Amotz Morag was born in Ramat Gan in 1929. He earned a master's degree in economics from the Hebrew University of Jerusalem and a Ph.D. in economics from Johns Hopkins University, which he received in 1954. He was a Fellow of the International Tax Program at Harvard University and in 1955 he joined the Department of Economics at the Hebrew University.

His research focused on public economics and fiscal policy.
Amotz Morag passed away in 1966 after a severe illness. His comprehensive book, Government Financing in Israel – Development and Issues, was published posthumously by the Hebrew University Magnes Press.