Posthumous Nobel in Economics
October 13, 2009
When Pres. Obama won the Nobel Peace Prize last week, the Washington Post had a different thought on who should have won. The problem is that the newspaper’s recommendation was no longer alive, as James Fallows explains here.
But since the Post is in the business of awarding the Nobel posthumously, we were asking the question: if we had to award the Nobel in economics posthumously, who would win?
Eventually, many deceased contributors to economics would receive the award, but we asked who would be in the top five and the next five? So without further ado, our Posthumous Nobel in Economics:
Keynes “for his revolutionizing work on disequilibrium in labor and capital markets”
Smith “for his analysis of individual incentives and market outcomes”
Ricardo “for his analysis of fundamental trade theory”
Rawls/Mill/Bentham “for their work on utilitarian principles”
Jevons, Menger, Walras “for their analysis of fundamental decision making”
Marx “for his analysis of sociological phenomena in economic theory”
Schumpeter “for his analysis of the market process”
Marshall, Edgeworth, Pareto “for their analysis of optimality of market conditions”
Pigou and Ramsey “for their work in the theory of optimal taxation”
Wicksell and Fisher “for their pioneering insights into the role of money in the business cycle”