Word: warsh
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...Warsh's "get personal" approach to economic journalism does not resort simply to visiting the bedrooms of prominent theorists. The book includes a catalog of snapshots from the lives of the last decade's Nobel Prize winners...
...When the telephone range at Trygve Haavelmo's house in Oslo yesterday morning, there was none of the usual surprised-by-joy reaction of a fellow learning he has been awarded the $455,000 Nobel Economics Prize," Warsh writes. "Instead, Hsavelmo was vexed about being called at home. He told the Reuter reporter: I Don't like the ideas of such prizes. I'm not going to talk about this on the phone, and I haven't thought it through. Don't write anything." The 78-year-old theorist then went out and was not heard from for the rest...
...followers of the Harvard economics scene, Warsh's book contains some fascinating tales of the politics of academia. There is the story of Baker Professor of Economics Martin S. Feldstein'61 and his rise to the top of his profession...
...National Economic Bureau, a focal point of economic research, "Feldstein has served as ringmaster to 130 of the best economists in the business, young and old; he probably has had more to do with defining the present-day concerns of his field than any others single man," Warsh writes...
...Feldstein has vocal critics, too, according to Warsh. "Lester Thurow, who himself was a candidate for the presidency of the Bureau in 1977, noting Feldstein's claim that a maharajah, receiving reports from five blind men feeling an elephant, could piece together an accurate picture, tartly compared Feldstein to a blind man suffering from the delusion of believing he was a maharajah," he writes...