French
economist Jean Tirole today won the Nobel prize for economics for
research on market power and regulation that has helped policy-makers
understand how to deal with industries dominated by a few dominant
companies. Calling Tirole "one of the most influential
economists of our time," the Royal Swedish Academy of Sciences
said he's made contributions in a range of research areas. But it
highlighted his role in clarifying "how to understand and
regulate industries with a few powerful firms." Tirole, 61,
works at the Toulouse School of Economics in France and has a Ph.D.
from Massachusetts Institute of Technology. Left unregulated,
industries that are dominated by a few single firms can produce
undesirable results, such as unnecessarily high prices or
unproductive companies blocking new competitive firms from entering
the market. From the mid-1980s, Tirole "breathed new life into
research on such market failures," the academy said, adding his
work has strong bearing on how governments deal with mergers or
cartels and how they should regulate monopolies. "In a series of
articles and books, Jean Tirole has presented a general framework for
designing such policies and applied it to a number of industries,
ranging from telecommunications to banking," the academy said.
Harvard University professor and economist Philippe Aghion said on
France's BFM television today that Tirole's work is particularly
useful to governments as they try to determine the best level of
regulation, notably regulation of banks after the global financial
crisis in 2008. "Tirole is at the frontier of this domain,"
Aghion said. In a 2012 interview, Tirole told the financial journal
Les Echos that the 2008 financial crisis stemmed primarily from
regulatory failure. "The vision according to which economists
have unlimited trust in the efficiency of markets is 30 years behind
the times," he said. It was the first economics prize without an
American winner since 1999. "I'm so moved," Tirole said,
speaking to a news conference in Stockholm on a telephone link from
Toulouse. The economics prize completed the 2014 Nobel Prize
announcements. The awards will be presented on December 10, the
anniversary of prize founder Alfred Nobel's death in 1896. Even
though the economics award is not an original Nobel Prize - it was
added in 1968 by Sweden's central bank - it is presented with the
others and carries the same prize money. Last year the economics
prize went to three Americans who shed light on the forces that move
stock, bond and home prices.
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