Testimonials from professional economists in favor of my writings on economics

Response from Professor Edmund Phelps, Winner of Nobel memorial prize in Economics, 2006.

Date: February 16, 2010

Very interesting. I myself never had much patience with "learning by doing". Several of your remarks coincide with my views. I suppose you have looked at the Center on Capitalism and Society's improved website www.capitalism.columbia.edu

Where are you?

Edmund Phelps
Sent via Blackberry by AT & T

(Professor Edmund Phelps' comment was made in response to my article, "Review of the first two Annual Arrow Lectures held at Columbia University")


Response from Professor Kenneth Arrow, Co-winner of the Nobel Memorial Prize in Economics, 1972.

Date: March 19, 2008

You have thought with some depth about the problems of analyzing the economy and, in particular, the role of commitments over time ... ... I regret that I cannot pursue in more detail the analytic questions you raise, especially since they do not admit of simple answers. I do note one point, that you correctly note that the issue is the presence of time per se but rather the difficulty of defining the relevant uncertainties (and, in particular, getting some agreement on them).

(Professor Kenneth Arrow's comment was made in response to my article, "A New Perspective on the Role of Markets in an Economy")


Response from Professor Edmund Phelps, Winner of the Nobel Memorial Prize in Economics, 2006.

Date: May 5, 2008

Thank you. I arrived too late in the studio to hear that exchange between Stiglitz and Engle. But I am very much part of the conversation with both of them in BBC Debates: The Insiders. You will be interested, I believe. (Go to www.bbc.co.uk/worldservice/index.shtml) See also my serious op-ed in the March 14 Wall Street Journal, "The Uncertain Economy."

(Professor Edmund Phelps's comment was made in response to my article, "Update 2: A Marginalistic Interpretation of the GARCH model")


Response from Professor Edward Prescott, Co-winner of the Nobel Memorial Prize in Economics, 2004.

Date: December 19, 2008

Say's Law holds. Supply creates its own demand.

You don't spend your way to prosperity. Output and income are equal to the product of productivity (output/market hour) and hours worked. There is no shortage of wants. Cutting marginal effective tax rates increases hours worked. High productivity results from good legal and regulatory policies.

(Professor Edward Prescott's comment was made in response to my article, "Some Perspectives on the Relevance of Keynes to the Modern Economy")


Response from Professor George Akerlof, Co-winner of the Nobel Memorial Prize in Economics, 2001.

Date: July 12, 2007.

Thank you so very much for sending it to me. I am not sure that we are thinking about things so very differently.

(Professor George Akerlof's comment was made in response to my article, "Effective Philanthropy in India")


Response from Professor Martin Shubik, Department of Economics, Yale University.

Date: April 14, 2008

I am in substantial agreement with most of your observations. The length of time participants are in trade is often a highly important variable ... ... As I believe that your observations indicate some careful thought I will note them to others who may be in a position to consider them.

(Professor Martin Shubik's comment was made in response to my article, "Update 1: Housing Example in Role of Markets")


Response from Professor Jeffrey Frieden, Department of Government, Harvard University.

Date: March 27, 2008

Got it. It seems very interesting, with lots of promising ideas ... ... So I doubt this is particularly useful to you, as I am no expert on the subject. Nonetheless, I did think the ideas were provocative and engaging.

(Professor Jeffry Frieden's comment was made in response to my article, "A New Perspective on the Role of Markets in an Economy")


Response from Professor Alvin Roth, Department of Economics, Harvard University.

Date: March 18, 2008

Dear Dr. Selvakumaran: thank you for your interesting email. ... ... I'm not an expert on contract theory, but you might look into it to see if it helps you develop the ideas you are struggling with.

(Professor Alvin Roth's comment was made in response to my article, "A New Perspective on the Role of Markets in an Economy")


Response from Professor John Roemer, Department of Economics, Yale University.

Date: March 19, 2008

Thank you for sending me your proposal. I am impressed with your knowledge of economic theory ... ... Several recent writings occur to me as relevant to you ... ... There is also an article, recently, in the AER, by Martin Weitzman, with a fairly sophisticated attack on rational expectations. This would seem to be close to your interests ... ... Another reference is Oliver Williamson ... ... I attach some notes of mine on the roles of markets as providing coordination and incentives. This is quite distant from your proposal, but you might find it of interest. What it shares with your proposal is a desire to understand what a market really is.

(Professor John Roemer's comment was made in response to my article, "A New Perspective on the Role of Markets in an Economy")