With the Monday announcement of the Nobel economics prize, this year’s Nobel honors promise to be especially exciting. This prestigious award, established by the central bank in 1968, recognizes outstanding contributions to the field of economics and serves as a memorial to Alfred Nobel. It isn’t one of those original Nobel Prizes, but it is still awarded in the same venerable company with the other distinguished awards. Every year on December 10th, we celebrate the anniversary of Alfred Nobel’s passing in 1896.
Alfred Nobel, a 19th-century Swedish businessman and chemist, is best known for inventing dynamite and for establishing the five primary Nobel Prizes: medicine, physics, chemistry, literature, and peace. However, since its inception, the economics prize has been awarded 56 times. Only 96 laureates have ever been awarded this illustrious distinction. The accolade is awarded to individuals who have furthered the knowledge of economic theory and its historical impact on society in profound ways.
Recognizing Economic Contributions
Last year, the Nobel economics prize was awarded to three distinguished economists: Daron Acemoglu, Simon Johnson, and James A. Robinson. Their research aimed to explain the differences between rich and poor countries. We know that countries with freer and more open societies are more prosperous. In sharp contrast, those who are denied meaningful economic and political freedoms tend to suffer.
The celebration of these scholars is a testament to the increasing relevance of economic policies that focus on building inclusivity and stability. The findings presented by Acemoglu, Johnson, and Robinson contribute to the ongoing dialogue about global economic development and offer insights that could potentially guide future policy decisions.
“Nobel economics prize is set to be announced Monday.” – phys.org
A Historic Award
No other prize, award, or honor has had quite the impact on economic thinking as the Nobel economics prize. It has been much slower to give recognition to the advances made by women economists. Prior to this announcement, only three women had ever received the prize. This statistic highlights the need for greater diversity within the field and the importance of including underrepresented voices in economic discourse.
With fingers crossed for this year’s announcement already, everyone is waiting to see if the move towards inclusivity persists. Like the global economy that it seeks to honor, the award has changed with the times—bringing in new perspectives, challenges, and viewpoints into that same evolving discipline.
Looking Ahead
This year’s Nobel tributes will end on December 10. During the day, we’ll be toasting all of our laureates from every category. The announcement of the economics prize will be closely watched by economists and scholars alike, as it often reflects current trends and prevailing thoughts within the field.