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View Diary: Paul Krugman Did Not Win a Nobel Prize in Economics (146 comments)

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  •  Whether or not I like their economics (7+ / 0-)

    they were significant.

    Do I really need to draw you a picture of the dubious nature of that argument?

    Who assigns this significance? The same establishment that benefits most from their economic views?

    And what do you even mean by significant? Do you just mean they had an historical impact? If so, how much of that impact was the result of wealthy individuals promoting their ideas?

    Hayek had an impact, only after powerful people who held the reigns of mass media and academic influence made him a star.

    Do real scientific discoveries require such promotion? Einsten's Special Theory of Relativity had no promotion. In fact, the broader physic community was hostile to it at first.

    The point is not whether I "like" their economics. The point is, does it meet the criteria of standard scientific methodology, or is it ideology dressed up as science.

    I would love to see you spell out what you, personally, find so meritorious in the work of those you cited above. Particularly fun for me would be your defense of the economic merits of Arrow or Nash - without a trip to wikipdia.

    •  and Stiglitz, and Kahneman, and Coase, and Ostrom, (1+ / 0-)
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      and OE Williamson, etc. These are hardly Hayekian, laissez-faire parrots. Stiglitz? C'mon.

      •  I must not have been clear enough in my post (2+ / 0-)
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        Dburn, JohnB47

        so let me clarify here:

        Nor do I think that every economist who has won the "Nobel Prize in Economics" are crackpots. Some legitimate work has gotten through.
        Oh wait...
        •  Thank you so much for clarifying. (1+ / 0-)
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          Your generosity with your time, and your mastery in evaluating advances in economic theory, are duly noted.

          23 words out of 1540, or 1.49%, an excellent balance.

          Henceforth, I shall give your diaries all the attention they are worth.  

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