Nobel Memorial Prize in Economic Sciences

The Alfred Nobel Memorial Prize in Economic Sciences (in Swedish Sveriges Riksbanks pris i Ekonomisk Vetenskap till Alfred Nobel minne, literally " price of the Riksbank in economics in memory of Alfred Nobel ") is the most prestigious award in economics. Since he is awarded annually together with the Nobel prizes and is endowed with the same prize money, he is referred to in common parlance as the Nobel Prize in economics or Nobel Prize in Economics; an official German name does not exist. It is disputed whether the award rightly in accordance with the original Nobel prizes is called.

The prize was awarded for the first time in 1969, the first-prize winners were announced on 27 October 1969. It differs from the Nobel Prizes in the fact that he was not founded by Alfred Nobel, but subsequently in 1968 by the Bank of Sweden on the occasion of its 300 years of existence. So this is not a Nobel price in the original sense, but an honor that is awarded in memory of Alfred Nobel for similar criteria.

• 3.1 Criticism of the price
• 3.2 Controversial winners

General Procurement Directives

Based on the articles, the price should go annually to a person who has written an economics work which is of such great importance, as Alfred Nobel stated in his will of 27 November 1895. In nomination, decision and transfer the policies of the Nobel Prize to be applied, as far as these are applicable.

Sylvia Nasar wrote in her book A Beautiful Mind, that after the discussions about the award to John Forbes Nash, the price has been redefined. This made ​​it possible to assign it to researchers who came from the area of ​​political science, psychology or sociology. However, is contradicted by the provision in the statutes. Also the price has since awarded more for economic scientific achievements.

Nomination

Nominations may be

• Members of the Royal Swedish Academy of Sciences
• Members of the prize committee, which determines the winner
• Previous winners
• Economics professors from the Scandinavian countries
• Professors or comparable academic dignitaries at least six other universities and institutions, which are selected by the Academy
• Other scientists who are considered by the Academy as a suitable

The decision on the choice of the latter two groups entitled nomination should be made every year until the end of September.

Selection

For the selection of winners is as responsible in prices in physics and chemistry, the Royal Swedish Academy of Sciences. To this end, a five-member prize committee is elected by the Academy. Its members are elected for a term of three years. The number of possible re- election is limited. Members who are over 70 years old may not be re-elected.

According to Nasar, the composition of the committee after 1994 was changed so that now two non- economists belong to this body. But there is no official rule in the statutes for this purpose. If there is such similar to the so-called " Lex Buck " at the Nobel Prize for Literature, it is not consistently adhered to. Currently ( 2010), four out of five members of the committee economists, and also the secretary of the committee comes out of this subject.

As with the Nobel Prizes, the rule is used that a maximum of three people and two performances will be awarded. The recommendation of the Prize Committee must be submitted by the end of September at the Academy. Then the members of the economics class ( department ) to meet with the Academy until the end of October and give their opinion on this. The final decision will then be taken by the Academy until mid-November. All members who attend will receive a gold medal as a reminder.

From the ability to forgive in the absence of a suitable candidate the price in the next year or not, was not yet been exercised.

Price extent

The prize money amounts to the same amount as in one of the categories of the Nobel Prize. The same applies as for the Nobel Prize for the division in case of multiple winners. Similarly, a medal and a certificate are part of the price. The names of the winners will be - as well as the Nobel Peace Prize - engraved on the edge of the medals instead of on the surfaces.

Announcement

The announcement of the winners differs from the original Nobel Prizes than that the economy price a firm date has. It is often announced as the last. The press conference for the announcement takes place only in the early afternoon, while the other prizes are announced usually in the late morning.

Lecture

As the Nobel Prize winners are the recipients of this award obliged to give a lecture about their work. These usually take place on December 8 at the Aula Magna of the University of Stockholm to the respective contributions of the Nobel laureates in physics and chemistry instead.

Ceremony and Banquet

The ceremony will take place within the same event in which even Nobel laureates in physics, chemistry, physiology or medicine, and literature in the Stockholm Concert Hall every year on the anniversary of Nobel's on December 10, the award will be presented. The Nobel Peace Prize is given in Oslo.

Although the winners of the economic price are always the last in the series, but they are otherwise equally perfect. So they sit with the other award winners on stage and later at the banquet in honor stadshuset the table.

