Wednesday, October 13, 2010

On the recent Nobel in economics

From Nobel 2010:
"It is said that when the Nobel Prize in economics was first established, prizes were given for using economics to teach people things they didn’t already know, e.g., that economic growth might increase inequality, that depressions are caused by central banks, that macroeconomic stabilization policy doesn’t work, etc. Now, prizes are given to economists who teach other economists things that regular people already know — politicians are self-interested, you shouldn’t put all your eggs in one basket, institutions matter, different people know different things, etc. "
Various links in aprevious post
Research Findings That Don’t Surprise Me.
More from Chandan Sapkota 2010 Nobel prize in economics for unemployment! and EconoSpeak Search Theory Gets a “Nobel” :

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