Jean Tirole wins Nobel in economics for work on regulation
The New York Times - 10/13/2014
It is also the second consecutive year that the committee has honored an economist whose work essentially assumes that markets are often inefficient, challenging a widely held view in academia long associated with the University of Chicago economics department.
“Jean Tirole, along with others, established a good theoretical foundation for the non-Chicago view of things that markets fail in various ways,” said John Kwoka, a professor of economics at Northeastern University in Boston who specializes in competition and regulation. “It’s important to think hard about the reasons that they fail and it’s important to think hard about the consequences.”