Paul Krugman wins the Nobel prize for Economics

[pelagius]

Originally Posted by il Padrino Ute

Fair enough.

I was just under the assumption that science was supposed to be the primary reason for winning a Nobel Prize, rather than politics. Economics is a science with which I'm not very familiar, so perhaps he really is deserving of that prize.

I just like to taint things like that with my own view. It makes me feel better, ya know?

See, that's where you went wrong, thinking it was a science.

Krugman probaby benefited from the larger political landscape. No doubt the Swedes liked his politics. However, he didn't win for his recent work. He really doesn't do research anymore. He won for his work in the 80s. This isn't unusual. The prize in economics has always been given for work done 20-30 years ago. By that normal standard he holds up pretty well (his work on internationaal trade really was innovative). The most unusual thing is that he is a little young. Sure, there are some people I think are more deserving (I always want a financial economist to win (econometricians are okay too)) but I don't have a problem with the choice.

[il Padrino Ute]

Originally Posted by pelagius

See, that's where you went wrong, thinking it was a science.

Krugman probaby benefited from the larger political landscape. No doubt the Swedes liked his politics. However, he didn't win for his recent work. He really doesn't do research anymore. He won for his work in the 80s. This isn't unusual. The prize in economics has always been given for work done 20-30 years ago. By that normal standard he holds up pretty well. Sure, they are some people I think are more deserving but I don't have a problem with the choice.

Economics isn't a science?

Hmmmm....

I need to go back to my baseball days when I tried not to think too much, be it in a game, in school or in life. I do better when I react.

[pelagius]

Originally Posted by il Padrino Ute

Economics isn't a science?

Well it, of course, depends on your definition. By some standards we do okay. For example, an important standard is no "real science has the word science in its title." Score one for us.

[Cougar Hunter]

Interesting quote from an article of his from 3 years ago:

I used to live next door to a Russian emigre. One day he asked me to explain something that puzzled him about his new country. "This place seems very rich," he said, "but I never see anyone making anything. How does the country earn its money?"

...

In other words, a fuller answer to my former neighbor would be that these days, Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn't seem like a sustainable lifestyle.

How solid, then, is America's economic recovery? The British have a phrase that applies: "safe as houses." Our economy is as safe as houses. Unfortunately, given current prices and our dependence on foreign lenders, houses aren't safe at all.

http://www.nytimes.com/2005/08/12/op...in&oref=slogin

[MikeWaters]

Boy he is sounding like a prophet, which is sure to be distressing to IPU.

[il Padrino Ute]

Originally Posted by MikeWaters

Boy he is sounding like a prophet, which is sure to be distressing to IPU.

Distressing? No.

Even a blind squirrel finds a nut once in a while.