Nobel Economist: Now Is No Time to Give Up on Markets

Re:Nobel Economist: Now Is No Time to Give Up on Markets by kiba on Monday March 23, 2009 @07:19PM (#529385)

Meh. The Nobel prize for economics is bogus when they rewarded people from different school of economics with opposite view on how the economy work in many respect.

Hayek got rewarded for his work on ABCT theory and the recent nobel prize winner Paul Kugman basically disagree with ABCT.

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Re:Nobel Economist: Now Is No Time to Give Up on Markets by CWuestefeld on Monday March 23, 2009 @09:28PM (#529535)

I don't think Hayek's prize was due to his work on the Business Cycle. It was primarily for demonstrating how market pricing serves as a communication mechanism allowing an emergent system, a distributed "cloud" (in today's terminology), to efficiently allocate goods. (of course these concepts are interrelated)

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Re:Nobel Economist: Now Is No Time to Give Up on Markets by quizbiz on Monday March 23, 2009 @09:25PM (#529529)

Some of what Einstein said goes completely against what Newton said. They were both geniuses.

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Re:Nobel Economist: Now Is No Time to Give Up on Markets by ellyagg on Tuesday March 24, 2009 @12:34AM (#529713)

If Newton were to meet Einstein, he'd accept Einstein's adjustments after a few hours (days?). If Hayek were to meet Krugman, they'd be ruthlessly arguing months later.

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