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The Nobel Prize in Economics for 2018: To Irrational Statists Once Again

On the selection of statist economists William Nordhaus and Paul Romer for the 2018 Nobel Prize in economics:

Thomas DiLorenzo quotes the Nobel-winning economists:

“The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.”

–Paul Samuelson and William Nordhaus, Economics, 13th edition, p. 837.

Samuelson was the first American recipient of the Nobel Prize in Economics (1970), awarded by the Swedish central bank and not the Nobel Foundation.  Nordhaus is this year’s recipient.  In the 1989 edition of their textbook they predicted that the Soviet economy would become larger than the U.S. economy somewhere around the year 2000.

And Robert Wenzel writes that “Both are technocrats for state tinkering with the economy,” and that “Nordhaus is an academic child of the current climate change craze.” And, “Paul Romer, a professor at NYU Stern School of Business, is off in the, far off, palm reading land of macro modeling, where government tinkering is always needed.”

And also Wenzel notes that Romer is against the idea of private police. (See Chapter 12 of For a New Liberty: The Libertarian Manifesto [.pdf] by Murray Rothbard on the privatization of police. For skeptics of private police, Rothbard begins: “In the first place, there is a common fallacy, held even by most advocates of laissez-faire, that the government must supply ‘police protection,’ as if police protection were a single, absolute entity, a fixed quantity of something which the government supplies to all. But in actual fact there is no absolute commodity called ‘police protection’ any more than there is an absolute single commodity called ‘food’ or ‘shelter’.”)

Wenzel quotes Nordhaus on climate change: “The science and economics of global warming are clear. Unless forceful measures are taken the planet will continue to warm.” Wenzel says it’s “Y2K fears on steroids.”

And that’s exactly right. Why doesn’t Nobel Prize winner Nordhaus understand that the planet is warming and will continue to warm no matter what humans do? It is not preventable, because the sun is getting hotter and hotter, in general, and by 1 billion years from now it will have completely dried up everything on Earth, and by 7 billion years it’s all over. Oh, well.

So, the Nobel Prize is given to people mainly on the Left, to people who are ignorant and irrational, and based on the emotional rhetoric involved with these people’s writings and activities. Another example is Barack Obama, who was given the Nobel Peace Prize, despite his increasing troop levels in Afghanistan by 30,000 his first month in office, increasing the CIA drone strikes that have been mostly murdering innocent civilians overseas, and more, throughout his time as President.

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