Nobel prize in economics 2016 awarded to Oliver Hart and Bengt Holmström - as it happened
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is being awarded today
- or there’s a web feed here )
The Sveriges Riksbank Prize in Economic Sciences has even been criticised by one former winner.
Friedrich von Hayek, the Austrian/British economist whose work found favour with many right-wing politicians, argued that the award could give economists too much authority:
People are gathering at the Royal Swedish Academy of Sciences in Stockholm, ready for the official announcement:
Guessing Nobel Prize winners is devilishly tough, but the shortlist of possible winners includes:
Good morning. Let’s get one thing out of the way first…
The problem is not so much that there is a Nobel prize in economics, but that there are no equivalent prizes in psychology, sociology, anthropology. Economics, this seems to say, is not a social science but an exact one, like physics or chemistry – a distinction that not only encourages hubris among economists but also changes the way we think about the economy.
A Nobel prize in economics implies that the human world operates much like the physical world: that it can be described and understood in neutral terms, and that it lends itself to modelling, like chemical reactions or the movement of the stars. It creates the impression that economists are not in the business of constructing inherently imperfect theories, but of discovering timeless truths.Continue reading...