The US trio, Robert Shiller, Eugene Fama and Lars Peter Hansen, while being conferred Nobel Economics Prize, were acknowledged to have made “groundbreaking work on spotting trends in markets.”

According to the report, “Three US economists win Nobel for asset price work,” published in Arab News on Oct. 15, “The award is for work done on the value of assets, such as stocks and bonds, and comes as the global economy is still reeling from the effects of the financial market crisis at the end of the last decade.”

The research done however does not take into account the effect of artificial shortage of supplies created by hoarders which plays a havoc and is very common in the capitalism-sponsored market theories.

It frustrates the plans of the market sponsors and serves negatively for the consumers. 

It contributes to the negativity in the economic development of the society. Awarding such superfluous theories thus is meaningless. The authorities should encourage development of theories that seek truly developing environment. Islam offers best and most human friendly policy which ensures equal and lasting development in a transparent environment. — Syed Ilyas Basha, Hyderabad