Is Economics deserving of its own Nobel Prize*? Is Literature? In honor of Jean Tirole being awarded the 2014 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — previous recipients include our intellectual heroes Ronald Coase, John Nash, and Thomas Schelling — we are reposting the following Twitter thread titled #EconomicsInThreeWords. Here’s our contribution: “Markets require rules.” Below are a few other exemplars from this series:

https://twitter.com/acoyne/status/518775100313579520

*By the way, for what it’s worth, the Nobel Prize for Economics is not a “real” Nobel Prize, i.e., it’s not one of the original Nobel Prizes created through Alfred Nobel’s will, which specified that his annual prizes should go to people whose work has “conferred the greatest benefit on mankind.” The Economics prize, by contrast, was created (and funded) by the Swedish Central Bank in 1968 “in memory of Alfred Nobel.”