Leonid Hurwicz, Eric Maskin and Roger Myerson of the United States won the 2007 Nobel Economics Prize on Monday for their pioneering work on making markets work more efficiently.
The Nobel jury said the three took the prize for their work on Mechanism Design theory, a sub-field of economics that looks at ways to make imperfect markets -- be they of economic or social exchanges -- work better than they do.
(Well, congratulations! But, let's just say... I prefer Economics to Mechanics and sometimes Design to Economics...)
2 comments:
Well put :-)
But I kind of sympathise with their take on things, although I can’t really claim to be familiar with their theory...
Me neither. But I tend to think that "perfect markets" should be self-regulated and any "design" sounds much like the "invisible hand" that never was...
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