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'A Nobel For the Big Big Questions'
In a rather critical analysis of the 2024 Economics Nobel, commentator Noah Smith has questioned the prize's shift back to "big-think" theories. He argues that Acemoglu, Johnson, and Robinson's (the winner of the 2024 Economics Nobel) influential work on institutions and development, while intriguin...
In a rather critical analysis of the 2024 Economics Nobel, commentator Noah Smith has questioned the prize's shift back to "big-think" theories. He argues that Acemoglu, Johnson, and Robinson's (the winner of the 2024 Economics Nobel) influential work on institutions and development, while intriguing, lacks robust empirical validation. It's how you end up with prizes like the one in 2004, which was given to some macroeconomic theorists whose theory said that recessions are caused by technological slowdowns and that mass unemployment is a voluntary vacation.
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