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| Nobel Prize In Economics 2011 Posted by Merlin Jetton on 10/10, 6:23am | ||
| The award was for econometric models of cause and effect in a macroeconomy. For example, how are GDP and inflation affected by a temporary increase in the interest rate or a tax cut? I wonder how well their models worked for the financial crisis of 2008 and subsequently. This link has a comment by Friedrich Hayek. He didn't think there should be a Nobel Prize for economics and said why. | ||
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