Last year there were some interesting selections: Elinor Ostrom, a political scientist, and Oliver Williamson, a contributor to one of the most important fields outside of mainstream economics. It was as if the Nobel committee was acknowledging the failures of neoclassicism in light of the Great Recession. This year could be a tossup. Should the committee continue to humble mainstream economics by selecting the likes of Kevin Murphy and Alberto Alesina or accept mainstream economist's apology by sharing the prize between John Moore and Nobuhiro Kiyotaki for their work on economic shocks? Personally, I'd like to see Murphy win as Alesina seems too libertarian and Moore and Kiyotaki focus on credit restrictions which has already been done by Stiglitz and restrictions weren’t the problem at all with the recent housing crisis.
Last year there were some interesting selections: Elinor Ostrom, a political scientist, and Oliver Williamson, a contributor to one of the most important fields outside of mainstream economics. It was as if the Nobel committee was acknowledging the failures of neoclassicism in light of the Great Recession. This year could be a tossup. Should the committee continue to humble mainstream economics by selecting the likes of Kevin Murphy and Alberto Alesina or accept mainstream economist's apology by sharing the prize between John Moore and Nobuhiro Kiyotaki for their work on economic shocks? Personally, I'd like to see Murphy win as Alesina seems too libertarian and Moore and Kiyotaki focus on credit restrictions which has already been done by Stiglitz and restrictions weren’t the problem at all with the recent housing crisis.
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