Home > The Economics Profession > Regarding nominations for the Revere Prize and media response to the Dynamite Prize

Regarding nominations for the Revere Prize and media response to the Dynamite Prize

The following clarification has been added to the nominations page for the Revere Prize   

 

24 February 2010

With a couple of exceptions, all submitted comments for nominations for the Revere Prize have been approved for posting below.  However when it comes time to select the short-list for the ballot, the criteria initially stated above will be honoured. Please note below the two key words in bold:

  • “They must be economists, and we are looking for the three who first and most cogently warned of the coming calamity.”

These restrictions are in no way intended to deny that there were non-economists who saw the Global Financial Collapse coming and gave public warning.  Similarly, insistence upon observing the definite article is not to deny that there have been economists whose theoretical work was or could have been used to anticipate the calamity that came to pass.

 These criteria have been set partly to make it a coherent exercise, but more importantly because this prize has been established to give recognition to those economists who have demonstrated superior capability at applying economics in real-time to the real-world.

The recent events, with the parts played and not played by economists, have demonstrated that within the economics profession today the general level of competence at real-world economics is grievously less than what society requires.  But one also needs to recognize that it is humanly natural that in the wake of their failure the profession’s dominant power echelons should feel resentment and jealousy toward those economists who foresaw the events and to be disinclined to assign blame and credit where they are due.  Hence the establishment of the Dynamite and Revere Prizes.

 

Media attention given to the awarding of the Dynamite Prize has exceeded expectations.  In the first 24 hours, 600 announcements of the winners appeared on the Web.  Here are links to articles that appeared in the Financial Times, the Huffington Post, the Business Insider and the New York Times.

  1. Jon Cloke
    February 24, 2010 at 2:52 pm

    As a Brit I would very much like to know what all this ‘Revere’ nonsense is about. As if it isn’t enough that Australian Mel Gibson making us out to be a bunch of Nazis in ‘The Patriot’, you’re now entitling your prize after someone warning about the British coming.

    Get over it. We aren’t a threat any more and we do what we’re told – or at least as soon as that nice Mr Cameron gets into power we will. Plus, any country responsible for General McChrystal’s civilian-cleansing operations in Afghanistan has a fat cheek attacking us for our military enthusiasm 200 years ago…

    • smccann
      April 1, 2010 at 11:09 am

      Chillax! Revere is a common American mythology metaphorically tied to the concept of issuing a warning. Besides, Revere only rode some 4 miles. The real hero of the event was a guy by the name of Israel Bissell and no one sings any songs about poor Israel. So we’re talking about the same concept of some one get a lion’s share of reward for not really being the one who did all of the work…….

  2. rommeldak
    February 25, 2010 at 5:08 pm

    Outstanding and well done–thanks, Edward. Regarding the earlier post, I assume it was tongue-in-cheek and I found it very amusing! Just in case in was serious, Real-World Economics is run by an Englishman and it is not based in the US (though many readers are). I was born in London and took no offense whatsoever. It never crossed my mind.

  3. April 11, 2010 at 7:15 pm

    Again, there are economists who published on THE crash who were not on the short list and not even in the timeline. In particular, economists who emphasized the land value boom have been excluded from consideration. Shame!

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