Business Economists Give Soros the Adam Smith Award

George Soros, the billionaire oligarch, has been awarded the Adam Smith Award by the National Association for Business Economics.

Chalk this one up to the NABE attempting to out do the Nobel committee when it gave the peace prize to President Obama.

Smith, of course, is known for his advocacy of free markets and coining of the term "invisible hand," which provides a quick sense for how without government regulation an economy can advance.

Soros is an advocate of government intervention in the economy, has funded MoveOn.org  and contributed to the presidential campaign of interventionist Barack Obama.

It's more evidence of how intellectually corrupted mainstream economics is when "business economists" give such an award to a character like Soros.

And then we have this via Tom Dilorenzo:

'I'm Not an Economist' 

Posted by Thomas DiLorenzo on October 17, 2012 11:13 AM 

And "I never, never in my life took a course in economics," says recently-announced co-winner of the Nobel Prize in Economics, Lloyd Shapley, who was genuinely shocked.  Go figure. 

Is there any wonder why the "mainstream" of the economics profession had no clue that a real estate bubble existed, with its leading lights like Ben Bernanke promising permanent prosperity as late as the spring of 2007?

Shapley and Alvin Roth received the award for non-price, non-market complex scheduling and matching programs. It appears that Shapley understands that this his work has nothing to do with markets.(It's simply a way for the Nobel committee to promote some non-price, non-market central   planning ideas that Shapely apparently realizes has nothing to do with broad-based economies.) He actually deserves the Nobel prize in economics for his recognition that he doesn't deserve it in economics.