by Dirk Ehnts, Econoblog101

Sometimes a picture says more than a 1,000 words, but nowadays video is more appealing.

Please watch the video below which shows Princeton University’s news conference for the Nobel Prize in economics winners Christopher Sims and Thomas Sargent that took place Oct. 10, 2011. Start with the question that is asked at 14 minutes and 10 seconds:

The competing view comes from Bill Mitchell, no Nobel prize and no significant claims to fame, unknown in the wider profession, presenting in front of students in Helsinki, Finland (watching the first couple of minutes should be enough to get an impression):

Of course, Mitchell addresses the crisis while Sargent and Sims did not (plan to). But nevertheless I would ask you: which type of economist would you prefer: the Nobel prize winners or the “worldly philosopher”? Choose your economists wisely!