April 14, 2022 — Question from The International Economy: Economics is the only field in which people can share a Nobel Prize for arriving at the complete opposite conclusion, something that arguably actually happened. Should the Nobel Prize in Economic Sciences Be Put on Hold? —
My response:
It is true that the Prize in Economics in Memory of Alfred Nobel has been awarded in the same year to economists representing opposite viewpoints. Not just once, but three times.
In 2013, the topic was stock markets. The winners included both Eugene Fama, for his work on the Efficient Markets Hypothesis (EMH), and Robert Shiller, for his rejection of the EMH in favor of the existence of bubbles, excessive volatility, and investor behavior that departs from rational expectations.