The economic crisis and the Nobel economics prize

Maybe today’s awarding of the Nobel prize in economics adds to my previous post about the economists not dealing with the serious issues.

Match making is a fascinating subject and I frequently ask couples how they met.  I can also accept that match making can go beyond male-female relationships.  I figure economics should be mostly about the relationships involved in the exchange of goods and services.  It appears their work focuses on the initiation of relationships.

However, I fail to see how the work of these two economists is going to help solve the current economic crisis which should be the main interest of most economists.  Probably we need to focus on the types of relationships rather than how people find each other.

Here is a quote from one of many articles reporting on the prize.

“This is very much what economics is about,” said Tore Ellingsen, a Nobel committee member and a professor at the Stockholm School of Economics. “How to allocate scarce resources as well as possible, to economize.”

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