Monday, October 10, 2016

The names of the winners of the Nobel prize for Economics were a surprise – the Oil of Russia

the “Oil of Russia”, 10.10.16, Moscow, 16:37 the Nobel Committee awarded the prize in Economics in 2016 Oliver HART of Harvard University, and Bengt Holmstrom from mit. Wording: for contributions to the theory of contracts and the formation of a soil for its use (in matters of bankruptcy law, political constitutions, etc.). Scientists dated the 70-80-ies of the last century. HART was engaged in the research of separation of powers in the economic relationships and the effects of division of power have on corporate structure and Finance. Khol’mstrem studied corporate governance and developed the theory of moral hazard (“banks take unwarranted risks because they know they will not face the full cost of damages in case of failure”).

the names of the winners were a surprise, as the main contenders were considered, Olivier Blanchard, Edward Leiser, mark Melitz and Paul Romer. The names of HART and Holmstrom were not previously known to the General public. Thus, the Nobel Committee keeps the tradition to award the prize “armchair scientists” that are not socially recognized. Last years Nobel prize in Economics have mostly macroeconomists. In connection with the globalization of world processes, namely the state of the world economy, the most concerned scientists.

the Popularity of economic science in recent years has declined. Scientists are unable to predict neither the 2008 crisis, no Brexit. Of course, the world economy in recent decades, the “globalized”, is complicated, and the number of “black swans” grew up. To predict the process becomes more difficult. See how science will respond to the new challenges.

Roman Tkachuk


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