Come October, it is again time for the annoucement of this year's Nobel prize winner in economics. A few names have surfaced of late and they are considered to be serious contenders for the prize.
The list includes, Bob Barro at Harvard, J. Bhagwati up at Columbia, Gene Fama at Chicago, Paul Romer at Stanford Business School, and yes Paul Krugman's name is on it as well. And Tyler Cowen at Marginal Revolution has this to say with regard to the list, read on.
What about Steven N.S. Cheung? Some people may say he has not written much since his last piece "The Contractual Nature of the Firm" appeared in the 1983 issue of Journal of Law and Economics. My response is one should always judge the importance of an economist on the basis of whether he has made substantive contribution to the field of economics, not on the basis of whether that contribution is made twenty or two years ago.