2005 Economics Nobel

Thomas Schelling and Robert Aumann got this year's Bank of Sweden Prize In Economic Sciences In Honor of Alfred Nobel.

I don't know much about the work of either fellow, so I'll leave it to others in the blogosphere to explain their importance. Of course, I'll read up a bit, but I'm not sure that will lead to a post.

Frankly, Aumann had dropped off my radar screen. He was all over my reading lists in graduate school, but I went in a different direction. Interestingly, Aumann was not on the list of 40 names posted anonymously on a blackboard at the University of Chicago and repeated at Freakonomics. I guess I'm not the only one who forgot about him.

Schelling wasn't on my list at all until I started seeing his name bounced around the blogosphere a few years ago. I suspect that his work got more attention in graduate schools that did more public policy and less theory than mine did. Alternatively, my micro professors were fairly left wing, and maybe Schelling just ticked them off. For my part, I should thank Marginal Revolution for bringing him to my attention. He was on my Nobel prediction list largely because I respect their opinions.

I guess Polley, DeLong, myself and others will have to wait for Bhagwati to win. Perhaps aligning himself with the Cato Institute has hurt his chances.