I am pleased to announce that the Real-World Economic Review blog has opened voting for the Dynamite Prize in Economics.
Why “dynamite”? Two reasons. One, it retains the allusion to “Nobel”, as Alfred Nobel, the founder of the Nobel Prizes, made his fortune through the invention of dynamite. Two, as initially announced, the prize is “to be awarded to the three economists who contributed most to enabling the Global Financial Collapse”, or more figuratively, to the three economists who contributed most to blowing up the global economy.
There were originally 20 nominees, but the list was pared down to 10. Here they are:
- Fisher Black and Myron Scholes
- Eugene Fama
- Milton Friedman
- Alan Greenspan
- Assar Lindbeck
- Robert Lucas
- Richard Portes
- Edward Prescott and Finn E. Kydland
- Paul Samuelson
- Larry Summers
Voting is easy. Just go over to website (linked above) and cast your vote. Dossiers are supplied for each of the nominees so you can make an informed choice. I do not want to influence your vote, but I cast mine for Gene Fama, because he's completely out of touch with reality ("Efficient Markets") and he went to The University of Chicago, my alma mater. Since the death of Little Milton, Fama (among others) has ably represented the so-called Chicago School of economic "thought".
To put this in perspective, these are (some of) the economists who rationalized & endorsed the virtuous actions of the banks that bribed the congressmen to change the law to blow up the global financial system. In some cases, as with Alan Greenspan and Larry Summers, they pushed hard for such legislation. Notably, Satan's favorite son Larry Summers is Barack Obama's chief economic adviser.
It's hard to see how Alan Greenspan loses this contest.