Roger Myerson's Paean To Plutocracy

摘要

This article begins a project to critique economists' work concerning regulation that has led to the awarding of Nobel prizes. The economics prize in honor of Alfred Nobel is unique. It is not part of the formal Nobel Prize system. It was created by a large Swedish bank, and it is the only "science" prize frequently given to those who have proved to be incorrect. The theme of my series is how poorly the work has stood the test of predictive accuracy. Worse, it has led to policies in the private and public sector that are criminogenic and explain our recurrent, intensifying financial crises.