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Prof Shiller shares the prize uneasily with Chicago professor Eugene Fama, famed for work showing that stock movements are a "random walk" that cannot be predicted in the short run.

It is therefore folly to try to beat the market, though investor Warren Buffett has made a career doing exactly that.

Prof Shiller says markets are often driven by emotion; Prof Fama is the prophet of "rational markets", arguing that investors respond correctly to known facts.

"If it wasn't for that I'd have been bust before foot-and-mouth," Mr Lowther said. "Direct marketing is not a panacea and many farmers will fail at it – probably me as well."He was slowly inching back this week, buying 300 Cheviots to reintroduce to his 230 acres.He has plans to sell mutton from quality two-year-old herdwick shearlings.Mr Lowther is part of the Junction 38 co-operative, named after the M6 junction eight miles away, which is planning to invest in its own £600,000 abattoir, curtailing the costs of a 70-mile round trip when beasts are sent to slaughter, and selling the meat into a buoyant local farmers market.He one of the leading figures of the Tesla Movement in America.In 1979, the Tesla Memorial Society was established to honor and perpetuate the memory and ideals Nikola Tesla. Vujovic coordinated activities with various Tesla societies in America and Europe.




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