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I suspect that rather than quibbling on the historical facts of the prizes award, the person you're responding to doesn't consider the Swedish National Bank's P

• grzm 9y ago
  Thank you for the clarification. It's one I wish 'neilwilson had made as well, as it's easy to understand why one would think otherwise, particularly as they're announced and awarded along with the other Nobel laureates. Upon further reading, the prize's history with respect to Hayek is even more interesting: > In his speech at the 1974 Nobel Prize banquet, Friedrich Hayek stated that had he been consulted on the establishment of a Nobel Prize in economics, he would "have decidedly advised against it" primarily because, "The Nobel Prize confers on an individual an authority which in economics no man ought to possess.... This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally." https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences#Controversies_and_criticisms https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Econom... Thanks again. I appreciate the insight.
  • kybernetikos 9y ago
    That's a very interesting quote by Hayek.