Paul Krugman was awarded the Nobel Prize in Economics last night.
From an autobiographical essay he wrote :
Perhaps in the end the question one should ask of any scholar is what purpose he feels his work serves. I could claim great nobility of character and tell you that I work for the good of humanity. Or I could try to shock you and tell you that all I care about are the financial and professional rewards. Neither would be entirely false. I am, indeed, a bit of a romantic who believes, rather in the face of the evidence, that good ideas eventually prevail and make everyone's life better. I am also not an ascetic: I will not sneer at a nice honorarium or a free trip to a pleasant location.
But the honest truth is that what drives me as an economist is that economics is fun. I think I understand why so many people think that economics is a boring subject, but they are wrong. On the contrary, there is hardly anything I know that is as exciting as finding that the great events that move history, the forces that determine the destiny of empires and the fate of kings, can sometimes be explained, predicted, or even controlled by a few symbols on a printed page. We all want power, we all want success, but the ultimate reward is the simple joy of understanding.
And from his piece about how he works:
Dare to be silly
If you want to publish a paper in economic theory, there is a safe approach: make a conceptually minor but mathematically difficult extension to some familiar model. Because the basic assumptions of the model are already familiar, people will not regard them as strange; because you have done something technically difficult, you will be respected for your demonstration of firepower. Unfortunately, you will not have added much to human knowledge.