Here is my column at Mises today on the new Nobelists. I walk through a watered-down numerical example to give you a flavor of their labor models, in case you aren’t quite able to read the actual journal articles but you want a little bit more meat than I’ve seen in most second-hand accounts.
Then of course I take my marbles and go home to my copy of Human Action, when I say this:
Now, it would be one thing if the problem of long-term unemployment had been a tough nut to crack lo these many decades, but finally mainstream economists were beginning to get a handle on it. Then, it would certainly be appropriate to give the Nobel to those researchers who had paved the way, if not for the solution then at least for the path to a solution. But is that really what’s happened in economic science?