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2013 Dismal Science Nobel Winners Announced
In a stunning development, a trio of economists win the Nobel Prize for predicting that failed Keynesian models and a broken monetary system would result in the second Great depression.
Just kidding.
For all those hoping Barack Obama would add the Nobel Prize in Economics to his current Peace Prize inventory, our condolences: you will have to wait one more year.
2013 Prize in Economic Sciences awarded to: Eugene F.Fama, Lars Peter Hansen & Robert Shiller #NobelPrize pic.twitter.com/hOkPHQqi7W
— Nobelprize_org (@Nobelprize_org) October 14, 2013
In other news, Fama, Hansen and Shiller promptly launch Short-Term Capital Management. Government bailout is expected in 3-6 milliseconds.
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I was pulling for the Obama win for climate hope and change.
Any guy named Eugene should win a science prize, you know with a name like that he did not get the chicks growing up!
With that kind of accuracy we can afford to wait until the very last millisecond now can't we?
I wish I could get me one of them Sveriges Riksbank (Swedish central bank) Prizes to memorialize the blowing up of the financial world.
Ah, yes, the "Nobel Prize" in economics, also known as the "Sveriges Riksbank Attempt to Purchase Legitimacy for the Economic 'Sciences' by Deceptively Associating Itself with the Nobel Prize" award.
Economics: the strap-on of Nobel Prizes.
Exactly. Calling that a Nobel prize was criminal until Obomber got the peace prize and the Nobel brand jumped the shark. Now you could have Jerry Falwell Science Prize or the Josef Mengele prize for Medicine and it would fit right in.
Excuse me? I believe that committee shat the bed long ago with a fellow named Krugman.
The names Eugene, I'm a science dork and I've banged more quif than you've ever dreamed of ass-monkey.
No reason to tell stories...
Considering that it is called "quim", I'm sure you have...
The guys at ZH must feel a bit burned -- "empirical analysis of asset prices" is their home turf !! (Fed balance sheet up, asset prices up.) Maybe next year.
No one here is stupid enough to bite that lure twice.
The Peace Prize will probably go to Attila the Hun (posthumously)
Hillary is miffed she did not get that Peace Prize awarded to the Paki women instead. Looks like the Nobel Committee is falling down on the job.
Attila was pre-dynamite so he probably is disqualified.
Nowadays, I think you need to actually blow people and things to up to qualify, so maybe Hitler and Stalin are better candidates for the posthumous prizes.
The Poser-in-Chief probably got it in advance because they knew he was a MIC troll.
Hillary could qualify for one now.
remind me to put Zero Hedge's name in the hat. I mean obviously Steve Hansen, Ed Dolan and Calafia Beach Pundit top the list. Unlike the rest who I do not read I read these guys every chance I get...and they prove themselves by making...in the case of CBP...bold calls that turn out to be spot on. I mean it's one thing to call top in gold and wipe John Paulson off the face of the earth...but quite another to call THE top in gold and wipe not only John Paulson...but Goldman Sachs as well off the planet. No wonder these guys are never given any air time. "They're DANGEROUS."
Not Obama? This be raciss!
*yawn*
What! Carl Icahn totally got jipped here.
I mean c'mon, that tweet combined with those APPl $480 Aug Calls? Pure genius.
What?
This is getting ridiculous. They need to give this thing out once a decade. Krugman was still the worst.
"[Animal Spirits] really applies to all the big areas where we need change."--Peter Orszag, Obama budget director
How can you argue with an endorsement like that?
Sorry Ray Babbitt didn't get a piece of it.
After all, Kmart sucks!
For trend spotting. ....
damn tylers nice, gave me a good laugh:"In other news, Fama, Hansen and Shiller promptly launch Short-Term Capital Management. Government bailout is expected in 3-6 milliseconds."
Eugene Fama, It's about time:)))))))))))
bollocks. stevie cohen debunked his efficient market hypothesis ten years running.
But it also implies a shortage of politically expedient candidates/whores/krugmans since Gene has been on the short list since forever.
But Tony my pizza guy in the plaze said he was one of the new Noble winners. I guess he was just kidding me.
Nice!
Shiller is a great guy. His classes are nice and easy to follow too.
Surprise, economics has been declared a science!
it is - the science of screwing people over
And so is climate change...birds of a feather...
