Nobel not good enough

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This year’s Nobel Prize in Economics is shared by Diamond, Pissarides and Mortenson, with the citation being for their work in search theory. Despite Diamond’s wide ranging CV and academic credibility, he was rejected by the Republicans earlier this year for a Fed Board position on the grounds of insufficient experience (see NY Times piece here). President Obama has since renominated him and he is likely to now become a Fed Board member. Partisan squabbles in the US are now par for the course on economic matters, and I am convinced that the policy stalemates that are the result will exacerbate what is likely to be a lost decade of growth in the US. [Apologies but I cannot submit links at the moment. The NY Times has a nice piece on the Nobel prize at http://www.nytimes.com/2010/10/12/business/economy/12nobel.html?_r=1&hp]

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