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Nobel Prize in Economics

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Nobel Prize in Economics [#permalink] New post 15 Oct 2007, 06:07
Leonid Hurwicz - University of Minnesota
Eric Maskin - Princeton's Institute for Advance Study
Roger Myerson - University of Chicago

They received for "having laid the foundations of mechanism design theory".

Now the link:
http://nobelprize.org/nobel_prizes/econ ... index.html

Last edited by kwam on 15 Oct 2007, 10:53, edited 1 time in total.
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 [#permalink] New post 15 Oct 2007, 09:54
Mathematicians' invasion of economics is complete, sad but true
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 [#permalink] New post 15 Oct 2007, 21:20
filmcity wrote:
Mathematicians' invasion of economics is complete, sad but true

Why sad? Evolution.
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 [#permalink] New post 15 Oct 2007, 22:18
R.E.D. wrote:
filmcity wrote:
Mathematicians' invasion of economics is complete, sad but true

Why sad? Evolution.


sad because, after a few years we won't understand economics much ;)
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 [#permalink] New post 15 Oct 2007, 22:32
dunno why......but I think ten or twenty years down the line, ppl getting Nobel prizes would be for Simplifying Theories........not only in Eco, but also in Physics

btw.......do you the reason that the grapevine attributes for there being no nobel for Maths - they say that while big man Alfred was blowing mountains to smitherines, some Mathematician was blowing his wifes mind to bits........so when he instituted his award, he said everybody can get a piece of the pie, but not those casanova mathematicians ;)
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 [#permalink] New post 16 Oct 2007, 00:16
R.E.D. wrote:
filmcity wrote:
Mathematicians' invasion of economics is complete, sad but true

Why sad? Evolution.


The problem is that, theories are getting more and more esoteric with every passing day and this mathematicians turned economists are building most complex models with assumptions far removed from reality...

Keynes was a mathematician, but he rarely used mathematics in his papers ( but o'course it was loong ago)..

I do not have any problem against usage of maths in economics, actually maths makes things simpler ( I still remember how difficult undergrad level economics books in economics because they rarely use calculus and spend two pages explaining things and doing no good job of it, which can be taken care by simple differential equations)..
But problem starts when it is only mathematics with little economics

Once I read an interview of Clower, where he said now the field is full with applied maths guys who find it difficult to contribute to theoratical maths so shift to economics.
  [#permalink] 16 Oct 2007, 00:16
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