3 Jewish Americans win Nobel Prize in Economics

Muslims: 20-25% of World Population. A total of 5 winners since 1908. One
included the inventor of airplane hijacking (Yassir Arafat) and resulted in
a Nobel committee remember resigning in disgust.

Jews: 0.1% of the World Population. A total of at least 173 winners, or
approximately 23% of all Nobel prizes issued, with even higher percentages
within certain subcategories (physics, medicine, chemistry, economics).

Islam is a violent, expansionist totalitarian ideology, whose goal is the
ultimate enslavement of the world under Sharia law. Its no wonder that the
fruits of Islam continue to be ignorance, poverty and death. It should be
outlawed in western nations.

American trio wins Nobel Prize in Economics

Associated Press

October 15, 2007 at 8:42 AM EDT

STOCKHOLM - Americans Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson
won the Nobel prize in economics on Monday for developing a theory that
helps explain situations in which markets work and others in which they
don't. The three researchers "laid the foundations of mechanism design
theory," which plays a central role in contemporary economics and political
science, the Royal Swedish Academy of Sciences said.

The academy said their research helped explain decision-making procedures
involved in economic transactions including, for example, what insurance
policies will provide the best coverage without inviting misuse.
Essentially, the three men, starting in 1960 with Mr. Hurwicz, studied how
game theory can help determine the best, most efficient method for
allocating resources given the available information, including the
incentives of those involved.

"Mechanism design theory, initiated by Leonid Hurwicz and further developed
by Eric Maskin and Roger Myerson, has greatly enhanced our understanding of
optimal allocation mechanisms," the academy said. Their theory lets
economists, governments and businesses "distinguish situations in which
markets work well from those in which they do not," the academy said in its
citation.

Mr. Hurwicz, 90, is the oldest Nobel winner ever, the academy said. The
Moscow-born researcher is an emeritus professor of economics at the
University of Minnesota in Minneapolis.

"I really didn't expect it. There were times when other people said I was on
the short list but as time passed and nothing happened I didn't expect the
recognition would come because people who were familiar with my work were
slowly dying off," he said. Mr. Maskin, 56, is professor at the Institute
for Advanced Study at Princeton, New Jersey; and Mr. Myerson, 56, is a
professor at the University of Chicago in Illinois.

"I think this is a great privilege," he told The Associated Press, adding he
was inspired by the work of his fellow laureates.

"There were a lot of us working in this area in the late 1970s," he said,
categorizing his work as investigating "How does information get used in
society to allocate resources."

Mr. Maskin said he was relieved that Mr. Hurwicz was among the winners.

"Many of us had hoped for many years that he would win," Mr. Maskin told
reporters in Stockholm in a conference call. "He is 90 years old now and we
thought time was running out. It is a tremendous honour to have the
opportunity to share the prize with him and with Roger Myerson."

The prize is officially known as the Nobel Memorial Prize in Economic
Sciences.

The economics award is not one of the original Nobel Prizes. It was created
in 1968 by the Swedish central bank in Nobel's memory.

Americans have dominated the economics prize in recent years. The last
non-American to win the prize was Canada's Robert A. Mundell in 1999.

Last year American Edmund S. Phelps won the prize for explaining the
relationship between inflation and unemployment, work that has had a
profound impact on macroeconomic policy.

Nobel Prize winners receive $1.5-million (U.S.), a gold medal and a diploma
from the Swedish king on Dec. 10, the anniversary of Nobel's death in 1896.

The other prizes were announced last week, with the Nobel Prize in medicine
going to Americans Mario R. Capecchi and Oliver Smithies, and Briton Sir
Martin J. Evans, for groundbreaking discoveries that led to a powerful
technique for manipulating mouse genes.

France's Albert Fert and German Peter Gruenberg won the physics award for
discovering a phenomenon that enables computers and digital music players to
store reams of data on ever-shrinking hard disks.

Gerhard Ertl of Germany won the chemistry prize for studies of chemical
reactions on solid surfaces, which are key to understanding questions such
as why the ozone layer is thinning.

Britain's Doris Lessing won the literature prize, and former U.S. Vice
President Al Gore and the U.N.'s Intergovernmental Panel on Climate Change
won the 2007 Nobel Peace Prize for their efforts to spread awareness of
man-made climate change.

Associated Press writers Malin Rising and Louise Nordstrom in Stockholm
contributed to this report.


.

Relevant Pages
Loading