-------------------------------------------------------------------------------------------------------------------------
UPDATE - The result is in: Apparently, the prize goes to the Erbsenzähler (literally: pea counters; bean counters, nit-pickers). Some media outlets are excited because they think the award honours scientists dealing with yet a range of supposedly ubiquitous market failures. However, Peter G. Klein puts the matter sensibly in perspective in this insightful post at The Circle Bastiat.
I suppose, this year's choice of winners only goes to underscore the gist of Peter Schiff's point in his below video:
End of UPDATE
-------------------------------------------------------------------------------------------------------------------------
The inestimable Peter Schiff reveals a huge slice of truth about the academic establishment in economics:
Anyone in a mood for some weekend reading on economists and their noble flashes of wit, find below a number of starting points:
Though an ordinary mortal and not at all a noteworthy economist, for some awkward reason, I have met in person a number of Nobel prize winning economists and even collaborated with one (Merton H. Miller) -- Solow, Sen, Scholes, Miller and Modigliani.
If the politically not so terribly correct stand a chance, my tip for Monday, when the new winners will be announced: Armen Alchian, Stephen Ross, and Gordon Tullock. Perhaps Harold Demsetz. And for a daring guess: Deepak Lal.
Of all winners, for the purposes of my own intellectual progress, these are the ones that have been particularly influential:
Friedrich August von Hayek (1974), Sir Arthur Lewis (1979), James M. Buchanan (1986), Ronald H. Coase (1991), Douglass C. North (1993), and to a lesser degree: Vernon L. Smith (2002), Elinor Ostrom and Oliver E. Williamson (2009).
Comments