Saturday, October 28, 2006

Economically In-cite-ful

The most cited papers in economics since 1970: Value Added

"Within these 146 papers," they write, "an elite group of 11 economists authored or co-authored at least three papers. Robert Barro, Eugene Fama and Joseph Stiglitz have six each. Michael Jensen follows with five; Robert Lucas and David Kreps with four; and Robert Engle, Lars Hansen, Robert Merton, Edward Prescott and Stephen Ross have three each."

The single most frequently cited article? Econometrician Halbert White's 1980 paper on robust standard errors, "A Heteroskedasticity-Consistent Covariance-Matrix Estimator and a Direct Test for Heteroskedasticity."

among the authors of the top fifteen papers, eight have already won Nobel Prizes (Daniel Kahneman, Clive Granger/Robert Engle, James Heckman, Fischer Black/Myron Scholes, George Akerlof, George Stigler and Robert Lucas.)

"Theory loses out to empirical work, and micro and macro give way to growth and development in the 1990s,"
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