Former Reserve Bank of India (RBI) Governor Raghuram Rajan has been chosen as one of the six economists who have made it to Clarivate Analytics' list of possible winners for the Nobel Prize in economics for 2017.
Hold off on the chest-thumping till India grows at 8-10% for 10 years: Raghuram Rajan
The winner, who will be awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will be announced on Monday in Stockholm, Sweden.
How does Clarivate Analytics choose candidates
Each year, Clarivate Analytics, a company involved in academic and scientific research announces a list of dozens of possible Nobel Prize winners based on research citations.
The company was earlier a Thomson Reuters unit.
While publishing the list of the six potential winners for the economics Nobel, Clarivate said these were Citation Laureates, whose research is clearly "of Nobel class", said a Hindustan Times report.
The potential winner's works were categorised as noble owing to its significance and utility.
Rajan's contributions
Rajan's name has been nominated owing to his "contributions illuminating the dimensions of decisions in corporate finance".
Rajan, who is currently a Katherine Dusak Miller Distinguished Service Professor of Finance at the University Of Chicago Booth School Of Business, is also famous for a counter-intuitive paper that he had presented at a prestigious annual gathering of economists and bankers in the US in 2005.
Rajan was highly criticised for delivering a controversial paper called "Has Financial Development Made the World Riskier?".
Though his observations proved to be right three years later when US was hit by the financial crisis. Back in 2005, his paper was rather made fun off.
Former U.S. Treasury Secretary and former Harvard President Lawrence Summers had called Rajan's warnings "misguided". In fact Stummers had called Rajan a "luddite".
In 2016, Oliver Hart of Harvard University and Bengt Holmström of the Massachusetts Institute of Technology shared the prize.
Who are the other nominees
The other people who made it to the Clarivate list are Colin Camerer of the California Institute of Technology, George Loewenstein of Carnegie Mellon University, Robert Hall of Stanford University and Michael Jensen of Harvard, Stewart Myers of MIT.
