The 2014 Nobel Prize in Economics goes to a 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 of our time. He has done important work in a number of areas, but most notably in understanding and managing industries dominated by a few firms.
Many industries in the world today are dominated by a few companies or even monopolies. If not managed properly, the market will give rise 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 powerful companies in the market 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 presented a general policy framework that applies to many 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 (about 1.1 million USD) at the official award ceremony held in Stockholm (Sweden) on December 10.
According to chinhphu.vn
