Professor Ajay Shah has good piece on this years Nobel Prize winners in Economics. He starts with the following para:
- The Economics Nobel Prize has been shared by Eugene Fama, Robert Shiller andLars Peter Hansen. Their work ranges from the foundations of modern finance (Fama) to defects in the mainstream models (Fama and Shiller) and improvements in statistical methodology (Fama and Hansen).
However, I really wonder what is the science in it in the stock market prices to give such a huge credit? Its just any other analysis in my view, though they all might have used well thought out innovative ways to look at it. I fear there must come time to give such a huge credit to the works of mass movements of social developmental works especially in the developing economies. The dynamic forces like the NGOs dilutes the State as well as the market forces which would in the long run create huge problems in the society.
Probably, its worth to read this interesting article on Shiller's recent book.
Mint has some interesting observations:
- This year’s Nobel shows the economics discipline in all its frustrating, admirable splendour. With apologies to ’s jaundiced view of economists, it’s only a matter of time before the joke starts making the rounds: Did you hear about the two economists who couldn’t agree on how markets work? Yeah, they won a Nobel for it.