This year’s Nobel prizes prompt soul-searching among economists
The rise of randomised controlled trials looks to some like a retreat from the biggest questions
NOBEL PRIZES are usually given in recognition of ideas that are already more or less guaranteed a legacy. But occasionally they prompt as much debate as admiration. This year’s economics award, given to Abhijit Banerjee, Esther Duflo and Michael Kremer, was unusual both for the recency of the contributions it recognised and the relative youth of the recipients. (For a review of “Good Economics for Hard Times”, by Mr Banerjee and Ms Duflo, see Books and arts section.) Intentionally or not, it has inflamed arguments about the direction of the profession.
This article appeared in the Finance & economics section of the print edition under the headline “Works in progress”
Finance & economics November 23rd 2019
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