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Economics Nobel tries to catch up to the field

So far, no one researching how policies work in the real world has won

Noah Smith | Bloomberg 

Why is the economics Nobel so endlessly fascinating? Probably because it provides a measure of legitimacy to economic ideas. In chemistry or medicine, this isn’t necessary — if a chemical reaction or medical treatment works, it doesn’t take a gold medal to prove that it works. But there are a lot fewer certainties in economics, so the Nobel and other prizes tend to act as stamps of official approval. The Nobel committee continues to honour a diverse array of economic ideas and methods. In the past decade, prizes have been given to micro theorists and macro theorists, to ...

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First Published: Thu, October 12 2017. 22:38 IST