The US is six-for-six for the prize so farr, which means the Literature prize will go the the North Korean press release describing the "happiness caused by the bomb test."

Economics goes to "expectations-weighted Phillips Curve" dude. An odd choice, since a Phillips by any other name still a Phillips… Once you introduce expectations into economics you get its bastard child: finance!

Gregory van Kipnis replies:

The 'new' Phelps isn't like the one we remember, the 'old' Phelps, who wrongly theorized that inflation was inversely related to unemployment.

I especially like the way Phelps balances Rawlsian theories of social justice for the least advantaged with the injustice of depriving entrepreneurial types of their need for self-expression. Should a society be limited by serving the needs of the least at the expense of the best, or does it not follow that by bringing out the best from the best, all of society, including the least, benefit?

Prof. Adi Schnytzer adds:

Maybe the Nobel team will try to embarrass the Turks by giving the Literature prize to Elif Safak, but I'd like to see Ismail Kadare get it. Stalinist writers aren't appreciated enough any more!





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