Latest Nobel Prize Winner Is Said To Explain Europe’s Competition Law And High Prices In The U.S.

An article in the New York Times about the man who has just received the Nobel Prize for economics notes this is the second year in a row that the prize was given to a free market skeptic, challenging the dominance of views associated with the University of Chicago economics department. A mathematical model that the prize-winner, Jean Tirole, helped develop is said to be the basis of current competition law in Europe and to explain why consumers in Europe, New Zealand and Australia enjoy lower prices and better cable service.