Newspaper article St Louis Post-Dispatch (MO)

Frenchman Wins Nobel for Work on Industry Regulation

Newspaper article St Louis Post-Dispatch (MO)

Frenchman Wins Nobel for Work on Industry Regulation

Article excerpt

STOCKHOLM * Jean Tirole won the Nobel prize for economics Monday for finding ways to encourage better products and competitive prices in industries dominated by a few companies.

The French economist's work is credited with helping shape the deregulation of industries in developed economies in the 1980s and 1990s. But he has also called for stronger oversight of banks in the wake of the global financial crisis.

"I was incredibly surprised at the honor, and it took me half an hour to recoup" from the Nobel committee's call, Tirole, 61, said in an interview with the website Nobelprize.org

Tirole, who works at the Toulouse School of Economics in France and has a doctorate from Massachusetts Institute of Technology, is the third Frenchman to win the $1.1 million Nobel Memorial Prize in Economic Sciences, which has been dominated by U.S. economists. This is the first year since 1999 that an American has not been one of the winners.

Tirole cannot be easily categorized as pro- or anti-regulation. …

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