When evaluating an economist’s contributions, a useful heuristic is to imagine a world where that economist never developed the ideas for which he or she is known. Without Tirole, we would understand less about the strategic interaction between firms and regulators, especially in environments of asymmetric information. Without Kirzner (or Alchian, or Tullock, etc.) we would understand less *about how social institutions, including but not limited to markets, work on a fundamental level.* I’m obviously biased, but it seems to me the Nobel committee’s priorities are a bit strange.
Posted on: Mon, 13 Oct 2014 13:54:07 +0000
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