Are Nobel Laureates economic theories any useful ?

Each year we see one or more economists recieve a Nobel Prize, these winners are experts on how to act on economic issues. It all sounds very good.

But how good are their theories, do they actually work in practice?

And more important - Are they ever put to the test in real life ? 
Can they be used to help us today ?

Or is it that these geniuses get a Nobel Prize, and then there are no politicians using their theories when to act for their own country's economy.

If Nobel Laureates economic theories really are that good - well, then we should know how to act on financial matters - right?
We should know what went wrong, and also what to do to get back on track.

For some years much of Europe have limped economically, the rest limping a little back and forth and we all suffer from the massive youth unemployment.
 

It seems that our European politicians accepted that a lot of all needed production would be located in Asia?

What I know is the only CZ ( Czech Republic ) who have tried seriously to keep their jobs in the manufacturing industry. Unfortunately, it's just something I read in newspaper articles, just how good it is working - I do not know.
 

Did our European politicians wake up one morning, and discovered that the manufacturing industry had moved out during the night.

Now politicians seems to think they have to ensure that people can keep on borrowing money, to keep on shopping and to keep our economy going ?

Unfortunately, the things people shop are mostly made in China, so there will be very few new manufacturing jobs here in Europe – no matter how much we shop.

Going shopping will often benefit China, more than it benefits Europe. 
 

And if people in Europe have to borrow more and more money to consume, then something must be wrong, or ?

For how long can we borrow to buy the Chinese stuff - how long before the bubble bursts?

Since the 70s, the Swedish "Krona" has been repeatedly devalued, sometimes devaluation was planned by politicians, and sometimes it was with the market system - a kind of jungle thing.

What do I mean by market system:

If a country is doing economically bad, the country's currency will be affected and go down in value versus other currencies.

And if the economy improves, the country's currency will rise in value compared to other currencies.  

Of course the Euro Countries are all together in this aspect.

Now we will see more competitive devaluation, Japan and the United Kingdom are sad to be running the printing presses at full speed.

First, it was necessary to keep interest rates down, now I add an ace out of my sleeve - increasing the money supply.

It should become a toxic combo!  

Did someone get a Nobel Prize for this one ?

A bit like if you have a headache and takes some different kind of headache pills and run in the blender with a little water and then hope that it will relieve pain better than just one kind of pills.