Posted on 10/11/2010 8:11:58 AM PDT by SupplySider
STOCKHOLM—American Peter Diamond and Dale Mortensen and British-Cypriot Christopher Pissarides won the 2010 Nobel Prize in Economics on Monday "for their analysis of markets with search frictions," the Royal Swedish Academy of Sciences said.
The three laureates have developed a theoretical framework to examine how buyers and sellers look for each other in a marketplace and how the time and resources needed for this search can create friction resulting in some buyers or sellers failing to achieve their goals.
The framework seeks to explain, for example, why there are so many people unemployed at the same time as there are a large number of job openings.
(Excerpt) Read more at online.wsj.com ...
I haven't read the recipients' work. It may be quite worthy. I think my skepticism about this award is more than justified, though.
It’s not worthy...He co-authored earlier crap with Orzag. He’s an Orzag clone.
The prestige of this award is less than zero ever since the Economic Illiterate Paul Krugman won it.
I see this as showing that Orzag’s departure had nothing to do with his ideas or his inability to creating functional, actionable solutions...
It’s the bus treatment, because “The Cause” of “The One” needed a scapegoat. Nothing more. Nothing less.
Otherwise, why replace Orzag with an Orzag clone and continue to look for Orzag clones to recruit to fill these high-level positions.
It is somewhat ironic to me but cycling through all these people is also doing damage to “The Cause” “The One” supports most...But I won’t tell him that.
Let him learn that on his own.
Meanwhile, he puts forth another idget for circus of entertainment and does absolutely nothing to address the real issues at hand.
Thanks, Zero.
I thought Obama might win the Nobel economics prize this year, as a tribute to Obamanomics and Porkulus, etc. (sarcasm)
Seriously, the Nobel committee is a laughingstock and a joke due to Obama winning the peace prize last year. There are going to be doubts about any award from them, because of doubts about the criteria they use.
For example, last year’s nominations for the award given Obama in October ‘09 were due by Feb. 1, 2009. So somebody in the Nobel committee decided that Obama was deserving of the award after being president for exactly 11 days.
The short answer is politics. The Nobel committee thought it would be cool to give Obama the peace prize in spite of having achieved nothing to warrant it.
And the talk-show callers who defended Obama's award repeatedly referred to it as the "Noble Peace Prize" (I won't say to which ethnic group they belonged)...
All is clear.
Giving the Peace Prize to Obama was just another chance for the Norwegian leftists on the committee to say, “We hate George W. Bush.” That’s the main reason Carter got the prize in 2002.
You know, little things like family ties, lack of cash for moving, an upside down mortgage, no long-term commitment on the part of prospective employers...
That sort of thing.
Nobel should have established an astrology prize.
It would have increased the credibility of the award.
No—I am not kidding.
Only if the recipient is decided by ouiga board.
It might work, really... ;-)
It’s like giving the Heisman trophy to all college football players before the season started. I remember the Nobel Peace Prize was for science than it got hijacked by leftists. I bet Alfred Nobel is reeling in his grave.
After Krugman you know it is a dubious honor, though the money is nice.
I hear that! Leftist have the knack for taking over Foundations. I think that comes from them being grifting leaches. I bet Henry Ford wouldn't be happy about the Ford Foundation either.
You’ve been robbed! Each of those guys should send you their share!
LOL! Actually, that might be true.
BTW, the provisional application for that patent sits 18 months in front of Franklin Raines' carbon trading patent as originally filed by Bartels.
...Larry, Curly and Moe?
Krugman won the prize deservedly for excellent theoretical work. Then he went insane. What he writes in the NY times has nothing to do with the professional work for which he won the prize.
Sanity is not divisible. Keynesians are nuts.
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