Comments on: Dynamite the Nobel prize in economics http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/ Mon, 26 Sep 2016 03:26:00 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Rob Boston http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-527 Mon, 19 Oct 2009 14:36:27 +0000 http://blogs.reuters.com/columns/?p=620#comment-527 What an intriguing article. This Nobel obsession certainly can lend unwarranted weight, or at the very least confuse the true intent of certain works and market interpretations. It appears that many continue to search for easy answers to complex problems.

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By: Collin Hughes http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-374 Tue, 13 Oct 2009 17:32:06 +0000 http://blogs.reuters.com/columns/?p=620#comment-374 I think Christopher Swann should win the Nobel Prize for Sexy

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By: hutch http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-330 Sat, 10 Oct 2009 19:10:55 +0000 http://blogs.reuters.com/columns/?p=620#comment-330 i’m sorry if someone else posted this already (i haven’t read all of the comments), but does anyone else think its funny this guy uses a quote from hayek ultimately opposed to intervention in the market AGAINST gary becker who is also opposed to intervention? either you have to say economics is unable to predict what happened, meaning economists don’t fully understand just how dynamic the market can be, and therefore they/politicians/government shouldn’t try to intervene OR economists do know the economy well enough to intervene without causing problems. you can’t say both. considering how much government intervenes and how often things get screwed up in some way or other, i think hayek and becker seem to know what they’re talking about.

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By: owen http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-314 Sat, 10 Oct 2009 08:40:37 +0000 http://blogs.reuters.com/columns/?p=620#comment-314 Hey NoName,
You seem smart too, but you’re sorely wanting for real data. the whole economic system is a Ponzi Scheme. Listen son, does Greenspan understand the effect he’ll have on the dollar when he travels to Saudi Arabia instructing foreign governments to dump the dollar? What would you think if you were an investor hearing Greenspan speak? Would you loose confidence in savings? Would you buy up commodities after that speech, invest a little more in China maybe? Do you think it’s fine that the Federal Reserve has never been audited, that they have easy access to the Treasury? And is it understandable that the Federal Reserve has authorized 23 trillion dollars to fly out of the Treasury to revalue toxic derivatives? Is that all just missing the mark? Hard to hit that target? Hard to forecast that stuff hey? Not for me, as soon as you get that some people out there have the keys to your vault and they’re not good and honest like you are, as soon as you get that they love to help out their friends and hand you the bill? Soon as you understand what economics really is, you’ll find it much easier to predict the future. NoName, people profit from collapsing economies. Is it so hard to believe that these same people would work hard to make their profits materialize? Really?

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By: owen http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-313 Sat, 10 Oct 2009 08:22:30 +0000 http://blogs.reuters.com/columns/?p=620#comment-313 The Nobel prize is funny. Henry Kissinger won one for peace, Obama just won one for peace. Sigh. It’s a game-show. Economists under the umbrella of financial companies, insurance agencies, hedge fund managers etc are real economists. And apparently we’re out of our recession, I guess banks are lending to each other again! It’s funny. Derivatives must have evaporated and 600 trillion dollars, in back room betting, have somehow found themselves on the books. It’s hysterical. Look, the dollar is under attack, and the worlds economies are being consolidated by the same guys who’ve grown fat from short-selling. So there you have it. I don’t need a degree in economy to know what up. This Prize is far from credible. It’s closer to satire.

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By: Econ MA http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-312 Sat, 10 Oct 2009 07:47:38 +0000 http://blogs.reuters.com/columns/?p=620#comment-312 Economists have pretty bright ideas, but they work only in a more ideal (close to mathematically ideal) kind of reality, from which the current economic environment is veeery veeeeery far. Poorly implemented regulation and deregulation, hidden interests and unorthodox business practices, government and corporate unclear ties lead to a very disorderly and discretionary economic environment that is but very hard to predict and surely far from what a truly competitive environment should be.

Maybe economics as a science needs to take all of the above into account and stop confining itself to macro numbers like gdp, unemployment rate, inflation and so on. Taking into account the imperfections in the system described above can lead to much more accurate predictions.

Don’t blame it on the economists though – they don’t run the system. Without some of them (e.g. Bernanke) the situation could have been much worse.

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By: Tim http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-311 Sat, 10 Oct 2009 07:34:00 +0000 http://blogs.reuters.com/columns/?p=620#comment-311 Hi Chris Swann
The problem in market Economy is trade and balance.It is very complex algorithm than common man predict with maths and calculator of curves.it adjust with rain,flood,stroms and earth quake and tornados and hurricanes(New Orleans).Value of Economy also depends on GeoPolitical shifts.Now you are clever and you can make your guess.Ofcourse you are right …it needs a development and further research.The present scenerio in economy is not of any fault or failure…it is just vacuum due to missing in data and high manipulation(lies bu national interest groups).You ask University of Michigan for more details.Also you can approach Mr.Trichet or Alan Greenspan.I think Mr.Ben(Benjamin) Shalom Bernanke is trying with lot of hopes and trying to make US feel better…it is a hard job….even another hurricane default his efforts in 2009.
He does with considering business men of high class only,he doesnot know what to do with small industries than big Fennie Mae or Fredi mac.Small firms in Bronx,NY and in Syracuse ,NY and Colorado and Detroit auto suppliers….he has no finance and final decision…of course he forgot NASA too.

Thank you
Timothy VN

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By: subir http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-310 Sat, 10 Oct 2009 07:18:00 +0000 http://blogs.reuters.com/columns/?p=620#comment-310 Before stating on economics and economicst understand the theory it stand upon,fabricated statistics can’t perform a standard requirement of a policy where by a system or a countries future is ASSESSED.so CHANGE IT TO CHANGE A SYSTEMETIC APPROCH FOR CENTRIC DEVELOPMENT OF THE WORLD CAN DESOLVE THE MAN MADE CRISIS.

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By: Frank http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-309 Sat, 10 Oct 2009 07:02:19 +0000 http://blogs.reuters.com/columns/?p=620#comment-309 What about Nobel-laureate Paul Krugman? He’s a pretty level-headed guy, who actually says a lot of the things you’re saying in this essay

http://www.nytimes.com/2009/09/06/magazi ne/06Economic-t.html

I think it’s fair to say that not every nobel laureate in any category has been completely deserving, but to say that the prize doesn’t have the ability to recognize talent or true intellect is going a bit too far.

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By: Asim http://blogs.reuters.com/breakingviews/2009/10/09/dynamite-the-nobel-prize-in-economics/comment-page-1/#comment-307 Sat, 10 Oct 2009 06:03:16 +0000 http://blogs.reuters.com/columns/?p=620#comment-307 Mr. Chros, you present a unique view on the misappropriateness of Nobel prize in ecoomics; you certainly seem miss out some relevent details. Its the dynamics of the markets, the everchanging expetations and behaviours of individuals – economic agents, and perpetually increasing complexity of financial markets that is contributed more to financial crisis and meltdowns, far more than the theories of the laureates.

Models awarded by the Nobel have changed the way economics is applied in policy matters, provided us with vital theories such as the Nash Equilibrium, or Krugman’s works on trade theory – which have significantly contributed to increase the global wealth and provide new avenues of business and policy.

In agreement with Stefen, renaming the prize to Applied Mathematics Nobel would address your concerns to a great deal.

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