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Old 10-08-2018, 08:24 PM
 
Location: Paranoid State
12,712 posts, read 9,472,640 times
Reputation: 15000

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I used to admire as elders the many professors who've won Nobel Prizes in Economics. I've read many of the significant papers they've written, and I've even studied under a few.

Today Paul Romer and William Nordhaus won the Nobel Prize in Economics. I never studied under either, but I've reached the age where I remember Paul in a class we took together in grad school (I think he did much better than I did in that class).

I'm getting old.
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Old 10-08-2018, 08:25 PM
 
726 posts, read 253,075 times
Reputation: 1269
congratulations!
you are even older than your post.
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Old 10-09-2018, 09:31 AM
 
3,189 posts, read 1,283,036 times
Reputation: 2351
WTF does this even mean?

"Romer, a former chief economist of the World Bank, received the prize 'for integrating technological innovations into long-run macroeconomic analysis,' the Nobel committee said."

Sounds like a scam.
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Old 10-09-2018, 10:13 AM
 
7,312 posts, read 8,149,428 times
Reputation: 5406
Quote:
Originally Posted by Jobster View Post
WTF does this even mean?

"Romer, a former chief economist of the World Bank, received the prize 'for integrating technological innovations into long-run macroeconomic analysis,' the Nobel committee said."

Sounds like a scam.
It's not a scam. Romer's work quantifies the value of technological innovations in terms of current and future value plus it helps quantify the value of multiple overlapping technologies. His work impacts everything from inflation analysis to GDP forecasting.

ETA -Romer also has posited and forcefully argued against a new widely held ethos in macroeconomics that interest rate management and money policy broadly do not have much of an effect on economies. Romer has more or less gone to war with 90% of academic macroeconomics and his is unquestionably correct.

https://paulromer.net/wp-content/upl...WP-Trouble.pdf

Last edited by EDS_; 10-09-2018 at 10:46 AM..
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Old 10-09-2018, 10:20 AM
 
3,189 posts, read 1,283,036 times
Reputation: 2351
Quote:
Originally Posted by EDS_ View Post
It's not a scam. Romer's work quantifies the value of technological innovations in terms of current and future value plus it helps quantify the value of multiple overlapping technologies. His work impacts everything from inflation analysis to GDP forecasting.
Oh yah, let me know how his "forecasting" works out. Is it possible to revoke a nobel prize?
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Old 10-09-2018, 10:25 AM
 
9,317 posts, read 7,335,163 times
Reputation: 22834
Quote:
Originally Posted by Jobster View Post
WTF does this even mean?

"Romer, a former chief economist of the World Bank, received the prize 'for integrating technological innovations into long-run macroeconomic analysis,' the Nobel committee said."

Sounds like a scam.
Are you kidding or are you downplaying ignorance? How could integrating technology into economic analysis be a scam?
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Old 10-09-2018, 10:47 AM
 
2,262 posts, read 1,401,972 times
Reputation: 4920
You went to Booth?
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Old 10-09-2018, 11:10 AM
 
7,312 posts, read 8,149,428 times
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Quote:
Originally Posted by Jobster View Post
Oh yah, let me know how his "forecasting" works out. Is it possible to revoke a nobel prize?
What is that supposed to mean?
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Old 10-09-2018, 11:16 AM
 
7,312 posts, read 8,149,428 times
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Quote:
Originally Posted by Thatsright19 View Post
You went to Booth?
Although after Romer I froze my butt off at Booth as well.
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Old 10-09-2018, 04:19 PM
 
Location: Gulf Coast
1,046 posts, read 549,870 times
Reputation: 2044
I picture guys like this having wild white hair standing in front of big chalkboards the size of the China wall, covering it with stuff from a ladder.


I'm glad somebody understands this stuff.
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