Vincent Geloso@VincentGeloso
Erwin Diewert should win the Nobel in economics this year. His work on price indexes -- while some find it boring -- is basically the thing that is everywhere around us without us seeing it. It is like the air we breathe as economists.
You go to the BLS website to get the price index? Diewert is there! You get a GDP series from the FRED database -- Diewert is there. You open your macro textbook to teach undergrads about inflation, Diewert is there. You open your micro textbook to teach undegrads about substitution effects, Diewert is there. Turn around, Diewert is there too!
Yet, we never recognize that his work gave us powerful insights bridges to gap between theory and applications.
Not giving it to him at this point is the same slight as not giving it to Harberger, Demsetz, Alchian, or McKenzie (or the Arrow-Debreu-McKenzie)
