Battling it out over how markets work

The awarding of this year's Nobel Prize for economics is a recognition of our lack of understanding.

Giving the Nobel Prize in economics to both Professor Eugene Fama and Professor Robert Shiller is like "awarding the physics prize jointly to Ptolemy for his theory that the Earth is the centre of the universe and to Copernicus for showing it is not", says John Kay in the Financial Times.

This is not as bad as it might sound if only because it shows clearly that there are no such certainties in economics.

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