Tuesday, October 13, 2009

The Economics Nobel and all that praises

Writing in the Forbes about the newly won Economics Nobel Prize professor Vernon L. Smith is a 2002 Nobel laureate says:

  • “….."property (originally propriety) rights" are about human rights and the challenge of defining them incentive-compatibly for mutual benefit.

There is something terrible wrong with the above statement. As I have been pointing out in this blog that that there is no such thing as ‘human right’ in front of the ‘right to property’ in man’s life. Many scholars have written about it especially Professor Jagdish Bhagwati has also written about it.

The 2005 Nobel Prize winning Professor Thomas C. Schelling says:

  • the selection committee does not need to depart noticeably from economic criteria when it seeks out individuals in other disciplines--perhaps sociology or philosophy, as well as psychology and political science--who make pioneering contributions to what the National Bank of Sweden calls the "economic sciences." (Maybe the plural has proved useful.)

Also read

Why Elinor Ostrom Matters

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