(BY JOHN CASSIDY) In general, I’m not a fan of the economics Nobel. Too often, since it was first given, in 1969, it has been used to reward free-market orthodoxy, as evidenced by the plethora of prizes awarded to scholars at the University of Chicago. At other times, the prize has seemed like a glorified long-service award, operating on the basis of Buggins’s turn, honoring work that, while innovative and influential in its own context, has little broader social value. And setting aside the merits or demerits of individual awards, the very existence of the prize has contributed to the pretense that economics can,
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