Paul Krugman wins Nobel price in Economics

I haven't taken Luskin seriously in years.

But then again, I haven't read Luskin in years. Should I not take him seriously because he isn't a Nobel prize winner?

Hi thomas. Nice to see you. I've thought about you over the last four weeks or so and then, of course, when the news came out this morning that the america-hating marxist was awarded the Nobel. First Manhattan, then Berlin.

Hi Thomas. The Swedish Academy of Sciences does not give "Peace Prizes", so you can't compare Krugman's Nobel prize to Al Gore's - you knew that, I'm sure.

And yes, a number of very conservative economists have won the Nobel prize for economics over the years: 2 of the more outstanding are Milton Friedman and Robert Mundell.

Bernie - he's nothing of the sort! You were joking, I'm sure. Nice to see you're back online, love to you and family (including kittycats, also loved by Krugman).

High Seas, What the conservatives do not understand about economics is simply that all those who disagreed with Krugman on one issue doesn't make Krugman's opinions any more less valuable. What I'd like to see are those who disagreed with Krugman show all of their prognostications about the future economy were spot on? No economist can predict the economic future 100% of the time; none.

hi gorgeous

I've been listening to conservative talk radio and they've convinced me of those charges. Thomas isn't a marxist of course but he is an evil german.

Nah, ya Dummkopf, the latest laureate went to the same school I did at the same time, so at least I can vouch for the fact he knows mathematics. His subsequent political views (subsequent to collecting consulting fees from Enron, inter alia, for writing their risk management computer models) are of course his own.

To sum up this post, since you seem to distracted to read it in its entirety:
So OK, I love you too

2007 - Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson
2006 - Edmund S. Phelps
2005 - Robert J. Aumann, Thomas C. Schelling
2004 - Finn E. Kydland, Edward C. Prescott
2003 - Robert F. Engle III, Clive W.J. Granger
2002 - Daniel Kahneman, Vernon L. Smith
2001 - George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz
2000 - James J. Heckman, Daniel L. McFadden
1999 - Robert A. Mundell

The last "far left nut" winner (taking for granted that not being mainstream is being "far left nutty") was Amartya Sen (1998)

And the list goes on:

1997 - Robert C. Merton, Myron S. Scholes
1996 - James A. Mirrlees, William Vickrey
1995 - Robert E. Lucas Jr.
1994 - John C. Harsanyi, John F. Nash Jr., Reinhard Selten
1993 - Robert W. Fogel, Douglass C. North
1992 - Gary S. Becker
1991 - Ronald H. Coase
1990 - Harry M. Markowitz, Merton H. Miller, William F. Sharpe
1989 - Trygve Haavelmo
1988 - Maurice Allais
1987 - Robert M. Solow
1986 - James M. Buchanan Jr.

(Franco Modigliani won the prize in 1985, he's as "far left nut" as Thomas)

Let's keep on:

1984 - Richard Stone
1983 - Gerard Debreu
1982 - George J. Stigler
1981 - James Tobin
1980 - Lawrence R. Klein

(in 1979 the prize was awarded to Theodore Shultz and Sir W. Arthur Lewis; Sir Lewis was very much into strategies for developing countries, so he can be counted as a "far left nut" according to the used criteria)

1978 - Herbert A. Simon
1977 - Bertil Ohlin, James E. Meade
1976 - Milton Friedman

(1975: Leonid Vitaliyevich Kantorovich, Tjalling C. Koopmans: Kantorovich was a Soviet, so we can be automatic on that; Koopmans, a Dutch, more of a "far left nut", then -;
1974: Gunnar Myrdal (left wing alright) AND Friedrich August Von Hayek (a "far right nut" on all counts
1973: Wassily Leontieff: strictly technical and very useful stuff, but he was a Soviet, so let's put him in the basket)

1972 - John R. Hicks, Kenneth J. Arrow
1971 - Simon Kuznets
1970 - Paul A. Samuelson

(One can argue about Arrow; the rest are strictly orthodox)
(1969: Ragmar Frisch & Jan Tinbergen: a case similar to Leontieff's, their sin being German and Dutch during the welfare State years).

Sooo... according to this data -and counting Krugman as left wing- we have 50 orthodox or right wing thinkers, 4-5 technical economists from the wrong countries and times, and about 4-5 economists who can be labeled on the left.

Weirdly enough, I do feel kind of leftish these days for defending economic policies similar to the ones Milton Friedman exposes in Capitalism and Freedom. The Earned Income Tax Credit is a direct descendant of his negative income tax, which he proposes in this book as an alternative to the minimum wage. In 1959, when Friedman wrote the book, that was considered right-wingnutty. Yet today, I feel distinctly liberal for wanting to expand the EITC. Maybe I should own up to the fact that I'm a far-left-nut in America, and wear the badge with pride.

FBaezer - rest assured that Foxfyre is perfectly capable of getting a list of recipients of Nobel prizes in economics.

The only real, real, lefty on that list is Amartya Sen, as you noted.

Don't know where you get your info on Franco Modigliani, he must be turning in his grave at the current monetary mess - and he would be the first to tell you that free markets didn't cause it. Larry Klein and Ken Arrow both lived through the Great Depression, and neither would compare the recession we're in with that time period, which was only cured by massive government spending during WWII, not by anything Morgenthau put together. Bob Mundell was born in 1932, the worst year in that disaster, but he's the son of a Canadian military officer, so things were different for him.

I really think Foxfyre was misled by a comparison someone made earlier on this thread of the "Nobel prize" awarded to Al Gore (a purely political prize which does usually get awarded to lefties) and the prizes awarded to the scientists, including economists, which actually requires merit in some scientific discipline.

thomas

This is for you...

A whole lot of comments without much support except what "might" happen in the future.

I'm sure Foxfyre knows like anyone else that the Nobel Prizes are awarded in Peace, Literature, Chemistry, Medicine, and Physics.
In economics, it's not a 'Nobel Prize' (thoughthe nomination process, selection criteria, and awards presentation are conducted in a manner similar to the Nobel Prizes) but "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel".

Yes. That's the point of blatham's article.

So true, Squinney. His writing and oral explanations are understandable, although he never goes into detail, which is just as well for the general public.

I wonder how much jealousy exists in the world of economics. The article posted by Farmerman suggests jealousy plays a major role.

I know. And it wasn't my comparison. (Sorry for missing your posts earlier.)

Wrong, Walter, on the "peace" prize which you lumped with the science prizes.

It' s surprising to me that you wouldn't at least know the "peace" prize isn't awarded by a science academy at all.

No prob, Thomas, tks for the clarification which may also be of use to Walter, uncharacteristically not being as methodical as is his wont

Cicerone - how does your esteemed lady STAND you? What on earth do you MEAN by asking what MIGHT happen in the future and think that's a CRITICISM of any author??? You know any prophets, let us please have their contact information.

Between now and then, though, if Mrs Cicerone completely loses patience with you, picks up a heavy pot, and just plain brains you, lots of us here on A2K will show up to testify at court proceedings in the lady's favor, and by no means will we all be conservative Republicans

That's the reason why she lets me travel to my heart's content. And, I even agree with about about the heavy pot.

My only profit resides in the grey matter of my brain. Sorry.