Revere Award Vot­ing

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Edward Full­brook, the edi­tor of the Real World Eco­nom­ics Review that cre­ated the Dyna­mite Prize in Eco­nom­ics and the Revere Award, has just sent out the mes­sage repro­duced below.

Vot­ing for the Revere Award for Eco­nom­ics for the three econ­o­mists who first and most clearly antic­i­pated and gave pub­lic warn­ing of the Global Finan­cial Col­lapse and whose work is most likely to pre­vent another GFC in the future, will close in a few days.  Please vote. So far the num­ber of peo­ple vot­ing has been dis­ap­point­ing.  To stim­u­late inter­est, the poll has now been set to reveal to you the cur­rent results once you have cast your votes.  You can vote for three. To view a time­line and to vote now, click here .  It takes only sec­onds.  By vot­ing you reward the deserv­ing.

The Dyna­mite Prize attracted over 7,500 voters–a sub­stan­tial cohort. I have no idea how many votes have been cast for the Revere Award–and I can’t check since I’m one of the nominees–but obvi­ously it’s a lot less than that. This isn’t surprising–after some­thing as dev­as­tat­ing as the GFC, the desire to throw stones at the guilty is pal­pa­ble; there’s less pas­sion in reward­ing those who did see it com­ing.

The objec­tive of both prizes was to point out how badly eco­nom­ics has gone off course, when the­o­ries that actively con­tributed to a cat­a­stro­phe like the GFC can win their devel­op­ers a “Nobel Prize”. This intel­lec­tual trav­esty occurred while neo­clas­si­cal econ­o­mists could bask in the false glory of a boom­ing econ­omy that was in real­ity a Ponzi Scheme in its boom phase. Iron­i­cally, now that gov­ern­ment res­cues have “ended” the GFC, neo­clas­si­cal econ­o­mists are sink­ing back into their old com­pla­cency again–even though their the­o­ries that failed to pre­dict the GFC also pre­dicted that gov­ern­ment pol­icy could not affect the econ­omy in any ben­e­fi­cial way.

Shake them up again, even if only a bit. Cast a vote for any­one in the Revere Award.

Postscript

I’m back from the Walk from Kosciuszko, and have to attend to some per­sonal responsibilities–specifically, fil­ing my tax return for 2009–before I can become active again on the blog. Once that’s out of the way (and the dead­line is Fri­day April 30th) I’ll post a ret­ro­spec­tive on The Walk.

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  • Stats Watcher

    Con­grat­u­la­tions Steve on your walk/run (and to all who sup­ported you on the way).

    Just voted for Steve, Michael Hud­son and Ann Pet­ti­for — guess who has the most votes so far? (Hint — an econ­o­mist also known as a part time moun­tain climber.)

    I have a bad gut feel­ing that the recent news on Greece and Por­tu­gal (and Spain, Ire­land and Italy) will not play out well over the com­ing months. On the flip side — this could see Steve in great demand for media inter­views.

    The Mar­ket Ticker has a good arti­cle on how debt has played a big role in GDP growth over the past decade in the US. Echo­ing a lot of what Steve has been say­ing.

    Steve — any chance you will be vis­it­ing Perth this year?

  • Mar­co2

    Cov­er­age on the Revere Prize in Deutsch­land, ueber Alles!

    The Rise of the Eco­nomic Under­dogs
    Han­dels­blatt, the Ger­man equiv­a­lent of the Wall Street Jour­nal and the Finan­cial Times, today fea­tured an arti­cle on the Revere Prize in Eco­nom­ics. Here is an Eng­lish trans­la­tion.

    http://rwer.wordpress.com/2010/04/28/upstream-of-economics-underdogs-3/#more-1177

    And they men­tion the front-run­ner!