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April 18, 2009
David Warsh, Proprietor


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The Clark Medal: A Hindcast

Next weekend, some young American economist will win the John Bates Clark Medal. The prize has been awarded every second year since 1947 by the American Economic Association to the researcher who is “judged to have made the most significant contribution to economic thought and knowledge” before the age of 40.  (The European Economic Association has begun a counterpart award, the Yrjö Jahnsson Prize.)

 

Starting next year, the AEA will award its medal annually. No more claiming that the Clark Medal is more valuable than a Nobel Prize because it’s twice as scarce!

 

But suppose the prize had been awarded annually from the very beginning?  Then we would have known twice as many interesting economists from a relatively early age – but who?  Hence the idea of a hindcast, a backwards look at who might have won in the even-numbered years if the rules had been different.

 

There are several ways to do this.  One is the historian’s way, to painstakingly try to pry out the committee’s lists, to recreate the jury room arguments. But the counterfactuals quickly spin out of control because any awards committee must always think ahead.

 

Another method would be to attempt to gauge the award’s success over the years in anticipating the constantly-shifting judgment of history, a very complicated effort involving citation counts and the opinions of other prize-givers, both ex ante and ex post, using the guidelines created thereby to generate a second list.

 

The alternative is journalism: pay lip service to the sanctity of the electoral college, report until deadline, and make educated guesses. The idea is to start interesting conversations.

 

Herewith, then, one such a preliminary hindcast, based on a number of conversations with some of those involved one way or the other over the years, a first rough draft of (counterfactual) history.  The more recent choices are the more difficult ones.  Where it’s hard to make a confident case, very recently and long ago, I have left the matter open.

 

  CLARK MEDAL             NO CIGAR MEDAL 

2009  TBA

                                         2008 John List, Chicago

 

2007 Susan Athey, 37, Harvard

 

                                        2006 Edward Glaeser, 39, Harvard

 

2005 Daron Acemoglu, 38, MIT

 

                                          2004 TBA

 

2003 Steven Levitt, 36, Chicago

                                          2002 Michael Kremer, Harvard

 

2001 Matthew Rabin, Berkeley

 

                                         2000 TBA

 

1999 Andrei Shleifer, 38, Harvard 

   

                                          1998 Douglas Bernheim, 38, Stanford 

                                                                

1997 Kevin M. Murphy, Chicago

 

                                         1996 Drew Fudenberg, 39, Harvard

 

1995 David Card, Berkeley

 

                                         1994 Paul Romer, 39, Berkeley

 

1993 Lawrence Summers, 39, Harvard

 

                                         1992 Jean Tirole, 39, MIT

 

1991 Paul Krugman, 38, MIT

 

                                         1990 Lars Peter Hansen, 38, Chicago

 

1989  David Kreps, 39, Stanford GSB

 

                                         1988 Nancy Stokey, 38, Northewestern

 

1987 Sanford Grossman, 34, Princeton

                                         1986 Oliver Hart, 38, MIT

 

1985 Jerry Hausman, 39, MIT

  

                                         1984 John Taylor, 38, Stanford

 

1983 James Heckman, 39, Chicago

 

                                         1982 Thomas Sargent, 39, Minnesota

 

1981 A. Michael Spence, 38, Harvard

 

                                         1980 Andreu Mas-Colell, 36, Harvard

 

1979 Joseph Stiglitz, 36, Princeton

                                         1978 Peter Diamond, 38, MIT

 

1977 Martin Feldstein, 38, Harvard

 

                                         1976 Sherwin Rosen, 38, Rochester

 

1975 Daniel McFadden, 38, Berkeley

                                         1974 Robert Lucas, 37, Chicago

 

1973 Franklin Fisher, 39, MIT

  

                                        1972 Edmund Phelps, 39, Penn.

 

1971 Dale Jorgenson, 38, Harvard

 

                                          1970 Robert Mundell, 38, Chicago

 

1969 Marc Nerlove, 36, Chicago

                                          1968 Herbert Scarf, 38, Yale

 

1967 Gary Becker, 37, Columbia

 

                                          1966 John Meyer, 39, Harvard

 

1965 Zvi Griliches, 35, Chicago

                                         1964 Robert Clower, 38, Northwestern

 

1963 Hendrik Houthakker, 39, Harvard

 

                                           1962 John Chipman, 36, Minnesota

 

1961 Robert Solow, 37, MIT

 

                                           1960 William Baumol, 38, Princeton

 

1959 Laurence Klein, 39, Pennsylvania

                                           1958 Lionel McKenzie, 39, Rochester

 

1957 Kenneth Arrow, 36, Stanford

 

                                           1956  Leonid Hurwicz. 39, Minn.

 

1955 James Tobin, 37, Yale

 

                                           1954 TBA

 

1953 No award

 

                                           1952 TBA

 

1951 Milton Friedman, 39, Chicago

                                           1950 George Stigler, 39, Chicago

 

1949 Kenneth Boulding, 39, Michigan

                                           1948 Tjalling Koopman, 38, Chicago

 

1947 Paul A. Samuelson, 32, MIT     

 

Legend has it that in the councils of those who created the award sentiment at first was strong to give the prize at 35, to underscore the conviction that truly new directions in economics are almost always charted by the young. Theodore Schultz (not Henry Schultz, at reported earlier, the pioneering econometrician who died in 1939), of the University of Chicago, argued successfully that empiricists couldn’t hope to make their impact felt before they had worked for at least twelve or fifteen years.  So the fortieth birthday became the cut-off date. (The No Cigar list illustrates just how inflexible that date can be:  Paul Milgrom, of Stanford, may have been more famous for auction theory in 1988 than Nancy Stokey, but he was born a year too late to qualify that year.)

 

Has the award worked as its founders hoped it might?  It is hard not to admire the association’s consistency over sixty years in choosing economists who, in the second half of their careers, become emblematic of the profession’s concerns.  On the other hand, there are already half as many Nobel Prize winners among No Cigar designees (six) as on the Clark Medal list.  What emerges from an exercise like this one is how many deeply interesting contributors to our understanding of our economic life are missing from both lists.

 

Still, the profession will be a marginally gentler place, with the quantity of rent to fame about to double. The competition has occasionally grown so rambunctious that some economists have taken to concealing their birthdates to sidestep the inside talk. The rest of us, too, will be better off thanks to the decision. Henceforth economics will be perhaps a little less a gerontocracy than it has been, at least since the first Nobel Prize was awarded in 1969 – a small but admirable reform stemming from the leadership of incoming AEA president Robert Hall, of Stanford, who didn’t win the Clark Medal in 1981.

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