an intelligent, curious child who started reading at age four and was already known in kindergarten as the smartest kid around. When he was ten years old, the family moved to Bronxville, just north of New York ...