Nobel Prize

  “This year’s laureates in the economic sciences, Robert E. Hall and Michael Woodford, have developed new macroeconomic models that have significantly improved our ability to implement effective stabilization policy. On the basis of these models, well-timed fiscal and monetary policy measures can reduce the economy’s peaks and troughs”. Announcement of Sveriges Riksbank Prize in […]

  Rather unusually, the Nobel Prize in Economic Sciences was awarded yesterday in equal parts to three professors living in the USA: Daron Acemoglu (MIT), his colleague Simon Johnson (MIT) and James A. Robinson from the University of Chicago. This honorable and prestigious award was given to them for their research into the institutions that […]

  People respond to incentives, not to mandates or regulations. Gary S. Becker   Take Away While Paul A. Samuelson (Nobel Prize 1970), Milton Friedman (Nobel Prize 1976), or George Stigler (Nobel Prize 1982) probably exercised a greater sway on practical economic policy, Gary Becker expanded the scope of economics as a science like no […]