Worth reminding people that there is no real Nobel Prize for Economics. It's a bought and paid for fake.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

Relation to the Nobel Prize

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is not a Nobel Prize.[4] However, the nomination process, selection criteria, and awards presentation are conducted in a manner similar to the Nobel Prizes.[12][15][18] The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will",[12] which stipulates that the prize is awarded annually to "those who ... shall have conferred the greatest benefit on mankind".[3]

Controversies and criticisms

Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, an association that has often been a source of controversy. Among the most vocal critics of the Prize in Economics is the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Alfred Nobel.[25] Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the Prize in Economics should be abolished.[26] Myrdal's objections were based on his view that the 1976 Prize in Economics to Milton Friedman and the 1974 Prize in Economics shared by Friedrich Hayek (both classical liberal economists) were undeserved, on the argument that the economics did not qualify as a science. If he had been asked about the establishment of the Prize before receiving it, Hayek stated that he would "have decidedly advised against it."[26][27]

Some critics claim the selection of recipients for the Prize in Economics is biased toward mainstream economics.[28][29] The Department of Economics at the University of Chicago has garnered nine of these Prizes—more than any other university—leading some critics to opine that such an outcome demonstrates either a bias, or the appearance of one, against candidates with alternative views.[29]

Milton Friedman was awarded the 1976 prize for his work on monetarism. The prize to Friedman caused international protests,[30] primarily in relation to a six-day trip he took to Chile in March 1975 where he gave lectures on inflation and met with many Chilean government officials, including the dictator Augusto Pinochet.[31] Four Nobel Prize laureates – George Wald, Linus Pauling, David Baltimore and Salvador Luria – wrote letters to the New York Times protesting the award in October 1976.[32][33]