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Benno Hansen

How the Nobel prize may have sparked the credit crisis - The Globe and Mail - 0 views

www.theglobeandmail.com/...article1735150

Nobel Prize economics Nassim Nicholas Taleb

shared by Benno Hansen on 03 Oct 10 - No Cached
  • Benno Hansen on 03 Oct 10
     
    Taleb is attacking the equivocation of the Nobel prizes in his books. This article attacks Taleb for attacking winners of the lesser Nobel prize, the one reserved for dubious economists. The ignorance of journalists, the irony, the... whatever.
Benno Hansen

Blame Nobel for crisis, says author of Black Swan | Reuters - 0 views

www.reuters.com/...idUSTRE68R2SK20100928

Nassim Nicholas Taleb economy economics risk management nobel

shared by Benno Hansen on 03 Oct 10 - No Cached
  • "I want to remove the harm from these economic models. And the Nobel is not helping. They should be held partly responsible, if not largely responsible, for the crisis,
  • a list of Nobel prize winners who make his blood boil. They include: Harry Markowitz, William Sharpe, Robert Merton, Myron Scholes, Robert Engle, Franco Modigliani and Merton Miller
  • Forecasting methods, which he discusses in detail in his book, create a false sense of security or, worse, send people in the wrong direction. Universities then compound the problem by teaching these Nobel-approved ideas as orthodoxy.
Benno Hansen

Economics: What went wrong with economics | The Economist - 0 views

www.economist.com/...displayStory.cfm

shared by Benno Hansen on 17 Jul 09 - Cached
  • In the public mind an arrogant profession has been humbled.
  • Paul Krugman, winner of the Nobel prize in economics in 2008, argued that much of the past 30 years of macroeconomics was “spectacularly useless at best, and positively harmful at worst.”
  • Barry Eichengreen, a prominent American economic historian, says the crisis has “cast into doubt much of what we thought we knew about economics.”
  • ...4 more annotations...
  • macroeconomics and financial economics—are now, rightly, being severely re-examined
  • No economic theory suggests you should value mortgage derivatives on the basis that house prices would always rise.
  • Macroeconomists also had a blindspot: their standard models assumed that capital markets work perfectly.
  • everybody needs to work harder on understanding asset bubbles and what happens when they burst
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