Should Nobel prizes be awarded in the field of economics?
I had to look this one up, because it was in my distinct recollection that John Nash, mathematician, won a Nobel Prize in Economics for his work on the Nash Equilibrium. As it turns out, it was the Nobel Memorial Prize in Economics, aka The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. See wiki. As it now stands, the prizes are awared for physics, chemistry, literature, peace, medicine, and now economics. Should economics be included? I think so, because of its acute relevancy in modern times, where we’re facing an ever increasingly complex global market. The truth is, nobody has a full understanding of how the events have led to the current Wall Street collapse, even though there’s certainly no lack of finger pointing. Both old style liberal economics and the current “Reaganomics” are outdated—neither is adequate to deal with the rapidly changing realities of global economics today. Is it analyzable, instead of consigning it to “voodoo economics”, a charge
