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Tag Archives: Economist

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020: Paul Milgrom and Robert Wilson for auction theory

The announcement just came in: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 was awarded jointly to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.” People have always sold things to the highest bidder, or bought them from whoever makes the cheapest offer. Nowadays, objects worth astronomical sums of money change hands every day in auctions, not only household objects, art and antiquities,...

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Oliver Williamson: The Man Who Reduced the Transaction Cost of Economics

Nice tribute to Prof Oliver Williamson by Ranjan Kumar Ghosh and Yugank Goyal: On May 21st, one of the most cited economists of all time and a key contributor to organizational studies, Professor Oliver E. Williamson passed away. Despite being ubiquitous across economics, management, law and social sciences, he remains underappreciated in mainstream development and policy discourse in developing countries. In this article, we demonstrate his ideas; and their tenacity, versatility and...

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Piero Sraffa and Raffaello Piccoli, two Italian Scholars in Cambridge in 1929-1932

Interesting paper by Lucia Morra: Sraffa’s diaries report that from June 1929 until late 1932 he often met with the literary scholar, poet and philosopher Raffaello Piccoli, Serena Professor of Italian at the University of Cambridge. After a sketchy biography of Piccoli, the essay reconstructs the story of their friendship, thus contributing to the reconstruction of Sraffa’s biography in 1929-1932; it pauses along the way on their meetings with Carlo Rosselli in 1929-1931 and on their...

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Profile of Prof Mariana Mazzucato: Tireless proponent of government-led innovation

IMF’s Sep-2020 Finance and Development Magazine profiles Mariana Mazzucato: Outside the home, Mazzucato has been stirring the pot in economics and public policy for nearly a decade. Her main message is that governments around the world need to seize their power to lead innovation for the betterment of humanity. Just now she’s immersed in applying her ideas to the COVID-19 crisis as a member of various task forces as well as in her customary role of economics agitator. “We can’t get out...

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Are We All Keynesians Again?

Andres Velasco in this Proj Synd piece: Governments can and should serve as the insurer of last resort in the face of a catastrophic aggregate shock. But they can perform that crucial function only if we ensure that they have the necessary resources today. This is especially true in emerging and developing economies, where limits on public borrowing are anything but loose. A common refrain nowadays is that after COVID-19, Milton Friedman is out and John Maynard Keynes is in. But if, as...

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Interview with Amartya Sen: Economics with a Moral Compass?

Timothy Taylor in his blog points to this interview of Amartya Sen where he discusses some really interesting anecdotes (HT: Good friend Niranjan). There was a time when there were all kinds of characters in economics. On Maurice Dobb and Dennis Robertson:  When he [Maurice Dobb] first moved to Trinity College, he was a member of the British Communist Party already. Dennis Robertson—who always described himself as a liberal, but in fact was a conservative—offered Dobb this job on behalf...

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How would black economists change economics?

Project Syndicate has a podcast with Prof Lisa Cook of Michigan State University Just 3% of US economics PhDs were awarded to black people in 2017 – a share that has been trending downward since the mid-1990s. This week, we examine the effects of this lack of black representation on economic policy and outcomes. . This entry was posted on July 20, 2020 at 3:06 pm and is filed under Academic research & research papers,...

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The covid pandemic ought to shake up the field of economics

Kaushik Basu in this Project Syndicate piece (republished in Mint) writes on the need for change in field of economics. He says the crisis has exposed the notion of central role of markets in efficient functioning of the economy …..a disruption such as the one caused by covid-19 reminds us how much we take for granted. I realized this during the nearly three months I spent in Mumbai during the lockdown, when family and friends told me of conflicts, showdowns and frayed nerves in the...

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Rest in Peace: Prof A Vaidyanathan

I should have blogged this a few days ago. But there is so much chaos and such news all around. Prof Vaidyanathan passed away. Nice to see few people paying homage to the great agricultural economist: https://www.thehindu.com/opinion/op-ed/in-search-of-the-what-and-why/article31836050.ece https://indianexpress.com/article/opinion/columns/a-grassroots-economist-a-vaidyanathan-economist-agriculture-6460661/ https://thewire.in/economy/remembering-vaidyanathan-obituary...

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Profile of Abhijeet Banerjee, Esther Duflo and Iqbal Dhaliwal

IMF’s Finance and Development Quarterly Magazine profiles the trio behind rise of JPAL. In a world that increasingly despises expertise and academic research, where the very perception of reality is often shaped by political beliefs, J-PAL can claim objectivity, providing policy advice based on evidence tested in the field using a scientific approach. It can show palpable results in helping vulnerable people solve very practical problems. Banerjee and Duflo are at its center. They...

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