No `Gaping Hole' In Macroeconomics

Your commentary "Lost in the wilderness of economic theory" (Top of the News, Oct. 25) suggests that the fact that none of the last several Nobel prizes in economics went to macroeconomists "reflects the current dismal state of macroeconomics." But this analysis presumes that the economics prize, like the peace prize, honors the most important recent advances. In fact, the Nobel prize in economics is awarded only later in a scholar's career, and as a result honors work done decades earlier, or at any rate, a line of research initiated decades earlier. Thus, the recent Nobel prizes reflect not the current state of economics but its state in the 1960s.

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