CBC News, “Richard Thaler wins Nobel Prize in economics”
CBC News, “Richard Thaler wins Nobel Prize in economics”
I’m deeply saddened of the passing of Professor Ronald Coase . Quoting The Telegraph (emphasis & link added), “Professor Ronald Coase, who has died aged 102, won the 1991 Nobel Prize in Economics by injecting a note of reality into the world of market theories; in a 60-year career he wrote only about a dozen significant papers and used little or no mathematics, yet his impact on his discipline was profound.” The Verge is not too far off the truth when using the title, “Ronald Coase, the ‘father’ of the spectrum auction, dies at 102” as you can watch Coase explained how he first read the key idea from a student note and then adopt the idea of using prices to determine radio frequency spectrum use in this video clip.
Earlier this afternoon, in an exclusive video interview with Prof. Ning Wang, co-author of Prof. Coase’s last book “How China Became Capitalist” (published 2012), Wang talked about visiting Coase last week, working with Coase from 2008-2012 on “How China Became Capitalist“, Coase’s love of China, and more.
On a personal note, while I’ve never met Prof. Coase in person, I was lucky to be exposed to Coase’s insightful economic ideas since the mid 1980s, including those ideas in “The Lighthouse in Economics” via Prof. Steven Cheung‘s Chinese articles and Coase’s original English articles. For Coase’s 99th birthday in 2009, I spent many hours converting the 2003 Coase Lecture into a 6 parts YouTube with annotated time codes in the video description allowing easy access to specific sections.
I love the following quotes by Coase,
“You don’t know what you can learn until you try to learn.”– from a 2010 interview when he was 100 years old.
“new ideas are most likely to come from the young who are also the group who are most likely to recognize the significance of those ideas.” – from his 2003 lecture.
Goodbye Prof. Coase.
* Ronald H. Coase, Founding Scholar in Law and Economics, 1910-2013, University of Chicago
* Ronald Coase, 1910-2013, The Ronald Coase Institute
* Ronald Coase, Nobelist Who Studied Corporations, Dies at 102. Bloomberg
* Ronald Coase Was The Greatest Of The Many Great University Of Chicago Economists, Forbes
* Remembering Ronald Coase, Harvard Business Review
* “The Man Who Resisted ‘Blackboard Economics’ – Nobel laureate Ronald Coase taught that economists should study real markets“, WSJ
* “Ronald H. Coase, retired U. of C. professor won Nobel Prize, 1910-2013“, Chicago Tribute
* “RONALD COASE AND THE MISUSE OF ECONOMICS“, New Yorker
Sept 16th update:
* “Ronald Coase, a Pragmatic Voice for Government’s Role“, New York Times
P.S. 1: In the coming days, I will try to update and add more contents to this article. Last update: Sept 4th, 2013
P.S. 2: In case you wonder what is “Coase Theorem”? Here is an excerpt from a 1997 Reason magazine interview with Coase.
“Reason: Could you state the Coase Theorem? How do you explain it to people?
Ronald Coase: It deals with questions of liability. Read the rest of this entry »
Photo credit: by Zhaofeng Xue (薛兆丰) 2009
Yesterday, in our bilingual Google+ Hangout LIVE YouTube show Wallace and I talked about “Little Emperors: Behavioral Impacts of China’s One-Child Policy” (with LIVE recorded video).
Last night, I reached out to professor Ning Wang (co-author of “How China Became Capitalist” with professor Coase) to ask him about his take on China’s One-Child Policy. Ning mentioned that a 2013 Jan video had been filmed in part to promote the launch of the Chinese edition of their book where professor Coase shared his critique of China’s One-Child Policy. I was so excited and immediately watched it twice. Here is the China’s One-Child Policy segment. (full transcript of interview here and full unedited interview video here)
The news report “One-child policy: China’s army of little emperors – The one-child policy has fundamentally changed the psychology of a generation” intrigued Economic Analyst Wallace Chan and this independent reporter. So tonight, we held a LIVE YouTube chat about the research paper “Little Emperors” and China’s One-Child Policy in two languages. Here are the recordings.
(in Cantonese) 經濟分析師陳心田與獨立記者林錦堂講一講 – 小皇帝：中國的”一家一孩”政策對行為的影響
Reference: (1) “Little Emperors: Behavioral Impacts of China’s One-Child Policy” by L. Cameron, N. Erkal, L. Gangadharan, X. Meng
Jan 26, 2013 Update: Here is a new Jan 2013 video clip of “Nobel Laureate Ronald Coase on China’s One-Child Policy“. For more (including link to transcripts) see this article.
October 29, 2015 Update: After China initiated its One-Child Policy in 1979, it is finally over today. CBC News, “China to abolish one-child policy, Communist Party says“
The Royal Swedish Academy of Sciences announced earlier today that the 2012 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will divided equally between Alvin E. Roth (Harvard University) and Lloyd S. Shapley (UCLA) “for the theory of stable allocations and the practice of market design“.
Roth was interviewed over the phone immediately by the Nobel foundation following the announcement. The audio interview, hearing the answers in the words and tone of the Nobel Laureate is always interesting fascinating. Here is a brief insightful exchange excerpt from the interview transcript that explains what the this year’s winners won for,
“AG [Allegra Grevelius, from Nobelprize.org, the Nobel Prize website]: I understand. Many of Nobelprize.org’s visitors are high school students. How would you explain your prize awarded work in layman’s terms?
AR [Alvin E. Roth]: Well, my prize is about matching and matching is the work that the economy does when deciding for instance which students go to which schools. If they have a choice so high school students in some cities get matched through a choice system where they submit preferences and the schools have requirements perhaps preferences also. And some decisions are made who goes where. And that’s what matching is about. It’s about who gets what. And um, we try to, in the school choice, we try to make it happen in a way that is sufficient but doesn’t, but doesn’t send people to schools they would rather swap with other people if the schools would allow them. Um, and if your students are in high school, they are going to go through many matching markets in their lives. They’re going to get married, they’re going to get jobs, and so, they can think about us then.
AG: Yes, it is very interesting. So your work has a lot of practical applications in our lives, school applications, maybe matching kidney donors and receivers. Are you driven as an economist by these questions by applying your theories to real life?AR: Yes, economics is about real life, so I’m very interested in that.
AG: Yeah, indeed. As a young person, what inspired you to be an economist?
AR: Well, I didn’t become an economist until rather late in life. My PhD is operational research. I was interested in making things work better and using mathematics to help do that. So operational research is what I studied as an undergraduate and graduate student. The kinds of things that I found myself interested in, trying to understand and trying to make things work better were things that involved people and that meant economics.“
Cross posted by me at examiner.com