2014 Nobel Prize in Economics goes to French economist
On October 13, the Royal Swedish Academy of Sciences decided to award the 2014 Nobel Prize in Economics to economist Jean Tirole, University of Toulouse 1, France.
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| French economist Jean Tirole. (Source: AFP) |
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Tirole is considered one of the most influential economists today. He has done important research in a number of areas, but most notably in understanding and managing industries dominated by a few companies.
Many industries in the world today are dominated by a few companies or even monopolies. If left unregulated, the market can lead to many undesirable problems, such as high product prices or new companies being unable to enter.
Jean Tirole began to study this problem in the 1980s. His analysis of companies with large market power helped to solve the problem of how to manage mergers and acquisitions or large corporations and how to manage monopolies.
In a series of articles, Jean Tirole has laid out a general policy framework that can be applied to a wide range of industries, from telecommunications to banking. Based on his research, governments can do better to encourage large companies to increase productivity without harming competitors and customers.
The Nobel Prize in Economics winner will receive 8 million Swedish crowns (about 1.1 million USD) at the official award ceremony held in Stockholm (Sweden) on December 10.
According to chinhphu.vn
