3 Americans Share Nobel in Economics

Nobel laureate write classic intro text for 'dismal science'

(NEWSER) - Paul A. Samuelson, the first American Nobel laureate in economics and a familiar name to generations of college students, died today at his home outside Boston. He was 94. Ben Bernanke praised his former MIT professor as "a titan of economics," and a colleague said of their fellow academics, "No one was more important in providing the tools they use and the ideas that they employ than Paul Samuelson." More»

Globalization expert blames Bush for current crisis

(NEWSER) - Paul Krugman was awarded the Nobel Prize for Economics this morning, Reuters reports, in recognition for his work on globalization and free trade. Krugman, a New York Times columnist, Princeton professor, and staunch Bush critic, has long been a favorite for the award, but says it came as a surprise this morning. “I rushed to take a shower … I called my wife and I called my parents. I've not yet managed to get myself a cup of coffee,” he said. More»

Thomas Sargent, Christopher Sims studied effects of tax cuts, interest rate hikes

(AP) - Americans Thomas Sargent and Christopher Sims won the Nobel economics prize today "for their empirical research on cause and effect in the macroeconomy," the Royal Swedish Academy of Sciences announced. The prize committee said the winners have developed methods for answering questions such as how economic growth and inflation are affected by a temporary increase in the interest rate or a tax cut. More»

Professors cited for research into economic governance

(NEWSER) - The Nobel Prize in economics was awarded today to two US professors—one of whom is the first woman ever to win the prize—for their research into decision making in structures outside of markets. Elinor Ostrom, of the University of Indiana, was cited for her study of the commons, showing how public property is often managed better than traditional models would predict. Oliver Williamson, of Berkeley, won for showing how firms can sometimes solve problems better than markets can. More»

(NEWSER) - If there’s any justice, Ben Bernanke will get another go-around at the helm of the Federal Reserve, Paul Krugman tells Bloomberg. “He’s earned the right to a second term,” the Nobel laureate says. “When the banking system failed to deliver capital where it was needed, he put the Fed into the market.” Bernanke’s 4-year term ends in January, and debate has been swirling over whether he should be reappointed. More»