Thursday, October 16, 2014

Salerno on the Latest Winner of the Economics Nobel Prize

Praise from across the journalistic and economics worlds have been heaped upon the awarding of this years Nobel Prize in economics to Jean Tirole, a French game theorist who has specialized in finding market failure in large businesses, especially if they are vertically integrated.

In the Financial Post, economist Joseph Salerno says "Au contraire." He notes:
Tirole was awarded the Nobel Prize for concocting complex technical solutions to what Austrian School economists have long known and taught to be pseudo-problems for a dynamic market economy driven by rivalrous competition among entrepreneurs eager to earn profits by anticipating and serving ever-changing consumer demands.

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