Economists need to delves deeply into the mechanics and in and out, details and logistics of these problems. And it's not the nature of most economists to do that kind of work and it generally doesn't get rewarded. It was always also totally left sort of untouched by the Nobel Prize for 20 odd years since the formation of the Nobel Prize in 1969. So you have a totally rational behavior from all the agents but the outcome is on one hand shortage and a glut.
Author and economist Branko Milanovic of CUNY talks about the big questions in economics with EconTalk host Russ Roberts. Milanovic argues that the Nobel Prize Committee is missing an opportunity to encourage more ambitious work by awarding the prize to economists tackling questions like the rise of China's economy and other challenging but crucial areas of scholarship. In the conversation, he lays out what those questions might be and discusses what we know and don't know in these areas.