The year is about to come to a close and I have reviewed the number of blog posts that I made and it occurred to me that I have highlighted very few professional economists on the blog. It is suitable then to highlight a giant of the economics profession, Avinash Dixit. Jeremy Clift has written a very educative profile of Avinash in the current issue of Finance and Development magazine.
In it, he speaks to this professional economist and professor whose contributions to theory run from game theory, models of monopolistic competition to economic development. the interesting discussion reveals that he is not only alert but that his work is truly seminal to the extent that it has applications beyond what the initial papers could reveal. In all, the most interesting portion of the piece is the defense of economic theory and practice regarding the recent recession in the United states and other parts of the world. "Economic theory and economic analysis based on pretty standard theories told everybody that the situation was unsustainable, that there was going to be a house or price bust sometime. The timing is always unpredictable, but pretty much everybody knew that things were going to go bad."
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