Nobelity and novelty: Finn Kydland and Edward Prescott’s contributions viewed from Vienna

Nobelity and novelty: Finn Kydland and Edward Prescott’s contributions viewed from Vienna The awarding of the Nobel Prize in Economics in 2004 to Finn Kydland and Edward Prescott represents an opportunity to evaluate their contributions in light of Austrian economics. We lay out the basics of their contributions—the general equilibrium approach to economic fluctuations and the game theoretic approach to policy—and argue that they have tenets similar to those of Austrianism. We argue that their methodology parallels Austrian methodology in several significant ways that have gone unnoticed. We conclude that Kydland and Prescott’s Nobel Prize suggests Austrian approaches can have a more prominent impact than they have had in the past. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Nobelity and novelty: Finn Kydland and Edward Prescott’s contributions viewed from Vienna

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Publisher
Springer Journals
Copyright
Copyright © 2009 by Springer Science+Business Media, LLC
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-009-0079-3
Publisher site
See Article on Publisher Site

Abstract

The awarding of the Nobel Prize in Economics in 2004 to Finn Kydland and Edward Prescott represents an opportunity to evaluate their contributions in light of Austrian economics. We lay out the basics of their contributions—the general equilibrium approach to economic fluctuations and the game theoretic approach to policy—and argue that they have tenets similar to those of Austrianism. We argue that their methodology parallels Austrian methodology in several significant ways that have gone unnoticed. We conclude that Kydland and Prescott’s Nobel Prize suggests Austrian approaches can have a more prominent impact than they have had in the past.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Mar 25, 2009

References

  • Mitigation of the Lucas critique with stochastic control methods
    Amman, H.; Kendrick, D.
  • Money, sticky wages, and the great depression
    Bordo, M.; Erceg, C.; Evans, C.

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