Economics Nobel tries to catch up to the field

Why is the economics Nobel so endlessly fascinating? Probably because it provides a measure of legitimacy to economic ideas. In chemistry or medicine, this isn’t necessary — if a chemical reaction or medical treatment works, it doesn’t take a gold medal to prove that it works.

But there are a lot fewer certainties in economics, so the Nobel and other prizes tend to act as stamps of official approval.   The Nobel committee continues to honour a diverse array of economic ideas and methods. In the past decade, prizes.....

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