WASHINGTON — Three U.S. scientists ended up winning the 2013 economic Nobel Prize this week for their research, which focused on forecasting the prices of long term assets.
Reuters reported that this area of research, which became an important topic to some after the 2008 U.S. housing market collapse ended up causing a global financial crisis.
The Royal Swedish Academy of Sciences awarded the $1.25 million prize to Eugene Fama, Lars Peter Hansen and Robert Shriller and commended their findings and research. Their research helped diagnose issues like housing bubbles and could potentially help investors diagnose the market better and avoid similar mistakes that led to the 2008 financial crisis.
Shriller was known for warning, back in 2005, that the U.S. housing market was on the verge of a bubble burst, and this award acknowledged his contributions to the topic and research.
Regarding these Nobel awards, U.S. President Barack Obama received a Nobel Peace Prize soon after he took office, and had not done much to validate that prize. He intervened in Libya, almost went into Syria and had caused internal and domestic friction at home and abroad. So much for peace.
Other recent recipients? Nobel Peace Prize was awarded to the European Union, the international body managing Europe, leaker Bradley Manning was nominated for the same award, and even Al Gore (whose global warming agenda has been discredited by the United Nations itself through ambiguous reports, which proved little to nothing).
But, with a worsening European economy, stagnant Chinese economy and an unimpressive American economy, this research may not be as important as Reuters or the Royal Swedish Academy of Sciences may say it is.