Today, Richard Thaler won the Nobel Prize in economics. Professor Thaler was one of my professors at the University of Chicago.
I know I openly questioned the value of a college education, and I still stand behind those posts. However, as I look back on my own life, the University of Chicago has played such a monumental role. It springboarded my career, allowing me to make a healthy income that permitted me to retire in my mid-30s. It had such a rich and vibrant learning environment which really changed the way I looked at, and continue to look at, the world. Oh, and I also met my wife there.
Don’t quote me on this, but I believe that the University of Chicago is home to more Nobel Prize winners for Economics than any other institution. When I was there we had two laureates on the faculty—Professors Becker (1992) and Fogel (1993). Since I graduated, two professors who were on faculty at the time have won: Fama (2013) and today Thaler.
We can’t forget Coase (1991), Scholes (1997)—yes, he’s the guy who developed the Black-Scholes pricing model which is how pretty much all options are priced now, and Miller (1990)—any intro to finance course spends extensive time on his M&M models. Let that sink in for a minute—a UofC professor won the Nobel Prize in four consecutive years from 1990 to 1993.
Now get ready for the big guns. Stigler (1982) and the most important economist of the 20th century, Milton Friedman (1976).
That’s a pretty incredible collection of the smartest economists in the world all in one place. It was very humbling to have learned from such world-changing people. I am thrilled that Professor Thaler’s amazing contributions have been recognized at the highest level.