Award winners

A clear majority of the winners comes from the United States. Particularly well represented, economists were so far came from the University of Chicago, of the ten winners. In the years 1990 to 1993 even came every year one of the winners of this university. Other American universities are very well represented: the University of California presented five previous winners, the universities Columbia University, Princeton University, Harvard University and the Massachusetts Institute of Technology (MIT) were each represented four times.

So far, the prize went almost exclusively to men. Elinor Ostrom, winner in 2009, is to date the only winner. But in percentage terms, the physics Nobel prize still a lower proportion of women.

Herbert A. Simon was the first non- economist who won this award in 1978. His PhD, he acquired in political science, but his influence in economics is significant.

Controversies

Criticism of the price

The main point of criticism of the price is that it is indeed equated through the allocation procedure and ceremony de facto a Nobel Prize, but it is unclear if it is not at all unlikely that Nobel had wanted the establishment of such a price.

One of the outspoken opponents of the Prize include some descendants Nobels. Published in 2001, four great-grandchildren of his brother Ludvig some letters in which Alfred Nobel wrote " I do not have economic education and hate them from the heart. " They fought for the abolition of the price. Among other things, represents Peter Nobel, a human rights activist and a great-grandnephew of Alfred Nobel, the position that his ancestor would have never wanted this price. He calls the price a " PR coup " by economists to improve their reputation.

The former Swedish Finance Minister Kjell -Olof Feldt said he was very for the abolition of the price, even if he later Executive Board of the Riksbank was, who had donated the prize. However, there were positive reactions to the price. SPIEGEL spoke at the inaugural award, he will correct the error Nobels that the economics for the progress of humanity is irrelevant.

The Swedish economist Gunnar Myrdal, even winners, spoke later of the abolition of the price. His opinion also reasoned that the prize was awarded to his opinion, " reactionary " people such as Friedrich Hayek, with whom he shared the prize in 1974, and Milton Friedman in 1976.

According to critics, the fact that the late economist Joan Robinson in 1983 was never awarded the prize to favor as evidence of the tendency of the committee, mainstream economists, although already heterodox economists such as Friedrich Hayek and Ronald Coase won.

In his speech before the banquet Friedrich Hayek says if he had been asked, he would have strongly opposed the creation of this price. While going one of his fears that the committee would only follow current scientific trends, refuted by his award, but at a second fear he was less certain. You is that the price of a price support confers an authority that should not have a single person in economics. While not too bad in the natural sciences, because the peers of a vires halted, the economist practice also influence on the laity. Therefore, he was almost inclined to suggest an oath for award winners, not to exceed their competence in public statements.

Paul Samuelson, an economist at the Massachusetts Institute of Technology and in 1970 awarded the prize for, was asked ten years before establishing the price of the Reichsbank for his opinion of such a price. He expressed the Nobel Laureate Meeting 2004 in Lindau, that he had warned that " would preclude the granting of recognition to an elite a larger group of prizewinning scientists of the honor of their research results in quality and quantity but little, if any, distinction ".

Other winners saw positive aspects of the price. George Akerlof, winner in 2001, sees the prize as encouragement for further work. Joseph Stiglitz believes the price of serving the public education and bring economic ideas attention they would otherwise not receive. He remarked ironically: " The economy is the only science in which two people can share a Nobel Prize, because their theories to refute each other."

Controversial winners

Milton Friedman was awarded in 1976 for his work on monetarism. This caused an international outcry, especially among the radical left who saw a connection to his six -day trip to Chile, where he gave lectures on inflation and met with government officials, among others, with dictator Pinochet. The four Nobel laureate George Wald, Linus Pauling, David Baltimore and Salvador Luria wrote for the award in 1976, a protest letter to the New York Times.

The award to John Forbes Nash in 1994 is said to have caused discussions within the committee because of his known mental illness and his anti-Semitic tendencies. Later, the rules for the composition of the committees were changed. The office of the members had previously not limited in time, now they are for a period of three years, the Committee on.

The award to Robert Aumann in 2005 was criticized by the European press for its extensive use of game theory, with which he spoke out against the dismantling of the settlements in the West Bank.

The award ceremony in 2008 to Paul Krugman, a critic of George W. Bush, sparked a debate on the preference of left economists. It noted the Committee that it had never taken a political stance.