Why did it take 70 years to recognize economics with a Nobel?
In short: While the Nobel Prizes are iconic, economics was a late addition to the prestigious list. This video explores the history of the Swedish Central Bank Prize and why it took nearly seven decades for economic science to receive its own recognition.
Alfred Nobel's legacy is honoured by the Swedish Central Bank Prize in Economic Sciences, which serves as the formal title for the award. Despite the fame of the Nobel name, the formal recognition of economics as a distinct field of study for the prize didn't occur until roughly 70 years after the initial awards were established.
The video provides context on the evolution of economic science, highlighting how the transition from general science to specialized economic recognition reflects the growth of the discipline. It examines the significance of the award, which honors research in macroeconomic models and economic shocks, as seen in the recent recognition of Robert E. Hall and Michael Woodford.
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Sources
- Summary by Intellect · source: How did we get a Nobel Prize in economics? | The Indicator
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