Jagdish Bhagwati among top contenders for Economics Nobel
Stockholm: Jagdish Bhagwati, a noted proponent of free trade and critic of opponents of globalization, is listed by Thomson Scientific as a likely winner of the Nobel prize for economics this year. The Indian-born Columbia University economics professor was an external adviser to the World Trade Organisation and served as a special policy adviser on globalisation to the United Nations.

Other likely winners include Paul Romer of Stanford University, who won the 2002 Horst Claus Recktenwald Prize in Economics. He is a likely contender for his efforts in developing the New Growth Theory, which has provided new foundations for businesses and governments trying to create wealth.

The theory was developed in the 1980s as a response to criticism of the neoclassical growth model. Thomas J Sargent of New York University, a leader of the rational expectations theory, which is used to determine future events by economic acts, is also mentioned.

The economics prize, worth $ 1.4 million, is the only one of the Nobel awards not established in the will made by Nobel 111 years ago.
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