tag:blogger.com,1999:blog-582368152716771238.post3233229209054443729..comments2024-03-28T11:50:52.581-05:00Comments on The Grumpy Economist: Sowell Nobel? John H. Cochranehttp://www.blogger.com/profile/04842601651429471525noreply@blogger.comBlogger43125tag:blogger.com,1999:blog-582368152716771238.post-48440916136619067042023-11-23T15:54:16.570-06:002023-11-23T15:54:16.570-06:00Thomas Sowel deserves with no doubt the Nobel Priz...Thomas Sowel deserves with no doubt the Nobel Prize. His inmense contiribution to free thinking has far beyond exeeded those of other Nobel awarded people. I hope he gets it in 2024JORGE MICHELhttps://www.blogger.com/profile/10988218393147963238noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-60009259900875245502023-10-10T16:43:49.169-05:002023-10-10T16:43:49.169-05:00We did have an econometrics prize that year! And y...<br />We did have an econometrics prize that year! And yes, it was received well by progressive-minded people. Many of the same crowd was also appreciative of the Goldin award, though I was surprised to encounter a heterodox economist who didn't know her well, and needed some explanation from women on the ground broken by Goldin.<br /><br />I wonder how effective this prize will be at community-building within the profession (presumably a goal of the committee). I doubt that it is as controversial and divisive as the minimum-wage studies. And it does reassure many women that they have a place within the community, and that research addressing their concerns is valuable and worthy of career investments. Many people are gratified by this milestone, and nowadays I am trying to avoid using epithets like "woke" to describe them, as I feel that such words impede the mutual appreciation we must develop in society. Academics are supposed to be open minded! Ideally our scholars are people who will listen carefully to arguments from both Goldin and Sowell, and allow themselves to be challenged by anyone who dares to raise such difficult questions.Anwerhttps://www.blogger.com/profile/03843699600716581012noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-76140901076704971452023-10-09T10:36:10.214-05:002023-10-09T10:36:10.214-05:00'A metrics prize that "intersects" w...'A metrics prize that "intersects" with hot button labor economics questions (like the gender pay gap) would be especially welcome amongst the woke, who seem to be ascendent. That would be the least surprising choice this year, for me at least.' <br /><br />Prescient!Bldysabbanoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-58617713488758746562022-06-22T18:53:06.626-05:002022-06-22T18:53:06.626-05:00A historical analysis is just not the same as scie...A historical analysis is just not the same as science or empirical research. As more of a social science, even economics cannot control for all of what's known as immeasurable variables.This is even much harder to do with historical narrative alone. Many see Sowell as more of a dogmatist for this reason.Taylorhttps://www.blogger.com/profile/12775176316640954740noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-1160859537710951902022-01-27T20:42:16.418-06:002022-01-27T20:42:16.418-06:00they gave it to Elinor Ostrom. Who is... I mean it...they gave it to Elinor Ostrom. Who is... I mean it's dumb and ridiculous to even try to compare her to Thomas SowellIvan Jankovichttps://www.blogger.com/profile/03187625795839174057noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-36843342808538592132021-10-25T10:06:32.091-05:002021-10-25T10:06:32.091-05:00Unfortunately I suspect that almost all of the pre...Unfortunately I suspect that almost all of the prestigious institutions have succumbed to something like "cultural capture" and their prestige is completely contingent on affirming left wing dogma lest they fall from grace.<br /><br />I'm sure people will say that this has been going on since forever, and maybe it has, but it seems especially visible now. <br /><br />As Old Eagle Eye pointed out above the prizes for Hayek and Friedman were considered to be in poor taste, so no prize for Sowell if they want to keep their phony bologna jobs.Anonymoushttps://www.blogger.com/profile/02128333059957497283noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-29561827295526531972021-10-15T23:56:50.538-05:002021-10-15T23:56:50.538-05:00I like how you capitalize S in "Science"...I like how you capitalize S in "Science". Agree, Sowell is a living treasure but a man for whom the committee doesn't want to highlight. BTW, huge fan of your work at Hoover and enjoy your vids with the other Grumpy guys. Please don't stop. Krishttps://www.blogger.com/profile/09352578070603886366noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-49620022853341289482021-10-13T17:56:21.271-05:002021-10-13T17:56:21.271-05:00This comment has been removed by the author.Old Eagle