Frenchman Tirole wins Nobel economics prize

[Omaha Steve]

Source: AP-EXCITE

By KARL RITTER and NATHALIE ROTHSCHILD

STOCKHOLM (AP) — French economist Jean Tirole won the Nobel prize for economics Monday for research on market power and regulation that has helped policy-makers understand how to deal with industries dominated by a few companies.

Calling Tirole "one of the most influential economists of our time," the Royal Swedish Academy of Sciences said he's made contributions in a range of research areas. But it highlighted his role in clarifying "how to understand and regulate industries with a few powerful firms."

Tirole, 61, works at the Toulouse School of Economics in France and has a Ph.D. from Massachusetts Institute of Technology.

Left unregulated, industries that are dominated by a few single firms can produce undesirable results, such as unnecessarily high prices or unproductive companies blocking new firms from entering the market. From the mid-1980s, Tirole "breathed new life into research on such market failures," the academy said, adding his work has strong bearing on how governments deal with mergers or cartels and how they should regulate monopolies.

FULL story at link.



This photo provided Monday, Oct. 13, 2014 by the IDEI (Industrial Economic Institute ) shows French economist Jean Tirole. Tirole won the Nobel prize for economics Monday for research on market power and regulation that has helped policy-makers understand how to deal with industries dominated by a few powerful companies. (AP Photo/IDEI, Christophe Lebedinsky)



Read more: http://apnews.excite.com/article/20141013/nobel-economics-39c5daf094.html

[daleo]

1. Actually, there is no Nobel Prize in Economics

[eppur_se_muova]

3. It's the "Nobel Memorial Prize in Economic Sciences" ...

http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

The confusion with the original Nobel Foundation Prizes seems deliberately induced, but the Nobel Foundation appears to cooperate.

[bananas]

4. The Nobel family wasn't happy, they tried to stop it. nt

[eppur_se_muova]

5. Thought I had read something like that. But money talks ....

and a certain Swedish bank seems to have mastered the dialect.

[daleo]

6. It was part of the propaganda effort to make economics "a real science, like physics"

And thus reinforce the status quo, as far as economic questions are concerned. The biggest question is always how to distribute wealth.

[kokobell616]

2. Royal Swedish Academy of Sciences

In America we see know-one in elected office seems to understand the role legislation plays in everyday lives. Protections have come to be known as a hindrance. In that corporations can not operate under such heavy burdens. The people in this nation live and die being yoked with the constant drone of commercialism. From diapers to caskets we are being hammered by the agents of commerce in an attempt to convince us all of the benefits of capitalism. If and when we take a stand against the value-less marketing campaigning we are labeled as non-conforming to the values of America.