Wednesday, October 24, 2012

No True Nobel Prize in Economics

Although few realize it, the so-called "Nobel Prize in Economics."  The creation of the Central Bank of Sweden, it is really the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.”  The Nobel family, not to mention real scientists, are appalled that it is given the same billing.  From There Is No Nobel Prize in Economics:
Members of the Nobel family are among the harshest, most persistent critics of the economics prize, and members of the family have repeatedly called for the prize to be abolished or renamed. In 2001, on the 100th anniversery of the Nobel Prizes, four family members published a letter in the Swedish paper Svenska Dagbladet, arguing that the economics prize degrades and cheapens the real Nobel Prizes. They aren’t the only ones.
Scientists never had much respect for the new economic Nobel prize. In fact, a scientist who headed Nixon’s Science Advisory Committee in 1969, was shocked to learn that economists were even allowed on stage to accept their award with the real Nobel laureates. He was incredulous: “You mean they sat on the platform with you?”
That hatred continues to simmer below the surface, and periodically breaks through and makes itself known. Most recently, in 2004, three prominent Swedish scientists and members of the Nobel committee published an open letter in a Swedish newspaper savaging the fraudulent “scientific” credentials of the Swedish Central Bank Prize in Economics. “The economics prize diminishes the value of the other Nobel prizes. If the prize is to be kept, it must be broadened in scope and be disassociated with Nobel,” they wrote in the letter, arguing that achievements of most of the economists who win the prize are so abstract and disconnected from the real world as to utterly meaningless.
Why the animosity?  Because economics is not a real science.  It is an ideology that means nothing as to the fundamental structure of the universe.  As such, economics does not deserve accolades, only scorn.  So the next time you hear someone mentioned as a "Nobel Prize Winner in Economics" you'll know it is a lie, just like their so-call "science."

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