This year’s Nobel prizes prompt soul-searching among economists
The rise of randomised controlled trials looks to some like a retreat from the biggest questions
NOBEL PRIZES are usually given in recognition of ideas that are already more or less guaranteed a legacy. But occasionally they prompt as much debate as admiration. This year’s economics award, given to Abhijit Banerjee, Esther Duflo and Michael Kremer, was unusual both for the recency of the contributions it recognised and the relative youth of the recipients. (For a review of “Good Economics for Hard Times”, by Mr Banerjee and Ms Duflo, see Books and arts section.) Intentionally or not, it has inflamed arguments about the direction of the profession.
This article appeared in the Finance & economics section of the print edition under the headline “Works in progress”
Finance & economics November 23rd 2019
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From the November 23rd 2019 edition
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Things may look brighter next year, but the relief will be short-lived
An economics Nobel for work on why nations succeed and fail
Daron Acemoglu, Simon Johnson and James Robinson tackled the most important question of all
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China’s property crisis claims more victims: companies
Unsold homes are contributing to a balance-sheet recession
Europe’s green trade restrictions are infuriating poor countries
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How America learned to love tariffs
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