How important is the money in your pocket? Try buying a sandwich with an IOU and a promise to come back and pay, and you’ll soon understand. Christopher Sims’ research explores topics from the meaning of money to his Prize-awarded work on cause and effect in the macroeconomy. In a conversation with The Nobel Prize’s Adam Smith, Sims touches on sandwich shops, terrific teachers and a horse with a name that’s almost impossible to pronounce. 

In 2011, Christopher Sims and fellow economist Thomas Sargent were awarded the Prize in economic sciences for developing methods that help define 'what caused what' in economics. 

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Would you say that you own your kidneys? What if you tried to sell one? Economic Sciences laureate Alvin Roth would call that, and other taboo exchanges, repugnant transactions. Roth pioneered ways of describing outlier markets where prices don’t work, and explaining why you can’t buy a job at Google or acceptance at Yale – or a human organ. 

In 2012, Alvin Roth was awarded the Prize in Economic Sciences for his work in matching markets. 

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Belonging to a community is wonderful, but for Economic Sciences laureate Roger Myerson sharing outside your community is more important. By crossing math with history and politics, Myerson arrived at new insights about economics, found his love for Game Theory and moved onwards into new ways to describe situations where markets don’t work properly. 

Roger Myerson was awarded the 2007 Prize in Economic Sciences, shared with Leonid Hurwicz and Eric Maskin, for mechanism design theory. 

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Protecting the ship, building relationships and organising surprise weddings – in this week’s episode, Economic Sciences laureate Paul Romer discusses everything from the special moment he experienced just hours before collecting his prize to the importance of unity, purpose and inclusion.

Romer shared the 2018 Prize in Economic Sciences with William D. Nordhaus for integrating technological innovations into long-run macroeconomic analysis.

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Angus Deaton dreamed of being a pianist, a rugby player or a mathematician – but he just wasn’t good enough. After these setbacks, however, he discovered economics, and in 2015 he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his analysis of consumption, poverty, and welfare.

Listen to a conversation about some wild ideas, beautiful places and the role trout fishing can play in problem-solving.

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