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Nobel Prize puzzle

Tim Harford tells the story of an apparent contradiction in this year’s top economics award: the economist who said markets are efficient is sharing the prize with his big critic.

Tim Harford tells the story of how two economists who disagree with each other have been jointly awarded the Nobel Prize.
Eugene Fama of Chicago University is being recognised for his work showing that stock markets are efficient, while Robert Shiller of Yale is being recognised for showing they’re not.
Tim explores this apparent contradiction.
Presenter: Tim Harford
Producer: Ruth Alexander
(Image: A man looks at the electronic board showing downward graph of share prices. Credit: AFP/Getty Images)

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9 minutes

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