2020 Nobel Prizes

The Nobel Prizes are awarded every October, recognizing outstanding contributions to humanity in chemistry, literature, peace, physics and physiology or medicine; there’s also a prize in economic sciences. Here’s a round-up of this year’s winners in the sciences and some of their Annual Reviews papers.

This year’s prize in physiology or medicine was awarded jointly to Harvey J. Alter, Michael Houghton and Charles M. Rice for their discovery of the hepatitis C virus, which causes cirrhosis and liver cancer in people around the world. For a deep dive into the research, see: “Turning Hepatitis C into a Real Virus” in the Annual Review of Microbiology; “Interferon-Stimulated Genes: A Complex Web of Host Defenses” in the Annual Review of Immunology; and “New Methods in Tissue Engineering: Improved Models for Viral Infection” in the Annual Review of Virology.

The chemistry prize was awarded to Emmanuelle Charpentier and Jennifer A. Doudna for the discovery and development of the genetic scissors called CRISPR-Cas9, which allow researchers to precisely alter the DNA of animals, plants and microorganisms. For more of their research, see some of Dr. Doudna’s papers in the Annual Review of Biophysics: “CRISPR-Cas9 Structures and Mechanisms” and “Molecular Mechanisms of RNA Interference.”

This year’s prize in physics was awarded for work on black holes. Half of the award went to Roger Penrose for demonstrating that black holes were mathematically possible, and the other half was jointly awarded to Reinhard Genzel and Andrea Ghez for their discovery of a massive black hole at the center of our galaxy, the Milky Way. To dive into the research, see “The Evolution of the Star-Forming Interstellar Medium Across Cosmic Time” and “Extragalactic Results from the Infrared Space Observatory” in the Annual Review of Astronomy and Astrophysics.

The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Paul Milgrom and Robert Wilson, both of Stanford University, for their work on how auctions work, as well as their development of new types of auctions that have maximized revenue for sellers while saving buyer and taxpayer money. For more on their research, read Dr. Milgrom’s 2019 article “Auction Market Design: Recent Innovations” in the Annual Review of Economics.

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Ken Arrow and the Annual Review of Economics

From Sam Gubins, Editor-in-Chief Emeritus, Annual Reviews

Kenneth Arrow.

It is achingly sad to report the passing of Kenneth Arrow. As described by Michael Weinstein in Monday’s New York Times, Ken Arrow was a brilliant economist, the youngest ever recipient of the Nobel Prize for Economics. He was also the founding Co-Editor of the Annual Review of Economics.

Update: due published in August 2019 – The Economics of Kenneth J. Arrow: A Selective Review.

At a lunch at the Stanford Faculty Club in April, 2007, I invited Ken to launch an Annual Review in economics. Although Annual Reviews had been publishing journals in the social sciences for several decades, none were in economics. While this publishing house is well known in many disciplines, it was largely unknown among economists. For this reason I was concerned that Ken would be unconvinced of the need for extended reviews written by leading economists, and additionally, that leading economists would not easily be persuaded to write them. Ken quickly dispelled both concerns. He said that he was a regular reader of articles in many Annual Reviews series and understood how valuable they were in synthesizing developments in fields. He had been introduced to them by the sociologist Robert K. Merton and the psychologist Gardner Lindzey. In addition to the social science journals, Ken read articles in several Annual Reviews, including Public Health, Neuroscience, Environment, Ecology, and others. So to my request that he take on the task of serving as inaugural editor, he agreed enthusiastically, inviting Timothy Bresnahan to serve as a Co-Editor.

Most of those he invited to join him on the inaugural editorial committee were unfamiliar with Annual Reviews, yet all agreed to serve.  And most of those invited to write reviews accepted and delivered a manuscript.  Ken was so beloved and revered that the community was eager to join any endeavor of which he was a part.

His colleagues persuaded Ken to write an essay for Volume 1, Some Developments in Economic Theory Since 1940: An Eyewitness Account, which is a personal reflection on his relationship to the development of economic theory over 70 years.

Tim Bresnahan captured the essence of Ken when he wrote, “he was a great man, a great colleague, and a great economist.” We were privileged to have known him.

Photo credit: Linda A. Cicero / Stanford News Service, CC BY 3.0, via Wikimedia Commons.

Free Trade and the U.S. Election

2908273630_bd93cee6f3_zAs we approach the end of the 2016 presidential campaign in the United States, we explore one of the most heatedly discussed issues: international trade and the various trade deals the country has entered.

Hillary Clinton, the Democratic Party’s nominee, has been criticized by Donald Trump, the Republican Party’s nominee, for her support of the North American Free Trade Agreement (NAFTA), signed in 1994 between the U.S., Canada, and Mexico by her husband, then-U.S. President Bill Clinton. During her tenure as Secretary of State under President Barack Obama, she spoke in favor of the Trans-Pacific Partnership (TPP), a proposed deal between 12 countries of the Pacific Rim that has become a priority for the current administration.

Secretary Clinton now says NAFTA didn’t live up to its potential and will need to be renegotiated—a promise made by the Obama campaign in 2008, which his administration didn’t keep. She also says that the latest version of the TPP, which would cover 40% of the global economy with approximately 800 million consumers, doesn’t meet her “high bar” for “creat[ing] American jobs, rais[ing] wages and advanc[ing] our national security.”

Another proposed deal in the early stages of the negotiating process is the Transatlantic Trade and Investment Partnership (TTIP), between the European Union and the United States, covering a third of global trade.

Mr. Trump, on the other hand, has built his platform on a blanket rejection of free trade.

As the political tide seems to have turned toward protectionism, World Trade Organization Director General Roberto Azevedo has expressed concern about the anti-trade rhetoric on both sides of this campaign. With election day looming, what can we learn about trade deals, regional and global, and their long-term effects on participating economies, specifically on poverty, the environment, and public health? Do they result in net gains or net losses?

Learn more with these five articles, which we’ve made freely available:

Photo credit.