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2017, 2018, 2019, the committee has been on a tear, picking interesting, slightly-less-mainstream but still really defensible winners. E.g. Banerjee, Duflo, and
by zetazzed 6y ago
2017, 2018, 2019, the committee has been on a tear, picking interesting, slightly-less-mainstream but still really defensible winners. E.g. Banerjee, Duflo, and Kremer (2019) are unusually (for economists) engaged in the real world. Nordhaus and Romer - both considered on the quirky end of mainstream (though Romer's textbook of course gave him total mainstream cred, look at the rest of his career). Thaler (2017) had a huge body of writing that verged on popular economics. When I was an economist, each of these really shook up the way I thought about what was possible in the field.
Milgrom and Wilson is... expected. I mean, auction theory has been very influential, but I think Roth + Shapley (2012) just recently covered more fun intellectual predecessor and successor movements to much of Milgrom and Wilson. Classic theory-heavy work that has had practical influence as well. Arguably, their emphasis on supermodularity was a deep theoretical influence on follow-on work, so I have to count that as high impact. But it does feel a little less exciting than past awardees. Maybe just because we've lived with auction theory for so long now?
- buddhiajuke 6y agoI judge laureates by their published Nobel lectures. There’s a footnote in Heckman’s that pretty much renders Duflo’s work invalid.
- andi999 6y agoElaborate please?
- bachmeier 6y ago> Romer's textbook of course gave him total mainstream cred You might be thinking of David Romer's textbook. As far as I know, Paul Romer never wrote one. Paul Romer had tons of mainstream cred from his two classic publications. He left the profession and really didn't have anything to do with it for many years, even becoming a startup founder. Then he showed up to coin the term mathiness while criticizing his advisor, and later wrote a critique of modern macro.