Monday, October 09, 2006
I know the economics Nobel prize isn't really a Nobel prize.
But it was again won by an American, or rather a New Yorker from Columbia University which is batting 0.40 in econ Nobels in the past 10 years.
Employment Boffin wins. Ed Phelps is known for showing that employment levels have more to do with market funamentals than with central bank policies. Milton Friedman said something like that a time or two as well. Here's an article on a guy who lost.
At a time when a planned economy based on draconian government controls, reckless nationalisation, crippling shortages and heady welfarism was the rage in Coffee House circles, Bhagwati was the dissident.
His relentless critique of Indian planning and socialism were akin to heretical tracts. They were quietly appreciated, but out of the earshot of the socialist stalwarts who dominated university faculties. My friends used to say that reading Bhagwati was essential for understanding the grim realities of India.
I thought Marginal Revolutions might have something, but they have more than that, a linkfest of bio and papers and, um, stuff.
But it was again won by an American, or rather a New Yorker from Columbia University which is batting 0.40 in econ Nobels in the past 10 years.
Employment Boffin wins. Ed Phelps is known for showing that employment levels have more to do with market funamentals than with central bank policies. Milton Friedman said something like that a time or two as well. Here's an article on a guy who lost.
At a time when a planned economy based on draconian government controls, reckless nationalisation, crippling shortages and heady welfarism was the rage in Coffee House circles, Bhagwati was the dissident.
His relentless critique of Indian planning and socialism were akin to heretical tracts. They were quietly appreciated, but out of the earshot of the socialist stalwarts who dominated university faculties. My friends used to say that reading Bhagwati was essential for understanding the grim realities of India.
I thought Marginal Revolutions might have something, but they have more than that, a linkfest of bio and papers and, um, stuff.
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