Interview with the 2011 Laureates in Economic Sciences Thomas J. Sargent and Christopher A. Sims, 6 December 2011. The interviewer is Adam Smith, Editorial Director of Nobel Media. The Laureates describe how computer models help them conduct large-scale economic experiments and disagree on whether people behave rationally in an economy. Christopher A. Sims reveals that economists still don't have models to explain why money is so important in the modern economy. They also discuss why previous models weren't able to predict the current economic crisis.
Credits: Ladda Productions AB (production)
Copyright © Nobel Media AB 2011
The Prize in Economic Sciences 2011