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overtheedge
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Nobel Winner Jean Tirole’s Faulty Views on Monopoly - Frank Shostak -

Relax, Alfred Nobel knew that economics was a branch of philosophy. Philosophy being just reasoned opinion.
What Jean Tirole won was the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel".
Sveriges Riksbank is the Swedish Central Bank.
It is the banker's and economist's version of the "Oscars".
By using Nobel's name, they attempt to add credibility to the opinions of philosophers. Oh and maintain their employment.
They even go so far as to call their study "economic science".

Science predicts with a high degree of accuracy.
Otherwise it was a great rant.

Commented 3665 days ago

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Beginning of the headline :Frenchman Jean Tirole of the University of Toulouse won the 2014 Nobel Prize in Economic Sciences for devising methods to improve regulation of industries dominated by a few large firms. According to Tirole, large firms undermine the efficient functioning of the market economy by being able to influence the prices and the quantity of products. Consequently, this undermines the well being of individuals in the economy. On this way of thinking the inefficiency emerges as a result of the deviatio... Read More

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