主题：2010年诺贝尔经济学奖 -- 万里风中虎

This morning’s announcement confirmed, once again, that it is—and should be renamed—the Nobel Prize in Neoclassical Economics.

But, of course, there are two groups of neoclassical economists: those who celebrate markets, assume they operate seamlessly, and almost always achieve efficient outcomes; and those who celebrate markets, assume they operate with a certain amount of “friction,” and often fail to achieve efficient outcomes. On the latter view, markets need some help—a guiding hand instead of the invisible hand—to find the appropriate equilibrium.

The winners of this year’s prize—Peter Diamond, Dale Mortensen, and Christopher Pissarides—fall into the second category.