So, the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013" prize has been awarded. The Bloomberg version.
I have met Hansen, don't know Shiller personally, and know Gene Fama pretty well. And I am (as they say here in the South) tickled at this result. In the early 1980s, I discovered Fama's work, and spent about five years reading it all. I have kept up a little bit since, and I think the combination of insight, elegance, and empirical connection is just unparalleled.
Here, for example, Gene has a series of papers that completely changed the way I thought (and think) about non-profits. Non-profits are NOT "non-profit," they just happen not to be equity-financed. That has implications for the way they behave, what their goals are, etc. But it does not make them immune from incentives. Check it out:
Now, this is not a representative sample, by any means. It is just where I came in, a self-contained little set of insights. If you read those four papers, you will be a lot smarter.
I should add, I suppose, that Gene has been quite helpful in pointing out errors when he encounters them. Pretty often, after I do an "EconTalk" episode, Gene will send an email that lists errors, factual or logical, that I have committed. And he is, so far at least, always correct.
Congrats to Gene!
I have met Hansen, don't know Shiller personally, and know Gene Fama pretty well. And I am (as they say here in the South) tickled at this result. In the early 1980s, I discovered Fama's work, and spent about five years reading it all. I have kept up a little bit since, and I think the combination of insight, elegance, and empirical connection is just unparalleled.
Here, for example, Gene has a series of papers that completely changed the way I thought (and think) about non-profits. Non-profits are NOT "non-profit," they just happen not to be equity-financed. That has implications for the way they behave, what their goals are, etc. But it does not make them immune from incentives. Check it out:
- Eugene Fama, "Agency Problems and the Theory of the Firm," Journal of Political Economy (April 1980).
- Eugene Fama and Michael Jensen. "Separation of Ownership and Control", Journal of Law and Economics (June 1983).
- Eugene Fama and Michael Jensen. "Agency Problems and Residual Claims", Journal of Law and Economics (June 1983).
Now, this is not a representative sample, by any means. It is just where I came in, a self-contained little set of insights. If you read those four papers, you will be a lot smarter.
I should add, I suppose, that Gene has been quite helpful in pointing out errors when he encounters them. Pretty often, after I do an "EconTalk" episode, Gene will send an email that lists errors, factual or logical, that I have committed. And he is, so far at least, always correct.
Congrats to Gene!
1 comment:
Nice post, Mike. It's wild that Fama grades your podcasts!
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