Yes, Economics Is a Science - The New York Times - 0 views
-
if you ask three economists a question, you’ll get three different answers.
-
What kind of science, people wondered, bestows its most distinguished honor on scholars with opposing ideas?
-
the Nobel Memorial Prize in Economic Science was awarded to three economists, two of whom, Robert J. Shiller of Yale and Eugene F. Fama of the University of Chicago, might be seen as having conflicting views about the workings of financial markets. At first blush, Mr. Shiller’s thinking about the role of “irrational exuberance” in stock markets and housing markets appears to contradict Mr. Fama’s work showing that such markets efficiently incorporate news into prices.
- ...7 more annotations...