And The Fake Nobel Goes To…

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… Oliver Williamson and Elinor Ostrom share the Swedish Central Bank Prize for Economics in Honor of Alfred Nobel. Alex Tabarrok explains Ostrom’s work and Paul Krugman tells you about Williamson. Osrtom is the first woman to win the prize and is also noteworthy for being a political scientist rather than an economist. Robert Shiller tells The New York Times that this is “part of the merging of the social sciences.”

Meanwhile, I would note that the Sveriges Riksbank itself deserves some kind of prize for ability to get people to call its economics prize “the Nobel Prize.” Real Nobel Prizes are prizes awarded according to the endowment that Alfred Nobel set up. There are, of course, lots of other prizes in the world set up by other people. One such prize is this economics prize that the Swedish Central Bank decided to give out. But only the Swedish Central Bank prize has succeeded in convincing people that it should be referred to as a “Nobel Prize” despite having no connection to Alfred Nobel or his prizes. Impressive work and yet another example of the impressively high-performing public sector institutions that make the Swedish social model work.