Nobel Catfight

It is gratifying to see two prominent mainstream economists attacking each other’s defective models.  It is especially fun---and instructive--to observe when the economists in question are Nobel laureates who have shared the very same prize.   Robert Shiller and Eugene Fama along with Lars Peter Hansen were awarded the 2013 Nobel Prize in Economics. (Actually the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013 is not a Nobel prize but one established and awarded by the Swedish central bank.)  To mark their award, the thee Nobel