It is a science, if you actually learned anything in school, which you probably didn't, there are two types of science. Hard Sciences, and Soft Sciences. One deals with hard data and facts, the other deals with theoretical contructs and rationalized logical axioms.
I swear that you simply make shit up....
It is also very clear that you have done neither type...
Idiot!
Science is simply a hypothesis supported by experimental evidence, AND the hypothesis must be falseifiable. Note that math is NOT a science - iit lacks the experimental component. Creationism is NOT a science, for it lacks the falseifiability and the experimental evidence aspects.
There is no such thing as a "soft science".
It's just a made up word so people, like eCONomists, can feel better about what they do. That is, they come up with some idea, like "the government needs to stimulate when the economy is not expanding", then build a moat around the idea with the *concepts* or words of science, so it becomes harder for lay people to attack their idea. This is why they use the terms "social science", "economic science", and non-science science.
There is only science, which conforms to the scientific principle and there is non-science, which is everything else.
STFU!
its not a nobel price.
it is the riksbank price in memory of alfred nobel. another central bank. Nobel would turn in his grave if he could.
Thanks for posting the truth. You would think the Tylers would know better.
Shiller ( Yale ) notice how these gongs & shit pass amongst the Breed ( by the breed for the breed ).
Just like the revolving door at GS & JPM & .Gov ( uncanny not! !! ).
What about Ben B? or to give him his real name ; SHAFTUS MAXIMUS
That Pakistani girl, Peace Prize nominee, who had half of her brains blown out would make a fine economist. Brain capacity to spare.
I think I could read the entrails of chickens and do better than these winners of a Bank's award in memory of a dead guy. Not to be confused with the Nobel Prize in anything.
We need our own award here on ZH. I propose we call it the Boomer Doomer Douche Bag Award. A panel consisting of Marc Faber, Bill Fleckenstein, Richard Russell, Gerald Celente, and Rick Santelli will pick their favorite blogger. The winner gets to adjust the Doomsday Clock and becomes a regular on King World News. The winner also becomes the CIO of Phoenix Capital for one year.
In fairness to Shiller this award cheapens his work -- it is actually useful and folks have made money from it.
You forgot Peter Schiff and Ron Paul
I wonder how Ken French is doing this Monday morning.
So Fama, the Father of the Efficient Market Hypothesis, and Shiller, the destroyer of said hypothesis both win the same award in the same year. Can we start calling it the pseudoscience now?
Calling it a pseudoscience would be an insult to tea leaves, palm, and tarot card readers world wide.
They need to get a better spell checker - isn't it Sveriges Riskbank?
Denninger should have gotten it for his calls on Blackberry/RIMM... oh, wait... maybe Mish instead.
I wonder if he'll thank God in his acceptance speech?!
I was holding out for Lawrence Yun, Chief Economist for the National Association of Realtors.
The funny thing is, the "mathematical models" these econo-clowns come up with would last about three seconds in a technical or scientific design review.
Nobel never specified a prize for economics in his will. It was made up by bankers in Nobel's name.
“I think economists might be the functional equivalent of modern-day tribal shamans. Instead of peering at the intestines of sheep to forecast the future, we look at data through the lens of models we create, built with all our inherent biases, and then confidently predict the future or try to guide government policy in one direction or another, generally along paths that fit the predisposition of our immediate tribe. The most brazen of us move in and out of favor depending on whether we are telling our fellow tribe members and leaders and potential leaders what they want to hear... I think economics is more like religion and less like science than most of us want to admit.”
– John Mauldin
Many of us here are advocating that "Truth in Advertising" be applied to the Nobel Committee and its "Prizes", by calling it by its proper name: "The Bank of Sweden Prize" ("Den Sveriges Riksbanks Pris")
The Sveriges Riksbanker's favorite position: "Ska jag ta dig bakifrån? Så jag kan injicera mer likviditet djupare och hårdare i din Värdeskåp." ;-)
The market is efficient, Fama’s findings. Supports index funds for the masses.
The market is predictable, Shiller’s findings. Supports hedge fund managers’ jobs, to make them rich.
The financial elite always want it both ways, and they get it all in the 2013 Nobel Prize in Economics.
This is Cognitive Dissonance, writ large!