Nobel Prize in Economics awarded for market regulation studies
French economist Jean Tirole of the University of Toulouse gets 2014 Nobel Prize in Economics.
The Royal Swedish Academy of Sciences named Jean Tyrol one of the most influential economists of our time. In their statement the Nobel Committee said that the work of Tyrol significantly improved regulation of industries, dominated by a few large companies, BBC reports.
Before Tyrol's research, governments and regulators often used simple rules. For example, putting the ceiling price for the products of monopolies and banning cooperation of competing companies.
Photo AFP.
