2011-10-14

Årets Nobelpris i ... nåja minnesplaketten i Ekonomi


Kommenteras av ekonomiprofessorn Bill Mitchell.

I didn’t comment earlier this week on the recent decision to award the (not)Nobel Prize in Economics to Thomas Sargent. My thoughts were otherwise occupied but it is worth recording that Sargent has been at the centre of the mainstream macroeconomics literature which has been used to justify the claims that government fiscal interventions are ultimately futile and only generate accelerating inflation. His ideas helped my profession to claim authority in its campaign to pressure governments in deregulation, privatisation, inflation targetting and abandoning full employment as a primary policy target. The upshot has been three decades of policy development which really laid the foundations of the current crisis. If Sargent and his cohort had not been so influential the world economy might not have been in the mess that it finds itself in. And … millions might still have their life savings and be gainfully employed. The so-called Nobel Prize in Economics continues to reward those who are culpable.

I covered the event last year – Nobel prize – hardly noble – and noted that the award had nothing to do with Alfred Nobel’s will which wanted prestige to be bestowed on “shall have conferred the greatest benefit on mankind”. Instead, the economic prize was established in 1968 by the ultra-conservative Swedish central bank and the prize is awarded by the Royal Swedish Academy of Sciences.

… Three years after the great financial crisis of 2008 discredited the ruling orthodoxy in macroeconomics and finance, the Royal Swedish Academy of Sciences has chosen to honor one of the leading creators of that orthodoxy: Tom Sargent, of New York University. …

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2 comments:

Jan Wiklund sa...

Etablissemanget var skakat ett tag, och gav priset till en garanterad icke-räknenisse som Elinor Ostrom. Men sen visade det sig att faran var över och business as usual gällde.

Simsalablunder sa...

Det borde sedan länge tagits bort ifrån evenemanget. Obegripligt att de tillåts surfa på Nobel-namnet och de övriga vetenskaperna.

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