Tuesday, September 23, 2008

On Race for Prize by Chandra

The Sveriges Bank Prize in Economic Science in Memory of Alfred Nobel for 2008 has started to blow.

The econoSpeak has it own hunch on leading economists. Among theme there are two Indian born economists in the list.

William Baumol, for lots of things

Jagdish Bhagwati with Avinash Dixit, for international trade theory
Gordon Tullock with Anne Krueger, for rent seeking
Benoit Mandelbrot, possibly with Eugene Fama, just to freak everybody out, although Mandelbrot is the more deserving in my view (for complexity) but certainly for recognizing the reality of fat tails in financial markets, now more evident than ever (if they give it Fama and not Mandelbrot, that would be a ridiculous farce).
Richard Easterlin, for happiness. He is the man on that one, and deserving. Of this group, it is him and Mandelbrot whom I would most like to see.

BTW, to Brenda, there ought to be one for ecological economics, but I doubt this is the year, and I am not sure who should get it.


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