A Nobel for Organizational Economics?
| Peter Klein |
The econo-blogosphere is atwitter in anticipation of Monday’s Nobel Prize announcement. (Yes, I know it’s the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, not a “real” Nobel, but who cares? The money spends just the same.) Mankiw, Cowen, Boettke, and other bloggers have made their recommendations and issued their forecasts. Even the sociologists are getting into the act.
How about a prize for organizational economics? Coase, of course, whose 1937 paper is foundational to the field, has already won, as have Akerlof, Spence, Stiglitz, Mirrlees, Vickrey, Hayek, and others whose work has greatly informed the study of organizations. But, for a prize recognizing organizational economics per se, whom would you pick? Williamson, Holmström, Milgrom, Roberts, Hart, Tirole, Aghion? Perhaps Alchian, Demsetz, or Jensen. Maybe a personnel economist (Lazear) or someone in corporate finance or accounting (Bill Schwert, Stewart Myers, René Stulz, Raghuram Rajan, Cliff Smith, Milton Harris, Artur Raviv)? Suggestions?