Economists understandably get worked up about the “Nobel” prize in economics (Nobel in quotes because it was instituted in 1968 by the Bank of Sweden “in the memory of Alfred Nobel,” unlike the Nobel prizes in physics, chemistry, medicine, literature and peace.)

In any event, you cannot evade the fact that it confers enormous prestige, and most regrettably it buys unjustified influence among politicians and policymakers, especially in developing nations. Continue reading →