Economists Do It With Models

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A Nobel Lecture From Your Latest Nobel Prize Winner…

December 8th, 2014 · No Comments
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Don’t ever say I don’t bring you interesting things in a timely manner…(ok fine, you can say that, mainly because it’s often true- sorry about that) Here’s Jean Tirole’s Nobel Prize lecture, delivered today (time zone changes between here and Sweden are a bitch, apparently, but if you get to it quick you can still watch the end live):

The talk, entitled Market Failures and Public Policy, gets at the fact that Tirole studies various forms of imperfect competition, which, since they give firms market power, are suboptimal for society and therefore fit under the heading of market failures. Tirole’s introduction is also a nice reminder that one doesn’t get a Nobel Prize for writing textbooks. =P

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