News / Economy

3 Americans Win Nobel Economics Prize

The Royal Swedish Academy of Sciences announces the winners of 2013 Nobel Memorial Prize in Economic Sciences as Eugene Fama, Lars Peter Hansen and Robert Shiller in Stockholm, Oct. 14, 2013.
The Royal Swedish Academy of Sciences announces the winners of 2013 Nobel Memorial Prize in Economic Sciences as Eugene Fama, Lars Peter Hansen and Robert Shiller in Stockholm, Oct. 14, 2013.
VOA News
Three American economists were awarded the Nobel Prize in economics for their work on determining how asset prices change over time.

The Royal Swedish Academy of Sciences, in a statement Monday, named Eugene Fama, Lars Peter Hansen and Robert Shiller as recipients of the 2013 award for their "empirical analysis of asset prices."

The academy said that while it is hard predict the price of stocks and bonds over the next few days or weeks, the work by these economists make it possible to foresee the broad course of these prices over longer periods, such as the next three to five years.

Fama and Hansen are professors at the University of Chicago, in Illinois, while Shiller teaches at Yale University in Connecticut.

2013 Nobel Prize for Economics

  • Eugene Fama of the University of Chicago
  • Lars Hansen of the University of Chicago
  • Robert Shiller of Yale University
  • Awarded for their empirical analysis of asset prices
  • They found it is possible to foresee the broad course of stock and bond prices over long periods of time

Shiller said finance is often misunderstood as being about making money rather than a way of allocating resources, giving people incentives and spreading risks. He said "rising inequality" is the most important problem facing the United States and other parts of the world today.  

"This is a problem that has solutions," said Shiller. "Many of them are financial solutions. Finance is substantially about risk management, and if it's supplied right, if it's democratized, the real tools are made useful to real people, and not to just the minority of people, it can help solve these problems."  

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It is not one of the original awards created by Swedish industrialist Alfred Nobel, the inventor of dynamite, in 1895.

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Comments
     
by: Godwin from: Nigeria
October 14, 2013 11:21 AM
With the US thriving on borrowing, the government running on thrillions of borrowed money and no sign it is going to stop any time soon, what is the wisdom of giving nobel prize for economics to an American? Doesn't make sense, unless someone will show me that the governments have refused to take economic advices or that that is another principle being applied in USA which makes sense of borrowing not in reverse. That prize should have gone to Iranians for being able to survive economic sanctions without outside aid, not to US who borrows in spite of all the freedoms and liberty.

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