NOBEL PRIZE: Economics 2025

Posted on October 14, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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STOCKHOLM (AP) — Three researchers who probed the process of business innovation won the Nobel memorial prize in economics Monday for explaining how new products and inventions promote economic growth and human welfare, even as they leave older companies in the dust.

Their work was credited with helping economists better understand how ideas and technology succeed by disrupting established ways — a process as old as steam locomotives replacing horse-drawn wagons and as contemporary as e-commerce shuttering shopping malls.

The award was shared by Dutch-born Joel Mokyr, 79, who is at Northwestern University; Philippe Aghion, 69, who works at the Collège de France and the London School of Economics; and Canadian-born Peter Howitt, 79, who is at Brown University.

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NASH Equilibrium in Game Theory

Posted on January 24, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Nash equilibrium, in game theory, is an outcome in a noncooperative game for two or more players in which no player’s expected outcome can be improved by changing one’s own strategy.

The Nash equilibrium is a key concept in game theory, in which it defines the solution of N-player non-cooperative games. It is named for American mathematician John Nash, who was awarded the 1994 Nobel Prize for Economics for his contributions to game theory.

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The NOBEL PRIZE IN ECONOMICS

Posted on October 13, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

By Neal Freyman

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Prizewinning Economists Show You Don’t Need a Lab
The three Nobel Prize winners in economics show that science is happening all around us—if we’re willing to look.

David Card, Joshua Angrist, and Guido Imbens, US-based economists who shared the prize awarded yesterday, helped pioneer the use of “natural experiments” to conduct studies on real-life situations as if they had happened in a tightly controlled lab.

Here’s one example: Card is most famous for his and Alan Krueger’s 1993 study on the effects of minimum wage on employment. They compared fast food jobs in New Jersey, which had just raised its minimum wage from $4.25 to $5.05, to fast food restaurants in neighboring Pennsylvania. The idea was that NJ and PA are generally pretty similar, so any observed differences in the labor market could lead to important conclusions about raising the minimum wage.

What did they find? That NJ’s higher minimum wage did not hurt job growth…and may have even increased employment. This shocked most experts at the time.

Bottom line: Natural experiments are now ubiquitous in economics research, but only because these Nobel Prize recipients showed what was possible. —NF

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