Tuesday, October 16, 2012

Nobel Prizewinners Work Toward Solutions Better Than Socalled Free Markets

A Nobel for Planning?: “The combination of Shapley’s basic theory and Roth’s empirical investigations, experiments and practical design has generated a flourishing field of research and improved the performance of many markets,” said the committee awarding the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

We've all noticed that the influence of powerful players has made the term "free markets" more or less of an oxymoron, but Arindrajit Dube points out that maybe something better is on the way. Hat tip to Mark Thoma who gives us hope that it may be a Nobel for Planning.

Posted via email from FRauncher's posterous