This is really just a comment on Noah Smith’s blog post about the oddity of the Nobel Committee awarding the Economics prize to Kydland and Prescott for finding that the business cycle was caused by technology shocks, and then later to Sims for finding that it was caused by monetary policy shocks. I tried to post the comment a couple of times, but was obviously fended off by some clever algorithm that filters microfounded macro fans, but poses as a device to stop spamming. [:)]
One reply to this is just to note that the KP prize came first and the Sims prize came second. By the time Sims’ prize came along, the Committee had seen the light, and, had they known what they knew later, they would not have given the prize to KP. However, this isn’t the case. We knew most of what Sims had told us that…
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Utopia, you are standing in it! 
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