Shiller wins Nobel Prize

Inefficient Markets: A Nobel for Shiller (and Fama) by John Cassidy

Nobody could say Chicago School economists aren’t resourceful, especially when it comes to defending their world view against attack. The Nobel committee, in recognizing yet another one of them at the same time it was honoring one of their most effective critics, was perhaps enjoying an inside joke. Or maybe it was displaying a newfound and welcome willingness to countenance rival and mutually contradictory views. Or, possibly, its members are suffering from cognitive dissonance. Whatever the explanation, the 2013 prize represents progress, of a sort.