http://organizationsandmarkets.com/2006/10/11/american-economists-not-so-free-market-after-all/ Economics of organizations, strategy, entrepreneurship, innovation, and more Tue, 02 Dec 2008 23:23:51 +0000 http://wordpress.org/?v=MU hourly 1 http://organizationsandmarkets.com/2006/10/11/american-economists-not-so-free-market-after-all/#comment-4215 genericface blog » A Noble Nobel Cause Thu, 12 Oct 2006 02:42:59 +0000 http://organizationsandmarkets.wordpress.com/2006/10/11/american-economists-not-so-free-market-after-all/#comment-4215 [...] So in light of this it’s important to remind the areas of research where the aforementioned names won their Nobel prize: Kenneth Arrow (with John Hicks) won his for general economic equilibrium and welfare theory; Robert Solow won his for macroeconomic growth theory; the prize was awarded for Lawrence Klein for econometric analysis of economic fluctuations; Joseph Stiglitz (with George Akerlof, and Micheal Spence) won his for asymmetric information; and Clive Granger (with Robert Engle) was awarded the prize for time-series econometrics. None of them are labor economists, however, that still does not disqualify them from making sound policy advice. Besides, it’s not the case that economists always favor purely free market principles. Besides, there is still an empirical debate whether there is or is not a large impact of minimum wages on employment.   [...] [...] So in light of this it’s important to remind the areas of research where the aforementioned names won their Nobel prize: Kenneth Arrow (with John Hicks) won his for general economic equilibrium and welfare theory; Robert Solow won his for macroeconomic growth theory; the prize was awarded for Lawrence Klein for econometric analysis of economic fluctuations; Joseph Stiglitz (with George Akerlof, and Micheal Spence) won his for asymmetric information; and Clive Granger (with Robert Engle) was awarded the prize for time-series econometrics. None of them are labor economists, however, that still does not disqualify them from making sound policy advice. Besides, it’s not the case that economists always favor purely free market principles. Besides, there is still an empirical debate whether there is or is not a large impact of minimum wages on employment.   [...]

]]> http://organizationsandmarkets.com/2006/10/11/american-economists-not-so-free-market-after-all/#comment-4204 brayden Wed, 11 Oct 2006 20:41:27 +0000 http://organizationsandmarkets.wordpress.com/2006/10/11/american-economists-not-so-free-market-after-all/#comment-4204 Another explanation is that economists and people in other disciplines have different different definitions of "free market supporter." Some of my sociologists friends may argue that a free market supporter is anyone who opposes strong, social democratic policies. Clearly that would not be a definition that most economists (or I) would use. Another explanation is that economists and people in other disciplines have different different definitions of “free market supporter.” Some of my sociologists friends may argue that a free market supporter is anyone who opposes strong, social democratic policies. Clearly that would not be a definition that most economists (or I) would use.

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