Millennium Post

Innovators of search market

23 Oct 2021 7:33 PM GMT
Diamond, Mortensen and Pissarides formulated a theoretical framework for search markets in which buyers and sellers do not always make contact with one another immediately

The Nobel Series: Alternative economic governance

16 Oct 2021 6:27 PM GMT
While Elinor Ostrom dealt with overcoming collective action dilemmas in managing natural resources, Oliver Eaton Williamson is well-known for building the foundation of transaction economics through laying the distinction between firm and market transactions

The Nobel series: Krugman's 'new economic geography'

9 Oct 2021 5:17 PM GMT
Taking cue from the growing intra-industry trade, Paul Robin Krugman incorporated economies of scale and consumers’ preference for diverse goods to formulate his new trade theory — further interlinking it with location of economic activity

Mathematicians' & mechanism design

2 Oct 2021 7:28 PM GMT
While Leonid ‘Leo’ Hurwicz gave the theory of incentive compatibility in mechanism design, Eric Stark Maskin and Roger Bruce Myerson extended his work by incorporating implementation theory and monetary aspects of mechanism design respectively

Explorer of new vistas

25 Sep 2021 6:06 PM GMT
Apart from providing microeconomic foundation to macroeconomic theories, Edmund Strother Phelps, going beyond the Keynesian hypothesis, clarified the distinction between long- and short-run trade-offs between inflation and unemployment

The ace game theorists

18 Sep 2021 7:59 PM GMT
While Robert John Aumann applied his mathematical skills to developing his works on repeated games, Thomas Crombie Schelling laid out simple and lucid models of conflict resolution — both expanding the frontiers of Game theory in a significant way

Proponents of dynamic macroeconomics

11 Sep 2021 6:37 PM GMT
Contrary to the Keynesian view that changes in aggregate demand drove business cycles, the works of Finn Erling Kydland and Edward Christian Prescott established that technological changes and supply shocks could also be major drivers of business cycles

Trailblazers of time series

4 Sep 2021 6:46 PM GMT
Robert Fry Engle III and Clive William John Granger introduced innovative methods — with time varying volatility and cointegration respectively — of analysing time series data in the early 1980s

The Nobel Series: Pathfinders of new frontiers

28 Aug 2021 7:00 PM GMT
The works of both Daniel Kahneman and Vernon Lomax Smith challenged the assumptions of neoclassical framework; while the former applied psychological research to economics, the latter initiated the new trend of experimentation

Economics of asymmetric information

21 Aug 2021 5:06 PM GMT
George Akerlof, Michael Spence and Joseph Stiglitz applied the concept of information asymmetry to wide-ranging areas, enabling a more real-world approach than in assumed symmetric set-up of neoclassical framework

Statistical solutions to microeconomic problems

14 Aug 2021 7:24 PM GMT
While James Joseph Heckman devised a method for analysing selective samples and did research on effects of early childhood care on health, Daniel Little McFadden provided econometric tools to deal with discrete choices

The Nobel Series: Father of Euro

7 Aug 2021 4:33 PM GMT
Chiefly known for dynamic analysis of fiscal and monetary policy under different exchange rate regimes, Robert Alexander Mundell made fundamental contributions to international macroeconomics, guiding trade and economic policies to date
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