For Shame

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded today to two guys who will now claim they have won the Nobel prize in economics. As I have observed on this blog numerous times in the past, there is no Nobel prize in Economics.

It was not established by Nobel, but supposedly in memory of Nobel. It’s a ruse and a PR trick, and I mean that literally. And it was done completely against the wishes of the Nobel family.

Sweden’s Central Bank quietly snuck it in with all the other Nobel Prizes to give free-market economics for the 1% credibility. One of the Federal Reserve banks explained it succinctly , “Few realize, especially outside of economists, that the prize in economics is not an “official” Nobel. . . . The award for economics came almost 70 years later—bootstrapped to the Nobel in 1968 as a bit of a marketing ploy to celebrate the Bank of Sweden’s 300th anniversary.” Yes, you read that right: “a marketing ploy.”

“The Economics Prize has nestled itself in and is awarded as if it were a Nobel Prize. But it’s a PR coup by economists to improve their reputation,” Nobel’s great great nephew Peter Nobel told AFP in 2005

This while economists ruin the world by manipulating markets based on methodologically unsound ideas and models. For shame to put on the honorable mantle of Alfred Nobel’s prizes to glamorize their malpractice. If the Swedish Central Bank wants to award prizes, fine. But it should not claim that they have anything do with Nobel.

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