The Nobel Prize Goes to an Odd (but Worthy) Economic Trio

I awoke yesterday to the happy news that two of my friends won the Nobel Prize in economics.*

Gene Fama was one of the three recipients.  He and I share two important beliefs about the world.  First, we value empirical research in economics -- i.e., getting deep into the data to understand what is going on.  Second, we both believe that golf should be played quickly!  So every weekend, at least once, Gene and I get up before the sun rises and get in 18 holes (walking) in about 2.5 hours.  Gene is 74 years old -- he didn't take up golf until his sixties, and I've seen him post a scorecard with multiple birdies on it. 

Gene believes deeply and fundamentally in markets, which is why pairing his prize with Robert Shiller, a market skeptic, is quite odd.  But Shiller is a wonderful economist -- someone whose work I read a lot and was inspired by early in my own career -- and I'm glad he was chosen.

The FREAK-est Links

A proposed history of the efficient markets hypothesis. (Hat tip: MidasOracle) U.N. climate change conference to discuss global warming post-2012. (Earlier) Senator proposes national registry for convicted arsonists. (Earlier) The misery of economy air travel continues. (Earlier)

The Nobel Prize in Economics

By the time you read this, the Nobel Prize in economics will likely have been awarded, though as I write this, the winners have yet to be announced. A few random thoughts: 1) I guarantee you that the economist(s) who win it will be much better sports than Doris Lessing, who seemed put off that […]