The bizarre, political history of the Nobel Prize in Economics

Much was made Monday of two economists who received the Nobel Prize in Economics for their work on the complicated interplay between incentives and curbs that underpin most contracts in the business world.

But if it was up to Alfred Nobel, the inventor of dynamite, and the man who endowed the Nobel Prize franchise, there wouldn’t even be such an award in economics in the first place. That’s according to Avner Offer, a professor of economic history at University of Oxford and the co-author of “The Nobel Factor: The Prize in Economics, Social Democracy and the Market Turn.” In the recently published book, Offer and his co-author, Gabriel Söderberg, track the history of the Nobel Prize in Economics and the way it’s influenced policy over the past several decades, particularly by boosting lawmakers’ confidence in economics broadly and, more narrowly, in the power of the markets.

>>> Original Source <<<