ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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It Is Not Too Late

A Nobel for Uzawa, Scarf and Negishi

There is a case for awarding the Nobel Memorial Prize in Economic Sciences to Hirofumi Uzawa, Takashi Negishi and Herbert Scarf for their pioneering contributions towards making it formally possible to underpin the purest of pure economic theory in a rigorous, yet applicable sense.

Tennyson’s noble lines in Ulysses (italics added) are the inspiration for the title of this piece: Death closes all; but something ere the end, Some work of noble note, may yet be done, Not unbecoming men that strove with Gods. The lights begin to twinkle from the rocks; The long day wanes; the slow moon climbs; the deep Moans round with many voices. Come, my friends. ‘T is not too late to seek a newer world.

1 A Brief Preamble

The emotion of art is impersonal. And the poet cannot reach this impersonality without surrendering himself wholly to the work to be done. And he is not likely to know what is to be done unless he lives in what is not merely the present, but the present moment of the past, unless he is conscious, not of what is dead, but of what is already living.

– T S Eliot: Tradition and the Individual Talent

As befits one who was born and spent his formative years in Serendip,1 it was serendipitous that I began studying economics, in Sweden, inspired by Gunnar Myrdal’s Asian Drama, literally as the first Nobel Memorial Prizes in Economics were b­eing awarded to Ragnar Frisch and Jan Tinbergen, then Paul Samuelson, Simon Kuznets, John Hicks and Kenneth A­rrow, Wassily Leontief, Gunnar Myrdal and Friedrich von Hayek, in the first half a decade after its inception.

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