Josh Wright makes a good case for an economics prize honoring the UCLA tradition in the theory of the firm, property rights, and transaction costs. Josh himself is an excellent representative of that tradition.and
Williamson is still my favorite dark horse candidate, for obvious personal reasons, but I’d be delighted to see Klein, Alchian, Demsetz, or even Barzel and Cheung recognized for their contributions.Personally my beat for a theory of the firm Nobel, if there is to be one, would be Willaimson, Holmstrom and Hart together. Which does leave the UCLA boys out in the cold. My view is, however, that there is so little interest in the theory of the firm these days that it is highly unlikely that the Nobel committee would award in this area.