The Economics Nobel – I

The Economic Nobel – I
The economics Nobel laureates seek an implicit order and efficiency in Time.
Starting 1969 Economic Nobel laureates research has focused on business cycles, fluctuations, economic history and mathematical proportion.

9. Ragnar Frisch, Jan Tinbergen. Frisch created a dynamic formulation of the theory of time cycles. He demonstrated how a dynamic system involving investments and consumption expenditure produced a damped wave movement with wavelengths of 4 and 8 years and how despite random disruptions the wave movements became permanent. Tinbergen created an econometric study of cyclical fluctuations. His aim was to test the explanatory value of the existing flora of business cycle theories.
10. Paul A. Samuelson. How the economy develops from period to period in a chain of development phases in time.
11. Simon Kuznets was a cyclist and has a cycle of 15-20 years named after him.
12. Hicks and Arrows. There exist general tendencies towards in- optimality in the allocation of resources. His model linked general equilibrium theory and current theories of business cycles. Hicks connected the monetary theory and to the theory of business cycles.
13. Wassily Leontief described the systematic analysis of the complicated inter-industry transactions in an economy.
14. Gunnar Myrdal, Friedrich August von Hayek created a theory of money and economic fluctuations and interdependence of economic, social and institutional phenomena with a focus on business cycle mechanism. Hayek was one among the few economists who gave warning of the possibility of a major economic crisis before the great crash came in the autumn of 1929.
15. Leonid Vitaliyevich Kantorovich, Tjalling C. Koopmans. Leonid showed that there was a technical efficiency was fundamentally related to the price system and to the allocation of resources in a competitive economy and that the question of long-term economic planning, involved judgment of the welfare distribution between different generations in time.
16. Milton Friedman. The right timing for stabilization measures during a business cycle.
17. Bertil Ohlin, James E. Meade. Ohlin has also demonstrated similarities and differences between interregional (intra-national) and international trade. James E. Meade gave the way to balance outperformance and underperformance among imports and exports.
18. Herbert A. Simon. The father of behavioral finance was the first one to suggest that complexity was simple and hierarchical. There was an intrinsic order in all systems.
19. Theodore W. Schultz, Sir Arthur Lewis. Theodore an agricultural economist presented a series of studies on the crises in American agriculture, and then later took up agricultural questions in various developing countries throughout the world. Lewis was an economic historian who shed new light on both growth processes and short and long economic cycles
20. Lawrence R. Klein created econometric models and the application to the analysis of economic fluctuations and business fluctuations.
21. Tobin’s portfolio theory. q” simply expresses the ratio between the market value of a physical asset, on the one hand, and the cost of producing this asset all over again, on the other. The process was cyclical.
22. George J Stigler. A firm’s vitality and development capacity are only weakly related to cost conditions in production itself but depend instead on various factors which are difficult to observe. This brought Stigler to the so-called survivor principle which states that, first, those categories of firms which actually exhibit an ability to survive business cycle fluctuations in time should be determined then the properties which yield this ability should be sought.
23. Gerard Debreu. Adam Smith’s said that given price and wage flexibility, price systems automatically bring about the desired coordination and order. Debreu managed to model the logical consistency of Smith’s idea.
24. Richard Stone. It is necessary to find methods for systematic summarizing and aggregating of a reality which, on the micro level, is endlessly complicated.
25. Franco Modigliani. Keynes said that the proportion of national income represented by saving increases during periods of economic growth. In 1942, Simon Kuznets proved that the long-term saving: income ratio had not increased over time. In 1957, Milton Friedman formulated his “permanent income” hypothesis that explained the Keynes-Kuznets contradiction For Friedman. People save not only for themselves but also for their descendants for an infinite period. In the Modigliani-Brumberg version, the planning period was finite. People save only for themselves.
26. James M. Buchanan Jr. Connected economics and political science
27. Robert M. Solow. Solow’s starting point is that society saves a given constant proportion of its incomes and hence in the long term, the economy will approach a condition of identical order in growth rates. He proved that only technological progress leads to real growth.
28. Maurice Allais added on to the work of Walras and Pareto suggesting that a simple price distribution is a solution to extremely large and complex system of equations.

The 1989 laureate Trygve Haavelmo showcased interdependence in economic processes and how a simple set of model equations can be used to derive a multitude of other equation systems which produce the same observable result.
These ideas of aggregation, simplification, order, efficiency rules like in Pareto curve, cyclicality in economic variables, interdependence and interconnectedness of economics with every other social aspect not only suggests a strategy, an innovation with wide applications for a better world but also that economic systems are not different from natural systems with an intrinsic order in Time.