The Farce Called the Nobel Prize in Economics

In about a month the winner of the so-called Nobel Prize in economics (as already has been pointed out here, it actually isn’t one) for the year 2011 will be announced. Many distinguished economists can be found among the laureates – others, no less distinguished, cannot. But when you look at the Prize’s record carefully, at what the particular laureates have stood for, you will probably have the feeling that the Swedish Royal Bank Nobel Memorial Prize in Economic Sciences is a farce. And rightly so. Continue reading