Nobel Laureates From The United States

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April 10, 2026

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April 10, 2026

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"Before entering into these details, however, it may be well to reply to the very natural question: What would be the use of such extreme refinement in the science of measurement? Very briefly and in general terms the answer would be that in this direction the greater part of all future discovery must lie. The more important fundamental laws and facts of physical science have all been discovered, and these are now so firmly established that the possibility of their ever being supplanted in consequence of new discoveries is exceedingly remote. Nevertheless, it has been found that there are apparent exceptions to most of these laws, and this is particularly true when the observations are pushed to a limit, i.e., whenever the circumstances of experiment are such that extreme cases can be examined. Such examination almost surely leads, not to the overthrow of the law, but to the discovery of other facts and laws whose action produces the apparent exceptions.As instances of such discoveries, which are in most cases due to the increasing order of accuracy made possible by improvements in measuring instruments, may be mentioned: first, the departure of actual gases from the simple laws of the so-called perfect gas, one of the practical results being the liquefaction of air and all known gases; second, the discovery of the velocity of light by astronomical means, depending on the accuracy of telescopes and of astronomical clocks; third, the determination of distances of stars and the orbits of double stars, which depend on measurements of the order of accuracy of one-tenth of a second—an angle which may be represented as that which a pin's head subtends at a distance of a mile. But perhaps the most striking of such instances are the discovery of a new planet by observations of the small irregularities noticed by Leverier in the motions of the planet Uranus, and the more recent brilliant discovery by Lord Rayleigh of a new element in the atmosphere through the minute but unexplained anomalies found in weighing a given volume of nitrogen. Many instances might be cited, but these will suffice to justify the statement that "our future discoveries must be looked for in the sixth place of decimals." It follows that every means which facilitates accuracy in measurement is a possible factor in a future discovery, and this will, I trust, be a sufficient excuse for bringing to your notice the various methods and results which form the subject matter of these lectures."

- Albert A. Michelson

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"Lucas says: "You don't know anything," and in his more humble moments: "I don't know anything either, and therefore the government shouldn't do anything." Well, there is no well-defined criterion of the government's not doing anything. What he says the government should do and calls doing nothing is doing something very different from what the government has been doing for the last 40 years. Why is making a radical change of regime suddenly doing nothing? You see, we have had a regime that can be associated with the most successful period of capitalism in recorded history. Suddenly, he calls for a constant money growth rule. How, possibly, can one conclude that? I say, if he doesn't want "to do anything", then we should keep doing what we have been doing, for we haven't been doing that badly. To make a radical change in regime all of a sudden, gives us what we have now; a new depression. Right? We have a new regime now, or maybe we have if it is not overturned, partly because these guys come along saying that compensatory policy, that is Keynesian policy, got us in all kinds of trouble. But it didn't get us in all kinds of trouble. In effect, they say that if you don't know what you are doing, you should do something entirely different from what you have been doing. I don't understand why that is a conservative or risk-avoiding policy."

- Robert Lucas Jr.

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"A lot of the Lucas critiques were the sort of thing that some of us used in debunking Friedman's positivism on the stable money supply. I thought that Lucas's Nobel Prize was richly deserved and even overdue. But it was not because of the boldness and the correctness of the New Classical theory and rational expectations (that there is some kind of expected value that a group mind gets as a result, and which is in some sense "correct"). I don't believe in macro efficiency of securities markets. I believe in their micro efficiency. Convertibles are priced about right. Black-Scholes derivatives are priced about right, because you can make a lot of money in correcting any deviation. You can't make money in a bubble, by fighting the bubble. You will lose your shirt. That means the bubble can go on, and bubbles go in both directions. Usually maybe they do not last as long in the downward direction because the correction is more severe. In fact, the supply shocks of the 1970s which made either fiscal or central policy very difficult to administer, gave poor performance to the macro system. And since the Keynesians had implicitly been boastful about the good performance, if you take credit for the sun you got to expect to be blamed for the rain. And not only was that puncturing the reputation of Keynesianism, but it was puncturing the self-esteem of economists and of Keynesian economists in particular. Because we always are looking in the mirror of the public to form our impression of how important we are."

- Robert Lucas Jr.

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