Eyehttps://www.blogger.com/profile/05270080708077871311noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-45764751683280471012021-10-13T06:56:25.746-05:002021-10-13T06:56:25.746-05:00Economics needs to move beyond econometric models ...Economics needs to move beyond econometric models to integrate abd social problems that arise out of the allocation of scarce resources. North said institutions matter and they do for they construct an option set that all economic agents (people) can choose from or reject them altogether and pay the price. <br /><br />It's not just about incentives, but who those incentives are assigned to. Look no farther to the unfortunate reality, quoted from a Labor Econimics textbook out of Cornell: "Blacks are the last to be hired and first to be fired." Why? Part of it has to do with employers knowing their customer's preferences who they want to interface with. <br /><br />So while institutions matter, so do preferences. Understanding the nature of desire is important. Economics has hit a wall in my view. I love the discipline, but integrating mental health, psychology, attachment theory, and how it relates to the formation of social capital I believe in my mind that Economics can truly serve the people in the right way. <br /><br />So, yes, Sowell deserves at least some serious consideration. Economics cannot be a practice that is hermetically sealed from other disciplines that can contribute to the common good. Otherwise, what are we doing? Mykel G. Larsonhttps://www.blogger.com/profile/17128735421035292909noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-89947767865879467952021-10-12T07:26:51.754-05:002021-10-12T07:26:51.754-05:00There is a mammoth adversity to Sowell in this fie...There is a mammoth adversity to Sowell in this field. Many professionals argue "he doesn't publish proper scientific works, therefore he is a pundit", or "his ideas are antiquated by the new econ science". Well, yes he does not publish proper scientific papers, but any keen reader of his work can see he is one of the greatest social thinkers of 20th and 21st century. The man is brilliant. You can argue that "he earned his PhD in the 50s, so he's outdated"- an argument I have actually seen - all you want. But you can't deny his intelligence and importance. If the mainstream was not so perverse, I could see Sowell as being the most impactful economist of the latter 20th century, due to his sheer number of quality titles. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-11401829901123606742021-10-11T20:09:08.106-05:002021-10-11T20:09:08.106-05:00By the Anonymous argument, Krugman should have nev...By the Anonymous argument, Krugman should have never have received the Nobel Prize given that his columns are often cringe worthy by anyone who hasn't drunk the progressive kool-aid. Constantine Alexandrakishttps://www.blogger.com/profile/03148709241309623293noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-45320876701534610602021-10-11T19:22:09.685-05:002021-10-11T19:22:09.685-05:00"The officially-endorsed reading list, though..."The officially-endorsed reading list, though updated ..."<br /><br />Does this mean the link is to the improved version? Or is it still being improved?<br /><br />OMGFrank https://www.blogger.com/profile/00272351675231621678noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-54500682117554813722021-10-11T18:55:41.049-05:002021-10-11T18:55:41.049-05:00Thank you for this blog. It shows how far from rea...Thank you for this blog. It shows how far from reality we have gotten. It is astounding that the recipients this year did what Tom has been doing for more than half a century. On the other side of the discussion, I doubt Dr. Sowell would assign much value to the honour. Perhaps something around his estimate of the value of a Harvard degree. Don.shttps://www.blogger.com/profile/12672129738242469918noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-87002948155284904072021-10-11T17:46:53.695-05:002021-10-11T17:46:53.695-05:00The Nobel prize is less respected than it used to ...The Nobel prize is less respected than it used to be. Obviously the committee is pushing left progressive agenda, global warming, equality, immigration, identity. Wilsonhttps://www.blogger.com/profile/08616245073759623896noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-38512212663305874212021-10-11T06:33:23.503-05:002021-10-11T06:33:23.503-05:00Great Idea. I'm an ex-journalist, a libertaria...Great Idea. I'm an ex-journalist, a libertarian one, but unlike 99 percent of my former colleagues I could at least recognize a supply and demand curve. I recognized Thomas Sowell's greatness early on and met him in the early 1980s at the LA Times, then again in Pittsburgh in the early 1990s, and then I interviewed him a couple of times for the Pittsburgh Tribune Review in the 2000s. Here's a link