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Commentary

Baumol and Kirzner Should Get the Economics Nobel



On September 25, Thomson Reuters offered Nobel Prize forecasts. For economics, they predicted that the prize might go to Harvard’s Philippe Aghion and Brown’s Peter Howitt “For contributions to Schumpeterian growth theory,” Stanford’s Mark Granovetter “For his pioneering research in economic sociology,” or New York University’s William J. Baumol and Israel J. Kirzner “For their advancement of the study of entrepreneurism.” Peter J. Boettke discusses the predictions here.

The Prize will be announced on October 13. I would love to see the Prize go to the economists in the Big Apple AAPL -0.31%, Baumol and Kirzner. At Marginal Revolution, Tyler Cowen suggests that Baumol might share the prize with William G. Bowen for their “work on the cost-disease,” and a lot of economists have long considered Baumol Nobel-worthy; this About.com article points out that Baumol “would be a deserving and uncontroversial award winner”... of the 2003 Nobel.

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Art Carden is a Research Fellow at the Independent Institute in Oakland, California and an Associate Professor of Economics at Samford University’s Brock School of Business.







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