Eli Heckscher
Heckscher was born in Stockholm, son of the Jewish Danish-born businessman Isidor Heckscher and his spouse Rosa Meyer, and completed his secondary education there in 1897. He studied at Uppsala University and Gothenburg University, completing his PhD in Uppsala in 1907. He was professor of Political economy and Statistics at the Stockholm School of Economics from 1909 until 1919, when he exchanged that chair for a research professorship in economic history, finally retiring as emeritus professor in 1945. In 1929 Heckscher founded the Institute for Economic History Research.
Richard T. Ely
Ely attended Columbia University in New York City, from which he received a bachelor's degree in 1876 and a master's degree in 1879. He received a Doctor of Philosophy degree in economics from the University of Heidelberg in that same year, where he had studied with Karl Knies, who belonged to the historical school of economics, and Johann Kaspar Bluntschli. He later received a Doctorate of Laws from Hobart College, receiving the degree in 1892.