Economics Nobel Rewards Theories Worth Building On

It's hard to create paths for improving future research. That's what these scholars did.


Photographer: JONATHAN NACKSTRAND/AFP/Getty Images

Often the public is not impressed by explanations of why the Nobel Prizes in economics are deserved. The work of 1985 laureate Franco Modigliani included a highly influential life-cycle savings model, and I recall hearing that Professor Modigliani won by pointing out that people need to save for old age.

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