tag:blogger.com,1999:blog-4900303239154048192.post4530919406347824588..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Why I Forecast that Krugman Would Not Get the Economics Nobel PrizeUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4900303239154048192.post-61765636514443619532008-10-13T22:36:00.000-04:002008-10-13T22:36:00.000-04:00I propose that those who want to trash Krugman and...I propose that those who want to trash Krugman and claim that the decision was political should explain themselves and show some knowledge of Krugman's academic work. <BR/><BR/>------------------<BR/><BR/>ages<BR/><BR/><A HREF="http://www.drivenwide.com" REL="nofollow">Internet Marketing</A>Unknownhttps://www.blogger.com/profile/13719249124306947469noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-75280052055293132102008-10-13T16:31:00.000-04:002008-10-13T16:31:00.000-04:00"It is interesting that most awards in economics a..."It is interesting that most awards in economics are given for the creation of models"<BR/><BR/>Not really. Well, maybe if by 'most' you mean a bit more than 50%.<BR/>Off the top of my head, you got your first Nobel prize going to empirical people like Frisch and Tinbergen. Leontief did both models and empirics and got the prize for input/output analysis which is also about how to measure empirical stuff. The economic history Nobel for Fogel and North was also based on empirical research. Kahneman did psychological experiments as well as develop models. V Smith did experiments. Engle and Granger devised new, better ways of measuring stuff (though I guess you could call some of this 'models'). Same with Heckman and McFadden. Out of the rest, most did probably both models and empirics, like Phelps or Sen, or the finance folks.<BR/><BR/>For a list of "pure theorists" you'd have Aumann and Schelling, Arrow, Samuelson, Debreau, Allais, Nash, Harsanyi, Selten, Lucas (along with Krugman, sort of theorists), Simon, and a few others.YouNotSneaky!https://www.blogger.com/profile/06378267534638281151noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-11987824811175805572008-10-13T15:35:00.000-04:002008-10-13T15:35:00.000-04:00It is interesting that most awards in economics ar...It is interesting that most awards in economics are given for the creation of models, while in physics theoretical physicists hardly ever win.<BR/><BR/>The Nobel academy has been burned a few times in the past when it gave an award to a theory which later proved to be false, so they prefer easy to verify activities like the discovery of some new effect or the creation of a device (like the transistor or laser).<BR/><BR/>Of course, if we waited for economic theories to be verified by actual data before giving out an award, as is the case in physics, then they would have to give up the prize altogether...<BR/><BR/>Personally, I consider it akin to the Oscars - an insider industry award without any input from truly independent judges.<BR/><BR/>However, it does allow economics to pretend to be a hard science even if the award is only a "Nobel".Robert D Feinmanhttps://www.blogger.com/profile/11811511835460945217noreply@blogger.com