Jean Tirole wins Nobel Prize in economics
French economist Jean Tirole has stated that he is "very grateful" after winning the Nobel Prize in economics on Monday. The jury called Tirole "one of the most influential economists of our time."
The Royal Swedish Academy of Sciences recognized Tirole, 61, for his work on market power and regulation, BBC News reports.
"Many industries are dominated by a small number of large firms or a single monopoly," the jury said in a statement. "Left unregulated, such markets often produce socially undesirable results — prices higher than those motivated by costs, or unproductive firms that survive by blocking the entry of new and more productive ones." Tirole's work showed that regulations banning cooperation among business competitors can be harmful.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Tirole will receive his prize on Dec. 10 with the other Nobel winners.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Meghan DeMaria is a staff writer at TheWeek.com. She has previously worked for USA Today and Marie Claire.
-
The 5 best political thriller series of the 21st centuryThe Week Recommends Viewers can binge on most anything, including espionage and the formation of parliamentary coalitions
-
Sudan stands on the brink of another national schismThe Explainer With tens of thousands dead and millions displaced, one of Africa’s most severe outbreaks of sectarian violence is poised to take a dramatic turn for the worse
-
‘Not every social scourge is an act of war’Instant Opinion Opinion, comment and editorials of the day
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstancesSpeed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governorSpeed Read
-
Los Angeles city workers stage 1-day walkout over labor conditionsSpeed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billionSpeed Read
-
Bangladesh dealing with worst dengue fever outbreak on recordSpeed Read
-
Glacial outburst flooding in Juneau destroys homesSpeed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creatureSpeed Read
