I think it's really cool that 2 social scientists won the nobel for econ. So often economists ignore the social aspects of supply and demand in markets. Integrating social behavior and economic principles is a positive step in better understanding market behavior. I hope this urges more social scientists to get involved in economics because the two go hand in hand.
We should not underestimate the impact of two social scientists receiving economics awards. It represents a paradigm shift in the economics field from a purely mathematical view, to a more human approach, that I think is vital to the viability of the entire field in the future.
Also, Did anyone else notice the similarity of Ms. Ostrom's work to the work done by Prof. Wright?... $700,000 can buy a lot of Moustache' wax!
2 comments:
I think it's really cool that 2 social scientists won the nobel for econ. So often economists ignore the social aspects of supply and demand in markets. Integrating social behavior and economic principles is a positive step in better understanding market behavior. I hope this urges more social scientists to get involved in economics because the two go hand in hand.
We should not underestimate the impact of two social scientists receiving economics awards. It represents a paradigm shift in the economics field from a purely mathematical view, to a more human approach, that I think is vital to the viability of the entire field in the future.
Also, Did anyone else notice the similarity of Ms. Ostrom's work to the work done by Prof. Wright?... $700,000 can buy a lot of Moustache' wax!
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