I am not particularly warm to Obama due to his economic policy. Shadows of protectionism and greater government intervention lurk somewhere. His foreign policy however is a cause to celebrate. The Obama that spoke in Oslo as he delivered his Nobel Prize speech is the Obama that I like. His speech on the need of […]

Libertarians celebrate two winners of the Prize in Economics of whom one of them is Elinor Ostrom. That is because her works show that commons can be managed efficiently by groups of users rather than the State. I am unsure, however, if libertarians, especially the free market purists quite absorb the full implication after accounting […]

Obama and committee members of the Nobel Peace Prize can go and take a hike. I am so appalled by this, that I am filing this under Humor.

Totally unexpected! Oct. 13 (Bloomberg) — Princeton University professor and New York Times columnist Paul Krugman won the Nobel Prize in economics for his work on trade theory. [Princeton’s Paul Krugman Wins Nobel Economics Prize (Update3). Simon Kennedy. Benedikt Kammel Bloomberg. October 13 2008] And what did the good professor say in his blog? A […]

Adam Smith’s classical metaphor of the invisible hand refers to how the market, under ideal conditions, ensures an efficient allocation of scarce resources. But in practice conditions are usually not ideal; for example, competition is not completely free, consumers are not perfectly informed and privately desirable production and consumption may generate social costs and benefits. […]

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