Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn

The Nobel Prize in Economics was created in 1969 to enhance the authority of the Swedish central bank and promote market-friendly economics. The book "The Nobel Factor" explores how the prize has influenced the economics profession, Sweden, and the world, with sometimes disastrous results for societies.

Format: Paperback / softback
Length: 344 pages
Publication date: 19 November 2019
Publisher: Princeton University Press

The Nobel Prize in Economics, first awarded in 1969, has had a profound impact on the economics profession, Sweden, and the world. The prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics.

The strategy has worked spectacularly, with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics and its greatest prize.

The creation of the Nobel Prize in Economics has had a significant impact on the economics profession. It has elevated the status of economics as a discipline and has attracted more attention and research to the field. The prize has also helped to promote economic policy that is based on market-friendly principles, such as free trade and deregulation.

The Nobel Prize in Economics has also had a profound impact on Sweden and the world. The prize has helped to promote Sweden as a center of economic thought and has attracted many international scholars and economists to the country. The prize has also helped to promote Sweden's reputation as a country that is committed to social welfare and economic development.

However, the creation of the Nobel Prize in Economics has also had some unintended consequences. The prize has been criticized for rewarding economic theories that are not necessarily empirically supported or that have negative social consequences. For example, the prize has been awarded to economists who have promoted the idea of trickle-down economics, which has been criticized for failing to address income inequality and for promoting economic growth at the expense of social welfare.

In conclusion, the creation of the Nobel Prize in Economics has had a profound impact on the economics profession, Sweden, and the world. The prize has helped to promote economic policy that is based on market-friendly principles and has helped to elevate the status of economics as a discipline. However, the prize has also had some unintended consequences, such as rewarding economic theories that are not necessarily empirically supported or that have negative social consequences.

Weight: 460g
Dimension: 223 x 141 x 19 (mm)
ISBN-13: 9780691196312