[ame="http://www.youtube.com/watch?v=mFdnA5UNmVw"]How to silence a Nobel Prize winning economist: Ask him about the economy. - YouTube[/ame]
This is just more proof how the Noble Prize is RIDICULOUSLY over rated. And how 'economists' who spend endless hours looking over economics...often know amazingly little about the subject.
No, its only proof that you use youtube too much. Didn't think much of the winners. However, the likes of Diamond, Mortensen and Pissarides have clearly been important for the discipline
Giving the Nobel Peace Prize to Obama just for getting elected proved how politicized and therefore irrelevant the Nobel Prizes have become.
Yes...that about did it for me when he got that nomination after something like a few weeks in office. What a joke.
Technically the economics award isn't a Nobel Prize. If you did want to critique the output of the economists that have won it then go ahead!
But it's awarded Nobel Prize Award Ceremony and the winners are called Nobel Laureates. Can I finally call the recent winners glorified hedonist?
I wouldn't go that far. These 2 economists works actually doesn't jive with the question in the manner that replying in a manner that would effectively carry their message. Reports aren't gonna write a 2000 work essay on their ideas. If it's more then a paragraph they lose interest. Here is one of their long winded theory on what went wrong, what models are wrong in his opinion and the complications with long term unemployment. Nobody at the NYT or WaPo is gonna print that.
There was an interesting article on this that was talking about how the rules of the Nobel Committee made winning one almost impossible to win for 'regular' scientists. For instance, you have wait at least 20 years to be awarded the prize and if you die, to bad the prize isn't awarded postumously. That was the one rule that stuck out but there were a lot of other ones too that amount to basically it being bull (*)(*)(*)(*) for the most part.
I would. People look at Nobel Prize winners in economics as Economic Messiahs. Paul krugman has been living off his for years - and he's a macro-economic ignoramus. Smart guy - but most of his theories are almost completely detached from reality. These people are usually nothing but brilliant bean counters who come up with some new way to count beans. The award should called 'The Nobel Prize for Bean Counting'. These two act like they could not even balance their own check books.
Krugman? Detached from reality? The fellow one the award for being a leading light in 'new trade theory'; an approach to trade theory designed to understand actual trade patterns (and the theoretical hole generated by Ricardian comparative advantage and the Heckscher-Ohlin offshoot. Those that sneer at economics typically are just ignorant of economics
