Tuesday, September 13, 2005

And the Winner is....

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.

1 comment:

Sea Bottom Coconut said...

Judging by his contributions, (e.g. Theory of Price Control, Contractural Nature of the Firm, let alone Fable of the Bees) to the field, Professor Steven N S Cheung should have won the prize long ago. The fact that he has not is an affront to all those who take economics as an empirical science seriously. The Nobel Committee is not doing the science of economics any service by habitually handing out prizes to rocket scientists who have scarcely any clue what the real world is all about. As those who are familiar with his works will know, his insistence on appealling to empirical facts -- and facts alone -- puts Professor Cheung in a class all by himself in the profession. The time to award him the prize is now. It will make a wonderful present for a loyal and faithful servant of the science who has labored to make economics interesting -- and fun -- again on his 70th birthday this coming Dec 1st.