Nobel Prize

Abolish the Nobel Prize for economics

The economics Nobel Prize is a funny thing. Not just because it does not exist. When Alfred Nobel donated his fortune to the awards in his name, he included Physics, Chemistry, Literature, Peace and Medicine. Economics, meanwhile, only got included when the Swedish central bank established the prize “in memory of Alfred Nobel” in the late 1960s. [...]

This year’s Nobel Prize: A case of market failure

The Nobel Prize in economics left me somewhat puzzled. To be sure, the recipients Peter Diamond, Dale Mortensen, and Christopher Pissarides are all highly respected economists. In another sense, too, the choice of the three labour market specialists is hardly revolutionary. Though their models are elegant, what they are actually saying is very much common sense. [...]