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The Nobel Prize in Economics Is Fake
Ben Ogilvie explores the controversial history of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and argues why it should be regarded as a “Fauxbel” Prize.
And UChicago Booth students and staff should be more skeptical of our economics faculty, whose work relies heavily on arbitrary neoliberal assumptions and overly technical methods that cannot be explained in plain English. The award most people today call the “Nobel Prize in Economics” is more properly called the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.” It was established in 1968 by the economists running Sweden’s central bank, partly to shield the bank from democratic accountability and support their push to make it “independent.” To do this, those economists needed to market their discipline to the world as a “science” with technical, correct answers that only experts could fully understand and that lowly voters did not get to question. And the winds of 2024 are making it clear that the neoliberal elite consensus is not cutting it anymore, empowering contrarian economic thinkers like Oren Cass, Philip Pilkington, Yanis Varoufakis, and Steve Keen.
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