Nobel rewards irrational economic thinking

By Edward Hadas
October 10, 2011

The winners suffer from academic economists’ usual imbalance: simplistic assumptions and complicated equations. It would be nice if the prestigious prize recognised some members of the unconventional minority.

Nobel endowment deserves prize for realism

June 12, 2012

Laureates will get 20 pct less this year - about $1.1 mln each - because the Nobel Foundation board wants to live within its long-term means. That’s a shame for the brainboxes. But governments, pension funds and individuals could all learn from this pragmatic approach.

Nobel economics prize a welcome nod to match-makers

By Guest Contributor
October 16, 2012

Americans Alvin Roth and Lloyd Shapley won the 2012 Nobel prize for economics for their research on efficient match-making. It shouldn’t come as a shock. Unlike sexier fields like finance, successful matching can claim it fixes systems - and even saves lives.

Split Nobel prize shows bubbles are worth watching

October 14, 2013

Eugene Fama trusts markets’ efficiency, Robert Shiller disputes it. They share the Nobel prize in economics with Lars Peter Hansen, who enhanced the methodology. The Academy clearly chose to reward research itself - not the findings. In the real world, bubbles will keep bursting.

Dynamite the Nobel prize in economics

October 9, 2009

Those awarding the Nobel medal for economics have a long history of endorsing ideas that are useless, incorrect and even dangerous. With the latest winner of the $1.4 million windfall due to be named on Monday, the case is stronger than ever for scrapping the prize altogether.