Thomas Sargent and Christopher Sims Win Nobel
Here's the press release from the official Nobel Prize website.
Here's commentary from Alex Tabarrok and Tyler Cowen.
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Monday, October 10, 2011
Here's commentary from Alex Tabarrok and Tyler Cowen.
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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4 Comments:
So, big deal. the element of surprise is important.
Those who correctly judge the difference between EXPECTATIONS and what actually happens will be those who profit the most.
It follows that a good way to make a lot of money is to adversely affect expectations.
"I recall President Obama as having said that while there was ample disagreement among economists about the appropriate monetary policy and regulatory responses to the financial crisis, there was widespread agreement in favor of a big fiscal stimulus among the vast majority of informed economists. His advisers surely knew that was not an accurate description of the full range of professional opinion. President Obama should have been told that there are respectable reasons for doubting that fiscal stimulus packages promote prosperity, and that there are serious economic researchers who remain unconvinced."
“Europe’s generous unemployment compensation system has made an important contribution to sustained high European unemployment….Our models imply that people in Europe, especially older workers, are suffering from long-term unemployment because of the adverse incentives brought about by a generous social safety net when it interacts with these human capital dynamics….if, in the United States, we create a system where unemployment and disability benefits are permanently extended in their generosity and their duration, we will inadvertently put ourselves into the situation that much of Europe has suffered for three decades.”
“Everyone responds to incentives, including people you want to help. That is why social safety nets don’t always end up working as intended.”
New Nobel Laureate Warned Against Obama Stimulus Package, Calling It ‘Surprisingly Naïve’
Hydra, you make it sound so easy.
If you have it all figured out, we'll just ask you, oh wise one :)
PT:
I notice you are not disagreeing.
Just can't let the snark go, can you?
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