This Year's Economics Nobel Was Another Triumph For The Blackboard Over The Real World
Jean Tirole's theories, capturing reality as an afterthought? IMF, CC BY-NC-ND
By David Spencer, University of Leeds
It’s that time of year again – when academic economics, thanks to the Nobel Prize announcements, is thrust into the public gaze.
That the economics Nobel is mistitled and has quite a different status to the other Nobel Prizes is neither here nor there (the proper and rather unwieldy title of the economics Nobel is the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”). The award of the 2014 prize, in the eyes of the academic economics profession and the…