Nobel Prize in Economics 2021: two acquaintances from Chile, Carmen Reinhart and Kenneth Rogoff, are among the possible winners – La Tercera

Five Americans are among the possible winners of the 2021 Nobel Prize in Economics, which is announced on October 11. This, according to the science consultancy Clarivate, which annually publishes the list Citation Laureates, pointing to researchers and economists who by the significant number of citations to their works “represent an elite of researchers whose influence is comparable to that of past and future Nobel Prize winners.”

In this way, this work, which has been carried out since 2002, has anticipated 52 winners of the Swedish medal in different fields and in its 2021 edition for the Nobel Prize in Economics it points to five experts from the United States, including two old acquaintances from Chile: Carmen Reinhart and Kenneth Rogoff.

Both have developed their research at Harvard University, although only he currently works at that institution, while she took over as chief economist of the World Bank in July last year.

Also featured in the group are David Audretsch, from the University of Indiana, and David Teece, from the University of California, Berkeley, for studies related to innovation, as well as Joel Mokyr, from the Northwestern University.

If some of them are winners, the United States would continue to consolidate its broad supremacy in the prize awarded since 1969 by the Riskbank, Sweden’s central bank. To date, 86 economists have been awarded this medal, of which 63 have American nationality. Without going any further, the recognition of 2020 went to the North American mathematicians and professors of the University of Stanford Paul R. Milgrom and Robert B. Wilson, for their “improvements in auction theory and the invention of new auction formats” , according to the Royal Swedish Academy of Sciences.

Carmen Reinhart, Chief Economist at the World Bank.

“Growth in times of crisis”, a paper published in 2008 by the American Economic Review, and the book “This time is different: Eight centuries of financial folly”, which came out in 2011, are the two most influential works of the research duo that made up Carmen reinhart and Kenneth rogoff.

The relevance of his work largely explains its spread not only among academic experts, but also among economic authorities in much of the West, who have cited his work at critical moments to support the definitions of their policies.

For example, during the euro crisis of the last decade, their work was widely cited in the deployment of austerity policies, which earned them an attention that did not always favor the postulates of economists, such as when the calculations that they supported the idea of ​​containing debt growth in times of crisis.

Kenneth Rogoff, an economist at Harvard University.

However, his studies of centuries of economic history, which even go beyond the developed world, repeatedly citing data from underdeveloped countries, continues to represent a contribution to the economy that is elaborated from the academy and from public policies.

In fact, in the ranking of the most cited of Ideas, Professor Rogoff appears in the eighth box of the top ten. A little further back, in position number twelve, appears the chief economist of the World Bank, who qualifies as the first woman on the list.

Both know Chile very well, because in their extensive work on financial crises and public debt, they followed in detail the situation that the country faced in the early 1980s. In this way, both have dared to offer their analysis regarding Chile when they were consulted in interviews during the last years.

“The significant slowdown in economic growth that has occurred in Chile makes inequality issues more prominent. When the cake got bigger, even if the same inequality is maintained, each generation feels that their children will do better than them, ”Reinhart indicated, for example, in July 2020.

Joel Mokyr, an academic at Northwestern University.

With an investigation focused on the understanding of the economic and intellectual roots of technological progress, the academic of the Northwestern University, born in Holland, raised in Israel and nationalized American, Joel mokyr, you also earn a position in the Citation Lauretes this year.

Although his training is purely economics, with his undergraduate degree from Jerusalem University and his master’s and doctorate from Yale University, by the nature of his study, Mokyr calls himself a historian of economics.

In fact, his most popular work is “A culture of growth. The origins of the modern economy ”, published in 2017, where it argues that the Enlightenment and the Industrial Revolution, which would eventually instigate explosive economic and technological development, are the result of a cultural change in Western Europe between 1500 and 1700, when the People began to trust their abilities to control the natural world.

“Mokyr paints in the background to improved shipping and shipbuilding that opened Europe to new products and new ideas (early globalization), and to the printing press, which reduced the cost of communication and increased the benefits of literacy. These developments opened minds to new ideas and new ways of thinking elsewhere, and reduced attachment to old ideas, “says Barry R. Chiswick, an academic at The George Washington University, in an IMF blog.

Other relevant titles are “La Palanca de la Riqueza. Technological creativity and economic progress ”,“ The gifts of Athena: historical origins of the knowledge economy ”and“ The British industrial revolution: an economic perspective ”.

Mokyr is currently a member of the American Academy of Arts and Sciences, the Econometric Society and the Cliometric Society, the British Academy, the Accademia dei Lincei Italian and the Royal Dutch Academy. In addition, he was president of the Economic History Association, editor-in-chief of the Oxford Encyclopedia of Economic History and co-editor of Journal of Economic History.

Although they did not work together, for their “pioneering” research in the field of entrepreneurship, innovation and competition, Clarivate suggests that economists could simultaneously win the Nobel David audretsch and David J. Teece.

David Audretsch, an academic at Indiana University.

The first is an academic at Indiana University, where he also serves as director of the Institute for Development Strategies. Audretsch has focused his research on the links between entrepreneurship, government policy, innovation, economic development, and global competitiveness.

His works, as sole author or co-author, include “The seven secrets of Germany”, “Everything in its place: Entrepreneurship and Strategic Management of Cities, Regions and States”, “The Manual of Local Competitiveness” and “Public Policy in the business society ”. In addition, in this area of ​​knowledge it has been highly valued Small Business Economics: An Entrepreneurship Journal, magazine of which he is co-founder and co-editor, together with Zoltan J. Acs.

With all this accumulated knowledge, Audretsch has earned a place in the world of public policy, working as a consultant for the United Nations, the World Bank, the OECD, the European Commission and the US State Department.

For his part, Teece is an economist at the University of California, Berkeley, a university where he is also director of the faculty of Tusher Center for Intellectual Capital Management. He is also co-director of the Palgrave Encyclopedia of Strategic Management.

David J. Teece, an academic at the University of California, Berkeley.

As indicated on their website and confirmed in Citation Laureates, Teece is a pioneer in “dynamic capabilities perspective” research, which he defines as “the ability to integrate, build, and reconfigure internal and external competencies to address rapidly changing environments.”

According to the magazine Science Watch, his article (with his colleagues Gary Pisano and Amy Shuen) “Dynamic Capabilities and Strategic Management” It was the most cited in economics and business worldwide during the period observed from 1995 to 2005.

Unlike the rest, Teece has also developed in the private world with Berkeley Research Group , an expert services consultancy of economists and other experienced professionals in domains ranging from higher education to corporate finance.

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Nobel Prize in Economics 2021: two acquaintances from Chile, Carmen Reinhart and Kenneth Rogoff, are among the possible winners – La Tercera

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