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Old October 12th, 2009, 01:20 PM   #1
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Joined: Mar 2009
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Nobel Prize Awards - science or fiction?

I can't understand how those guys on the Nobel Prize Committees decide on their awards. So far I have nothing against Obama, but giving him a Nobel Peace Prize completely puzzles me. The guy has scarcely been in his job for 9 months, and I have not seen any active brokering of peace agreements either. And now we have two non-economist social scientists from the United States sharing the Nobel Prize for Economic Science! Try and make sense out of this:
Quote:
In a departure from prevailing economic theory, the Nobel Memorial Prize in Economic Science was awarded Monday to two social scientists for their work in demonstrating that business people ? co-workers as well as competitors ? often find ways to mutually resolve problems that arise from free-market competition.

The prize committee cited Elinor Ostrom of Indiana University ?for her analysis of economic governance, especially the commons,? and Oliver E. Williamson of the University of California, Berkeley, ?for his analysis of economic governance, especially the boundaries of the firm.?
Ms. Ostrom becomes the first woman to win the prize for economics. Her background is in political science, not economics.

?It is part of the merging of the social sciences,? Robert Shiller, an economist at Yale, said of Monday?s awards. ?Economics has been too isolated and these awards today are a sign of the greater enlightenment going around. We were too stuck on efficient markets and it was derailing our thinking.?

The prize committee, in making the awards, seemed to be influenced by the credit crisis and the severe recession that in the minds of many mainstream economists has highlighted the shortcomings of a unregulated marketplace, in which ?economic actors,? left to their own devices, will act in their own self-interests and in doing so, will enhance everyone?s well-being.
http://www.nytimes.com/2009/10/13/bu...l.html?_r=1&hp
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