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FRENCH ECONOMIST JEAN Tirole was today awarded the Nobel Prize for Economic Sciences “for his analysis of market power and regulation.”
The 61-year-old professor at the University of Toulouse 1 Capitole becomes the third French citizen to win the prize, and the 67th French Nobel Laureate in history.
Tirole’s win marks the first time since 1999 that an American is not among the Economics prize-winners.
Speaking by videolink this afternoon to members of the Royal Swedish Academy of Sciences in Stockholm, Tirole said he was “really grateful” and “very moved” by the honour.
In its citation today, the Academy said that, in his work, Tirole had clarified ”how to understand and regulate industries with a few powerful firms.”
From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such market failures.
In a series of articles and books, Jean Tirole has presented a general framework for designing such policies and applied it to a number of industries, ranging from telecommunications to banking.
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Tirole is an acknowledged expert in the fields of industrial organisation, game theory and finance, among others.
He holds five degrees, in decision mathematics, engineering, and a PhD from the prestigious Massachusetts Institute of Technology.
According to his CV, Tirole is the author of nine books – including “The Theory of Industrial Organisation” and “Game Theory.”
He has published 191 peer-reviewed articles in English, 38 in French, and has 37 previous awards, including nine honorary doctorates.
This will give you a sense of the extent of his achievements:
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Economics is not about money, but about organising the society’s resources in such a way that they will bring the most benefit. Regulation and competition policy exists to protect consumers and nurture competition.
they gave one of those to Krugman who proposed that the US inflate the housing market after the 2000 downturn. How did that one work out? Economics is as much a moral “science” as anything else and the excessive modelling that has taken hold of economics just gives it the veneer of respectability.
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