The 2014 Nobel Prize in Economics was awarded to a French economist.
On October 13th, the Royal Swedish Academy of Sciences decided to award the 2014 Nobel Prize in Economics to economist Jean Tirole of the 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 conducted significant research in several fields, but most notably in finding ways to understand and manage industries dominated by a few companies.
Currently, many industries worldwide are dominated or even monopolized by just a few companies. Without proper regulation, the market will face numerous undesirable problems, such as high product prices or the inability of new companies to enter.
Jean Tirole began researching this issue in the 1980s. His analyses of companies with significant market power helped to address how to manage mergers and acquisitions, large corporations, and monopolies.
In numerous articles, Jean Tirole has outlined a general policy design framework applicable to a wide range of industries, from telecommunications to banking. Based on these studies, governments will have better ways to encourage large companies to increase productivity without harming competitors and customers.
The winner of the Nobel Prize in Economics will receive 8 million Swedish crowns (approximately $1.1 million USD) at the official award ceremony held in Stockholm, Sweden, on December 10th.
According to chinhphu.vn
