Analysis suggests a sociologist in the running to win 2014 Nobel Prize for Economics

A new analysis suggests five leading candidates for the 2014 Nobel Prize in Economics and one of them is a sociologist:

But a recent Thomson Reuters analysis predicts five leading contenders for the top honour in economics this year: Philippe M. Aghion and Peter W. Howitt for their contributions to growth theory, William J. Baumol and Israel M. Kirzner for their study of entrepreneurship, and Mark S. Granovetter for his pioneering research in economic sociology.

The first four names are well known in economics while the fifth is not actually an economist. Granovetter is a sociologist but his research appears to be the most interesting among that of the five contenders listed by Reuters. The caveat here is that the Reuters list is merely indicative, based on a quantitative analysis of the number of citations of each scholar in the discipline. The Nobel committee is unlikely to be influenced by quantitative metrics alone though the Reuters analysis claims that most scholars it has identified have eventually ended up winning the Prizeā€¦

There are earlier precedents when the Nobel committee has chosen persons outside economics departments for the prize, although a sociologist has never won it till date. The political scientist Elinor Ostrom, who shared the Nobel in 2009 with Williamson, is the most recent example. Ostrom challenged conventional wisdom by showing that common property resources can be managed successfully by user associations.

But a recent Thomson Reuters analysis predicts five leading contenders for the top honour in economics this year: Philippe M. Aghion and Peter W. Howitt for their contributions to growth theory, William J. Baumol and Israel M. Kirzner for their study of entrepreneurship, and Mark S. Granovetter for his pioneering research in economic sociology. The first four names are well known in economics while the fifth is not actually an economist. Granovetter is a sociologist but his research appears to be the most interesting among that of the five contenders listed by Reuters. The caveat here is that the Reuters list is merely indicative, based on a quantitative analysis of the number of citations of each scholar in the discipline. The Nobel committee is unlikely to be influenced by quantitative metrics alone though the Reuters analysis claims that most scholars it has identified have eventually ended up winning the Prize.

Read more at: http://www.livemint.com/Opinion/j2JrhcKugkycL6kysk1eHJ/Who-will-win-the-Economics-Nobel-this-year.html?utm_source=copy

Granovetter’s paper on the strength of weak ties is one of the most cited sociology articles. Even so, naming a sociologist as a winner of the prize for economics would be an interesting choice given the relationship between the two disciplines.

Rahm Emanuel says Chicago is “the most American city”

In announcing that a prestigious conference will be held next year in Chicago, Mayor Rahm Emanuel made an interesting statement about the city:

Mayor Rahm Emanuel announced today that Chicago will host the 12th World Summit of Nobel Peace Laureates this spring…

The event is expected to attract high profile leaders from around the globe. All former Nobel Peace Laureates will be invited to attend. It will be co-chaired by former Soviet President Mikhail Gorbachev and Walter Veltroni, the former mayor of Rome. Emanuel will serve as an honorary co-chair.

This event “has been held in Paris, it’s been held in Berlin, it’s been held in Rome,” Emanuel said. “And they picked, in my view the most American city in America, Chicago.”

Chicago was chosen “due to its rich heritage and international profile,” organizers said Thursday.

What exactly makes Chicago “the most American city”? Several reasons come to mind:

1. Chicago came to prominence during the late 1800s as Americans were expanding to the West Coast, the railroad became really important, and America became a larger player on the world stage. In these changes, Chicago helped lead the way as a major port connecting the Great Lakes to the Mississippi and becoming the railroad hub of the nation. Chicago was the boomtown of this era, growing from just over 112,000 people in 1860 to nearly 1.7 million in 1900.

1a. In comparison, the older cities of the Northeast, Boston, New York City, and Philadelphia are too dependent on the colonial era.

1b. However, one could make the case that Los Angeles (or maybe even Houston) is the quintessential American city of the 20th century with a rise of the suburbs, highways, culture industries, and a population shift to Sunbelt and West Coast. At the same time these things were happening, Chicago was also changing: its suburbs have continued to grow (and also experienced growth in high-tech/white collar jobs) even as the city has experienced the Rust Belt problems of white flight and the loss of manufacturing jobs.

2. Chicago embodies some of the best and worse of America. It’s skyline is beautiful and it features miles of parks along Lake Michigan. The downtown and Michigan Avenue area is relatively clean and full of tourists. Chicago is a prominent world city because of its finance industry. On the flipside, Chicago is well known for its segregation (bringing MLK to the city in 1966), corrupt politics, and crime/gangsters.

3. Chicago is middle America, not the more educated or stylish East or West Coast. It embodies American values of hard work and grittiness alongside success and entrepreneurship.

A side note: it will be a busy spring in Chicago with the G-8 and NATO meeting in Chicago not too long after this Nobel gathering.