Nobel Stuff

8 October 2009 at 11:54 am Peter G. Klein 8 comments

| Peter Klein |

Because O&M is an econ-themed blog, I guess we’re obligated to post something about next week’s Nobel prize announcement. I confess I don’t follow the buzz that closely; the committee’s picks often make little sense to me and there are better things to do with one’s time. But, along the lines of this 2007 post, I note that several folks on Mankiw’s list of favorites work in the general area of organizational economics: Tirole, Milgrom, Hart, Holmström, Ostrom, Williamson, and Wilson.

Update: After today’s peace prize announcement, there is an obvious frontrunner: Ben S. Bernanke. Clearly actions and accomplishments don’t matter, only image and self-promoting rhetoric. (See also Mankiw’s take.)

Update II: Nolan McCarty (via Joshua Tucker) has an even more audacious prediction:

Whereas Tirole, Nordhaus, Milgrom, and others have made important and fundamental scholarly contributions to economic theory and policy analysis, only Obama has the audacity to hope for better economic policy in the future. Can he design a health care system that covers everyone and saves money? Yes, he can! Can he reengineer the financial system to eliminate systemic risk, protect consumers while maintaining the benefits of modern finance? Yes, he can! Can he reduce greenhouse emissions without reducing jobs and economic growth? Yes, he can! What actual economist would dare say those things? For his vision alone, he deserves the prize.

Obama has never been associated rational expectations theory or the efficient markets hypothesis. In fact, he’s turned his administration into one big Behavioral Economics Seminar.

I’ve heard rumors that Obama still plans to broker a peace treaty between Paul Krugman and Bob Lucas. Unfortunately, the track 2 negotiations seem to have broken down.

The Scandinavians could really stick it to George Bush by giving Obama two Nobel Prizes.

He taught at the University of Chicago.

Entry filed under: - Klein -, People.

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8 Comments Add your own

1. Per Bylund | 8 October 2009 at 12:36 pm

How about a shared prize in memory of Alfred Nobel awarded to Foss & Klein? It is about time, isn’t it?
2. Peter Klein | 8 October 2009 at 12:58 pm

I think I just found a new, textbook illustration of “influence activities.”
3. Russ Coff | 8 October 2009 at 3:15 pm

I’m thinking that Yoram Bauman is building a worthy record (see his video comments simplifying Mankiw’s principles of Economics book to 10 bullet points ;-). Unfortunately, I will have to miss his presentation at the Atlanta AEA meetings in January.

http://www.standupeconomist.com/
4. libertyfirst | 9 October 2009 at 9:37 am

I don’t understand. Is it necessary for organizational economists to have a surname which ends with on or om? ;)
5. Peter Klein | 9 October 2009 at 9:43 am

I noticed that too. I was expecting Nicolai or Lasse to say that greatness in this field has something to do with Scandinavian ancestry.
6. Cliff Grammich | 9 October 2009 at 5:46 pm

I dunno, Peter . . . I wonder if Obama is wearing his “I Went to Europe for the Olympics and All I Got Was a Nobel Prize” t-shirt . . .
7. Applying the Obama Nobel principle at catallaxyfiles | 11 October 2009 at 5:33 am

[…] Obama could get the economics prize. Afterall he did teach at the University of Chicago. While Peter Klein (at Organizations and Markets) suggests that following Obama’s win that Ben Bernanke should […]
8. More Nobel surprises : Core Economics | 12 October 2009 at 3:49 pm

[…] on the subject (including Milgrom and Roberts famous one or, for that matter, this). (Kudos to Peter Klein though for getting it […]