Jean
Tirole’s Speech at the Nobel Banquet
10 December 2014
Your
Majesties, Your
Royal Highnesses, Ladies
and Gentlemen,
The great economist John Maynard
Keynes once wrote: “If economists could manage to get themselves thought of as
humble, competent people on a level with dentists, that would be splendid.”
83 years and much research later,
we would perhaps aspire to be compared with “meteorologists” or “doctors”,
whose scientific accomplishments have been truly outstanding and yet have to
face challenges that are rather down-to-earth. Our failure to foresee or
prevent the financial crisis is a sore reminder of the dangers of hubris. True
enough, we had worked on most of its ingredients. But like a virus that keeps
mutating, new dangers emerged when we thought we had understood and avoided the
existing ones.
The need to be humble applies
also to the field that was rewarded by the Prize. Recognizing that industries
are different from each other and evolve rapidly, researchers in industrial
organization have patiently built a body of knowledge that has helped
regulators to better understand market power and the effects of policy
interventions, and helped firms to formulate their strategies. They have
thereby contributed to making this world a better world, the economist’s first
mission. Yet, there is so much we still have to learn, and the world changes
faster than our understanding can keep up.
Humility is not easy to preserve
when receiving such a prestigious award. Albert Camus in his acceptance speech
wondered how he, rich only in his doubts and his work still in progress, could
cope with being at the center of a glaring light. His answer was that he could
not live without his art. The great French scientist Henri Poincaré described
the unmatched pleasure of discovery: “Thought is only a flash in the middle of
a long night. But this flash means everything.”
Wisdom therefore encourages me to
return as soon as possible to my lab, to the colleagues to whom I am indebted
for the Prize, in short to the wonderful life of a researcher. But I shall be
profoundly and permanently grateful to the Committee for the immense honor it
has bestowed upon me, and to the Nobel Foundation and Sweden for their
astounding mission of drawing attention to Science year after year. |
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