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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 06:57 AM
Original message
Nobel prize for economics awarded to two Americans
Source: BBC News

American academics Thomas Sargent and Christopher Sims have won the 2011 Nobel economics prize.

The Royal Swedish Academy of Sciences cited "their empirical research on cause and effect in the macroeconomy".

They had studied how economic policy such as raising interest rates or cutting taxes affects macroeconomic variables such as GDP and inflation.

The award's official name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Read more: http://www.bbc.co.uk/news/business-15241454



It had been expected to go to Greece. :rofl:
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LonePirate Donating Member (898 posts) Send PM | Profile | Ignore Mon Oct-10-11 07:03 AM
Response to Original message
1. I hope they have no aspirations to serve on the Fed since the Rs now consider them to be unqualified
Congratulations are due for their win, though.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 07:25 AM
Response to Reply #1
2. I concur
It's shameful, isn't it? Maybe if they'd gone to Bible school, and researched the economics of Bible Theme Parks:

http://www.huffingtonpost.com/2011/01/10/kentucky-ark-e...
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n2doc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 07:44 AM
Response to Reply #2
3. Those are quite simple
They always lose money, but do well when heavily subsidized by the Taxpayers.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 08:18 AM
Response to Reply #3
5. Yes, but they need some kind of "expert" to make the case to the state gov
Edited on Mon Oct-10-11 08:19 AM by Demeter
to support their claims of "job creation" if nothing else...


The resulting study could be called "Job Creationism" and sell lots of books to Libertarians...
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-11-11 02:16 AM
Response to Reply #2
12. Biblical economics: Don't start something unless you know what it will
Edited on Tue Oct-11-11 02:38 AM by No Elephants
cost and how you are going to pay for it.

Lenders should not charge usurious interest rates or be merciless.

Give and it shall be given unto you.



I think I can get behind all of those.
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izquierdista Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 07:46 AM
Response to Original message
4. It's not the Nobel Prize
It's a bank prize "in Memory of Alfred Nobel", and NOT one of the prizes set up in his will. Why does it make a difference? Because the Swedish banking establishment needed a name to lend respect to their prize set up to promote capitalism and honor its the main exponents. Has a Marxist economist ever won the prize? I rest my case.
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n2doc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 08:34 AM
Response to Reply #4
6. Paul Krugman won!
(Just kidding!)
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Jackpine Radical Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 09:57 AM
Response to Reply #4
8. I didn't know this, and suddenly I understand various things--
like how Milton Friedman got it.

But it does make Stiglitz & Krugman's awards a little more difficult to understand. Maybe Swedish bankers are "enlightened" capitalists or something.
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izquierdista Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 04:22 PM
Response to Reply #8
10. Stiglitz and Krugman still stay within the norms
If and when Richard Wolff wins it, then we can begin to believe Marxist economic analysis is respectable.
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Blue_Tires Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-11-11 01:09 PM
Response to Reply #4
13. +1
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Larry Ogg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 09:17 AM
Response to Original message
7. The angle of the dangle is proportional to the heat of the meat time the mass of the taxpayers ass.
There, I figured it out...

So where's my Nobel fucking prize?

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Kurska Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-10-11 10:03 AM
Response to Original message
9. If you're so smart why aren't you rich? n/t
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Fool Count Donating Member (878 posts) Send PM | Profile | Ignore Mon Oct-10-11 07:42 PM
Response to Original message
11. What's that with only Americans getting those awards?
Is that because no one else in the world considers the economics a real science and bothers to do any "research" in it?
Kinda like if a Nobel were awarded in college football only Americans would ever win it.
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