The Evolution of Economic Recognition

This chapter explores the contrasting award criteria for prestigious prizes in physics and economics, highlighting a shift towards empirical research in economics. It critiques the narrow focus of the Nobel Prize in Economics, advocating for a broader perspective on impactful theories, particularly those addressing systemic issues in economic growth.

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This week on Econ 102, Noah Smith and Erik Torenberg tackle the shift in economic research from empirical studies to "big think" theories, critically examine Acemoglu's work on institutions and AI's impact on jobs, and debate the future of economics as a science.

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TIMESTAMPS:

(00:00) Intro

(01:14) Shift in economic theories

(07:16) Influence of economic theories on practice