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At the Expense of Others

This year’s prize for the beginnings of financial macro was designed to showcase how economic science makes progress

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STOCKHOLM – Eight economists last week received invitations to Stockholm in December, three of them living, five of them dead. Three will show up, to accept their Nobel Memorial Prizes in the Economic Sciences.  The five Spirits summoned, all but one laureates themselves, are still teaching, though only as textbook legends. A sixth Specter, significant to the story, did not make the list. He died in 2018. Ben Bernanke, an applied economist who gradually became a central banker; and theorists Douglas Diamond and Philip Dybvig, who remained university professors for forty years, were recognized last week for two particular papers