Friday, October 7, 2011
The 2011 Nobel Memorial Prize in Economics
This coming Monday, the Bank of Sweden will award the 2011 Nobel Memorial Prize in Economics. As always, I am hoping (almost without hope at this point) for Janos Kornai, who made fundamental (and immensely useful) contributions to our understanding of why socialist economic systems are doomed to failure, with his conceptions of "the shortage economy" and "soft-budget constraints." I would also be happy to see an award to Marty Weitzman, perhaps with William Nordhaus, for important contributions to environmental economics. You can see a list of favorites here (pursuant to an algorithm Thompson Reuters developed, which is based on factors including predictor prizes and citation counts).