The Ignoble and Noble Prizes for Economics

January 12, 2010

Just came across this. Perhaps some readers of Socializing Finance might have ideas for entrants? In any case, curious to see the results..

The  Real-World Economics Review Blog is holding polls to determine the awarding of two prizes:

  • The Ignoble Prize for Economics, to be awarded to the three economists who contributed most to enabling the Global Financial Collapse (GFC), and
  • The Noble Prize for Economics, to be awarded to the three economists who first and most cogently warned of the coming calamity.

See more here.

One Response to “The Ignoble and Noble Prizes for Economics”

  1. danielbeunza Says:

    Very interesting. One highly polemical figure — could be a candidate to both prizes — is Gary Gorton. He was on the faculty at Yale, and I came to know about him through a Columbia colleague of mine who worked with him in Wharton. Gorton worked with AIG to develop the models that the company used for selling CDSs, that is, selling protection to banks for their investments in CDOs.

    Now, some people blame Gorton for the troubles with AIG. But in a recent dinner with Donald MacKenzie, a different and much more generous interpretation came up (consistent with Donald’s general tendency to be generous to others). Gorton came into AIG rather late in the game — 2005, I think. And AIG stopped selling protection shortly afterwards. Given this, it could be that in fact Gorton SAVED AIG from really going down the tube and taking the US taxpayer with it.

    So, for now, I’d like to nominate Gorton for the Noble Prize, with an asterisk that says “to be confirmed by future research.”


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