I said that this year’s Nobel Prize in Economics is a farce. Some people are reacting strongly to my loaded statement. I understand. I want to be clear that my statement is not intended as a direct critique of the three scholars who received the prize. But I hope people understand this: when a Nobel Prize in Economics is awarded to three people for "having explained innovation-driven economic growth" without including a single pioneering economist in innovation studies, that calls for a strong and pointed statement. It’s important to push the needle in a certain direction — namely, toward the prize committee broadening its knowledge and expanding the pool of economists it considers for the prize.

Ha-Joon Chang in today's FT: "Economics today resembles Catholic theology in medieval Europe: a rigid doctrine guarded by a modern priesthood who claim to possess the sole truth. Dissenters are shunned."