Jean Tirole:  won the 2014 Nobel prize in economic science. Photograph: Toulouse School of Economics via The New York Times

The announcement last week that the Nobel prize for economics was going to Toulouse professor Jean Tirole led to a flurry of essays and articles discu(...)

General Motors Corp headquarters  in the background of a  Detroit street. Photograph: Paul Sancya/AP

When Detroit declared bankruptcy, or at least tried to – the legal situation has gotten complicated – I know that I wasn’t the only economist to have (...)