That is the argument presented by eminent Harvard professor and the former chief IMF economist Kenneth Rogoff.
A self-confessed basketball fan, Rogoff argues that the public acceptance of fat sportsmen paychecks is in stark contrast to the hostility towards fat corporate payouts and bonuses.
Rogoff commented:
Two U.S. economists were yesterday awarded the 2011 Nobel Peace Prize in economic science. Professor Christopher Sims and Thomas Sargent, both 68, were given the highest recognition for their 35-year careers in the fields of macroeconomics and macroeconomic policy making.
According to the Nobel jury, this year’s laureates have “developed methods for answering… questions regarding the causal relationship between economic policy and different macroeconomic variables, such as GDP, inflation, employment and investments.”
In the year 1968, Sweden’s Central Bank first introduced Nobel Prize in Economics Science. The prize is given in the memory of Alfred Nobel, the founder of Nobel Prize. Nobel Prize in Economics is considered as one of the most prestigious prize in Economics science.
Leonid Hurwicz also known as Leonid “ Leo” Hurwicz is the proud co-winner of the Nobel Prize in Economics. The Nobel Prize has been bestowed on him on October 15th, 2007. The other co winners of the Nobel Prize are Eric S. Maskin and Roger B. Myerson. Leonid Hurwicz has won this accolade “for having laid the foundations of mechanism design theory”. [br]
As an economist of global repute and recognition, the works of Eric S. Maskin on economic theories appear attractive to researches working in areas like finance, development and industrial organization. In fact, the achievements of Eric S. Maskin in diverse streams of economics and political science earned him immense popularity. [br]
Economists are scholars who specialize in economics. They study the concepts of economics and devise methods to both measure and fuel economic prosperity. Various economists have presented theories and created models to explain the functioning of the economy as a whole, as a result of which they have changed the world for all of us – whether we know it or not.
William Forsyth Sharpe, popularly known, as William F. Sharpe is an American economist who received the Nobel Prize in economics for along with other two economists for their work, which established the financial economics as a separate branch in the field of economics. [br]
Life and Works of Sharpe
William Vickrey was a renowned economist, who was jointly awarded the Nobel Prize for economics in 1996 with James Mirrlees for their groundbreaking works on the economic theory of incentives under asymmetric information. [br]
Personal, career and Academic profiles
Sir John Richard Nicholas Stone, knighted in 1978 and Nobel Laureate in Economics in 1984, is one of the pioneering architects of national income accounting, and is one of the few economists of his generation to have faced the challenge of economics as a science by combining theory and measurement within a cohesive framework. He was awarded the Nobel Prize in Economics for his “fundamental contributions to the development of national accounts,” but he has made equally significant contributions to the empirical analysis of consumer behaviour.
Trygve Haavelmo, in full Trygve Magnus Haavelmo was a Norwegian Economist who pioneered an aspect of economics, which is known as economic forecasting. He is one of the eminent figures in the discipline of economics and is reckoned as a genius in the field of econometrics. His main interest lies in econometrics and economic theory. He had received the Nobel Prize in economics for his contribution towards the discipline. [br]
