Monday, October 13, 2014

A Nobel for Triole's Economics


An excellent article explaining the work of this year's Nobel Prize winner in Economics - Jean Triole.

Cassidy, John (2014): WHY JEAN TRIOLE WON THE ECONOMICS NOBEL, The New Yorker, 13 October, 2014, URL - http://www.newyorker.com/news/john-cassidy/worthy-economics-nobel-jean-tirole.

After seeing the profs at Tsukuba-U in action, I loved this opening jab on the subject:

"....setting aside the merits or demerits of individual awards, the very existence of the prize has contributed to the pretense that economics can, with the application of enough mathematics, be converted from a messy social science into a hard science along the lines of physics and chemistry."

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MORE LINKS:

Business Standard Editorial (14 Oct'14) -- http://www.business-standard.com/article/opinion/a-nobel-for-incentives-114101301276_1.html
"PPP contracts [between a bureaucrat and a company] need to be carefully reviewed by independent authorities that can expose hidden rent backloading... PPPs can be expected to entail higher transaction costs." It is worth noting that this paper has been available since June 2007. This insight is something that Indian policymakers are only now accepting after considerable pain - though a clear independent authority is still not even on the anvil.
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