Hearty congratulations to Gene Fama, Lars Peter Hansen, and Robert Shiller, who won the Economics Nobel today for Trendspotting in Asset Markets (for changing our understanding of asset prices) I predict that they will have an exciting and busy year.
Others will write more expertly than I about their work on asset prices, and about finance and behavioral finance. And journalists will be glad to have economics laureates who do something that journalists and the public think that economists do (in contrast to last year's laureates who did something further from the popular conception of economics).
Let me just add a handclap or two by pointing out that Shiller is also a market designer: I've always admired his 1993 Clarendon lectures, Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks. (Here's my brief 2009 post on that...)
Others will write more expertly than I about their work on asset prices, and about finance and behavioral finance. And journalists will be glad to have economics laureates who do something that journalists and the public think that economists do (in contrast to last year's laureates who did something further from the popular conception of economics).
Let me just add a handclap or two by pointing out that Shiller is also a market designer: I've always admired his 1993 Clarendon lectures, Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks. (Here's my brief 2009 post on that...)
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