Does economics need a Nobel prize?

In anticipation of today’s announcement of “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,” check out this fascinating survey essay by Allen R. Sanderson and John J. Siegfried titled “The Nobel Prize in Economics Turns 50,” which was published in American Economist, Vol. 64, No. 2 (2019), pp. 167–182, and is available here. In the words of Sanderson and Siegfried, “as a well-known quip has it, economics is the only field in which two people can share a Nobel Prize for saying opposing things,” such as the 1972 econ Nobel awarded to Gunnar Myrdal and F. A. Hayek or the 2013 prize awarded to Eugene Fama and Robert Shiller. Also, check out this critique of the other Nobel prizes. In any case, no person born in Africa, Latin America, or Oceania has ever won a Nobel prize in economics. Hat tip: Timothy Taylor.

Image result for econ nobel prize

About F. E. Guerra-Pujol

When I’m not blogging, I am a business law professor at the University of Central Florida.
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