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The Econ Nobel Prize is really weird


Noah Smith, Noahpinion, The Econ Nobel Prize is really weird, here.

A lot of people thought it was strange, and a little funny, to see the 2013 Econ Nobel Prize awarded to two people (Gene Fama and Robert Shiller) whose theories contradict each other, and who hold deeply opposing views of the way the world works. But if you think that’s odd, you should see the juxtaposition in macroeconomics. You can actually see Shiller’s work as building on Fama’s, however accustomed the two men are to arguing with each other. But the 2004 and 2011 Econ Nobels went to people whose work, and worldviews, really just can’t be reconciled.

Reminds me of this:

Did you say mattress?
Groom Well, a little yes.
Verity I did ask you not to say mattress, didn’t I? Now I’ve got to stand in the tea chest. (he gets in the chest and sings) ‘And did those feet in ancient times, walk upon England’s mountains green…’
The manager enters.
Manager Oh dear, did somebody say mattress to Mr Lambert?
Manager and Verity continue to sing. Lambert takes bag off head, manager exits after pointing a warning finger at bride and groom.

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