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>Nobel prize Might also be good to mention the Nobel prize for economics is given by a Swedish bank, not by the Nobel committee.

MagnumOpus 10y ago
Might be good not to mention that, because it is wrong. * The Nobel memorial prize for economics is indeed given by a Nobel Committee[1] of the Swedish Royal Academy of Sciences, just like the natural science and medicine prizes. * It has been endowed by the Swedish Riksbank, which is a central bank and part of the Swedish government equivalent to the Federal Reserve in the US. If the importance of the difference between "a Swedish bank" and "the Swedish central bank" is not apparent to you, you should read up on it. [1] https://www.nobelprize.org/nobel_prizes/economic-sciences/prize_awarder/committee.html https://www.nobelprize.org/nobel_prizes/economic-sciences/pr...
dredmorbius 10y ago
I'm not a particular fan of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and yes, it was created long after the other Nobel prizes, in 1968, for reasons which are strongly suspect and political. I feel it's been poorly awarded numerous times, though the selections have improved in recent decades. That said, it is administered and nominations / selections go through the Swedish Academy of Sciences, and it is most certainly considered by the Nobel Foundation as among its prizes. I'm using it here to note less an agreement with (all) the economists cited here, and far more to note that, whether I find their economics advisible or not (some I do, some I don't), this is a list accepted by both economists and the general scientific community as exemplars of the field, and they are exceedingly strongly critical of elements of the orthodoxy. Not necessarily the same elements. But strongly critical all the same. If you're looking for a strong criticism of the Nobel Prize in Economics, I strongly recommend reading F.A. Hayek's acceptance speech on that score, which manages simultaneously to question economics and the prize itself, whilst defending it by numerous strongly counterfactual arguments in my view, Hayek being among those I otherwise have strong reservations for. https://en.m.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences https://en.m.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Econ... http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-lecture.html http://www.nobelprize.org/nobel_prizes/economic-sciences/lau...

MagnumOpus 10y ago

Might be good not to mention that, because it is wrong. * The Nobel memorial prize for economics is indeed given by a Nobel Committee[1] of the Swedish Royal Academy of Sciences, just like the natural science and medicine prizes. * It has been endowed by the Swedish Riksbank, which is a central bank and part of the Swedish government equivalent to the Federal Reserve in the US. If the importance of the difference between "a Swedish bank" and "the Swedish central bank" is not apparent to you, you should read up on it. [1] https://www.nobelprize.org/nobel_prizes/economic-sciences/prize_awarder/committee.html https://www.nobelprize.org/nobel_prizes/economic-sciences/pr...

dredmorbius 10y ago

I'm not a particular fan of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and yes, it was created long after the other Nobel prizes, in 1968, for reasons which are strongly suspect and political. I feel it's been poorly awarded numerous times, though the selections have improved in recent decades. That said, it is administered and nominations / selections go through the Swedish Academy of Sciences, and it is most certainly considered by the Nobel Foundation as among its prizes. I'm using it here to note less an agreement with (all) the economists cited here, and far more to note that, whether I find their economics advisible or not (some I do, some I don't), this is a list accepted by both economists and the general scientific community as exemplars of the field, and they are exceedingly strongly critical of elements of the orthodoxy. Not necessarily the same elements. But strongly critical all the same. If you're looking for a strong criticism of the Nobel Prize in Economics, I strongly recommend reading F.A. Hayek's acceptance speech on that score, which manages simultaneously to question economics and the prize itself, whilst defending it by numerous strongly counterfactual arguments in my view, Hayek being among those I otherwise have strong reservations for. https://en.m.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences https://en.m.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Econ... http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-lecture.html http://www.nobelprize.org/nobel_prizes/economic-sciences/lau...