A brief Update
What a horrid week it has been. Possibly the best thing that occurred was that I got my silver for IPPT and hence I'm richer by 100 bucks. Haha (come to think of it, its a mere consolation!) ANyway, went to 201 on Mon to work as slave labour, tues was peaceful, wed was technical handling and worse, Bn RSM saw us playing games......arGH!!! THurs was a lot of brain power work for me, same for friday as well. But on Fri OC saw one of us viewing movie clips. Now, that's a lot of trouble in 1 week!!!
Oh well, hopefully next week is better. There's still IPPT and SOC (my COy stand seems to be gold for IPPT), but its much better than having a coy cadence run. I'm looking forward to friday, cause going down to suntec for NDP Sponsorship launch, that means booking out on thurs nite hopefully. Yea, then can immediately play after the event.
I realised I've deviated from my original purpose of having this blog, so let me bring it back on track. I'm just gonna highlight to all about this year's Nobel Prize winners in Economics, Prescott and Kydland.
I agree with this year's judgement of awarding Prescott and Kydland the Nobel Prize. After all, their work has certainly contributed greatly to Macroeconomics. The Time consistency problem of economic policies has certainly resulted in a rethink of how the Central Bank as well as the government functions, and it has led to issues of credibility. All these has certainly led to improvements in policy making in general, as well as allowing people to anticipate the effects of policy changes better.
Another key work of theirs is that they developed the real business cycle theory. This is very significant, as prior to their work people were much more concerned with demand shocks. Their work showed the effects of supply shocks on the economy, hence allowing people to better understand business cycles as well as economic conditions better. Even though there is still much debate on the how robust the real business cycle theory is, it has certainly left its mark on Economics.
Comparing this year's laureates with last year's, I must say that this year's decision is much more undisputable. The winners have not 1 but 2 Nobel Prize winning contributions, and they are widely regarded as leaders in their respective fields. They are widely cited in papers, and most undergrads would have touched on topics related to their work. The fact that their work is so widely proliferated shows that indeed, their work has influenced Economics at different levels, and not just purely among academics.
That's just a brief opinion of mine. If your interested to read about the press release of their awards, visit http://nobelprize.org/economics/laureates/2004/press.html.
Oh well, hopefully next week is better. There's still IPPT and SOC (my COy stand seems to be gold for IPPT), but its much better than having a coy cadence run. I'm looking forward to friday, cause going down to suntec for NDP Sponsorship launch, that means booking out on thurs nite hopefully. Yea, then can immediately play after the event.
I realised I've deviated from my original purpose of having this blog, so let me bring it back on track. I'm just gonna highlight to all about this year's Nobel Prize winners in Economics, Prescott and Kydland.
I agree with this year's judgement of awarding Prescott and Kydland the Nobel Prize. After all, their work has certainly contributed greatly to Macroeconomics. The Time consistency problem of economic policies has certainly resulted in a rethink of how the Central Bank as well as the government functions, and it has led to issues of credibility. All these has certainly led to improvements in policy making in general, as well as allowing people to anticipate the effects of policy changes better.
Another key work of theirs is that they developed the real business cycle theory. This is very significant, as prior to their work people were much more concerned with demand shocks. Their work showed the effects of supply shocks on the economy, hence allowing people to better understand business cycles as well as economic conditions better. Even though there is still much debate on the how robust the real business cycle theory is, it has certainly left its mark on Economics.
Comparing this year's laureates with last year's, I must say that this year's decision is much more undisputable. The winners have not 1 but 2 Nobel Prize winning contributions, and they are widely regarded as leaders in their respective fields. They are widely cited in papers, and most undergrads would have touched on topics related to their work. The fact that their work is so widely proliferated shows that indeed, their work has influenced Economics at different levels, and not just purely among academics.
That's just a brief opinion of mine. If your interested to read about the press release of their awards, visit http://nobelprize.org/economics/laureates/2004/press.html.
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