to the great man, who if the world was run correctly, would win the Nobel for his life's work -- and his courage. https://clips.substack.com/p/qa-thomas-sowell-our-great-economist-emeritusbill shttps://www.blogger.com/profile/02573712704228584153noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-78817737375843926632021-10-11T03:47:00.968-05:002021-10-11T03:47:00.968-05:00Sadly, I suspect you're right.Sadly, I suspect you're right.Cokerhttps://www.blogger.com/profile/02631288439451432057noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-14430694248270737152021-10-10T08:19:42.948-05:002021-10-10T08:19:42.948-05:00Bravo Mr. Cochrane. I believe Dr. Sowell is The Gr...Bravo Mr. Cochrane. I believe Dr. Sowell is The Greatest Intellectual of our time. I find it ironic that he is so easily ignored.Anonymoushttps://www.blogger.com/profile/01351104890846487848noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-61536407637776877842021-10-09T10:08:25.870-05:002021-10-09T10:08:25.870-05:00"But you're the Nobel Committee. You care..."But you're the Nobel Committee. You care about Science, not about cheers from the Davos crowd." I'm skeptical if not cynical. Gene Fama's work is grounded in empirical and theoretical science. It took the Nobel committee some 40 years to recognize his seminal work in portfolio theory, asset pricing and the EMH before awarding him the prize in economic sciences in 2013. I'm not optimistic about Sowell's chances. David Seltzernoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-50406959721567280552021-10-09T08:43:59.021-05:002021-10-09T08:43:59.021-05:00Sowell's book, A Conflict of Visions, is his b...Sowell's book, A Conflict of Visions, is his biggest contribution, I think. It really is useful in understanding how people think. The Constrained Vision is the economist's, and shows how deep economics really is as a paradigm. <br /><br /> Eric Rasmusenhttps://www.blogger.com/profile/01609599580545475695noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-38370366684079410472021-10-09T04:44:31.971-05:002021-10-09T04:44:31.971-05:00The Nobel prize usually makes me discover an econo...The Nobel prize usually makes me discover an economist, not the other way around... It does not make me optimistic for Sowell.Student of Libertyhttps://studentofliberty.comnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-53244199776653452862021-10-08T20:14:02.564-05:002021-10-08T20:14:02.564-05:00John is not the one diminishing those who disagree...John is not the one diminishing those who disagree with him here, but the original poster. The suggestion that a prolific scholar’s academic work should be dismissed from consideration because he holds a different view on the meaning of racism is inimical to a free society. <br /> <br />It should go without saying, but Thomas Sowell lived through Jim Crow as a black man and is entitled to his own opinion on this issue.Infovoreshttps://infovores.substack.com/p/non-profit-profiteeringnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-8598123986451417262021-10-08T17:16:34.823-05:002021-10-08T17:16:34.823-05:00Does Thomas Sowell need the recognition or award t...Does Thomas Sowell need the recognition or award that stems fm money made fm killing???? There many times brilliant minds that have refused the award by the Nobel committee, the monicker of Alfred Noble - Merchant of Death still rings in my mind…. As time goes by Prof Sowell will shine through out the world as one of the foremost Thinker of the 20th Century in Economics purely based on statistical findings…. ritchie rameshhttps://www.blogger.com/profile/15383962542024627262noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-21669799958034666012021-10-08T11:57:07.642-05:002021-10-08T11:57:07.642-05:00Here here!Here here!Hal Amenthttps://www.blogger.com/profile/01336564643429039967noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-79153370211532498172021-10-08T11:40:10.363-05:002021-10-08T11:40:10.363-05:00I think there is a sense of...does this academic a...I think there is a sense of...does this academic advance the science. And by advance, I mean create some lasting innovation. Engle created ARCh(along with Bolersev), Hansen created GMM, Simms popularized VARs, etc etc.<br /><br />Sadly, they don't give awards for doing insightful data analysis. James Carlylehttps://www.blogger.com/profile/06778250145758547603noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-91164466118671638872021-10-08T11:27:30.613-05:002021-10-08T11:27:30.613-05:00Giving Dr. Sowell the prize would be fantastic. Ba...Giving Dr. Sowell the prize would be fantastic. Basic economics and Knowledge and decisions should be required reading for every college freshman so they can begin to learn to think. Thanks for putting this forward.SoupManhttps://www.blogger.com/profile/10210346715531194259noreply@blogger.com