The Nobel prize for economics may need its own bailout

[CHIMO]

The economics award is usually the last of the Nobel prizes to be announced. Correctly so, for it was also the last to be created – and strictly speaking is not even a real Nobel prize. The five original awards, first given out in 1901 for literature, peace, medicine/physiology, physics and chemistry, were intended by Alfred Nobel to recognise contributions that enhanced the quality of human life, through scientific advance, literary creativity or efforts at bringing about peace.

The economics prize is not a prize of the Nobel Foundation; rather, it was created in 1968 by the Central Bank of Sweden as a "prize in economic sciences in memory of Alfred Nobel". However, it now has the same procedure of selection by the Swedish Academy, and the same cash award presented at a similar ceremony as the Nobel prizes.

There have been recurrent doubts about whether it conforms to the basic goals of the prizes as envisaged by the founder. Is economics a science, on the same lines as physics or chemistry? Does it unambiguously contribute to human wellbeing, like peace or literature? In any case, should economics be privileged over other branches of learning?

Peter Nobel, great-grandnephew of the founder and human rights activist, famously argued that Alfred Nobel would not have approved of such a prize, which he termed "a PR coup by economists to improve their reputation ... most often awarded to stockmarket speculators".
http://www.guardian.co.uk/commentisfree/2009/oct/08/economics-nobel-women-bailout-stockmarket

[jeffbr]

1. Look at the prizes they gave to the RW cabal at Chicago - worthless.

Yes, "Nobel would not have approved of such a prize"

[Celebration]

2. It's a joke

if they give to to anyone besides Roubini. Like, that will happen. :eyes:

[Bigmack]

3. I'm thinking you're "right,"

as in CORRECT! Roubini's sure my choice......tho they usually don't consult with those of us out here in the Great Unwashed...... Ms Bigmack

[prostomulgus]

4. This award should obviously go to President Obama!

After all, he has single-handedly pulled the entire world out of a great depression. The fact that he won the Peace Prize should not exclude him from being rightly recognized for the Economics Prize as well.

No one else has done more in economics to help the world.