Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for oustanding intellectual contributions in the field of economics. The award was instituted by the Bank of Sweden (the world's oldest central bank) at its 300th anniversary in 1969. Although it was not one of the awards established in the will of Alfred Nobel, the economics laureates receive their diploma and gold medal from the Swedish monarch at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature. The amount of money awarded to the economics laureates is also equal to that of the other prizes.

Controversy

Controversy stems from a few questions:

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:1. May its affiliation with the Nobel name, despite not being part of Alfred Nobel's bequest, be justified by the similarity of the award process?

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:2. Has there been any documented bias toward neoliberal economics?

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:3. Is objective evaluation of candidates more difficult for a social science like economics, relative to physics, chemistry, medicine, literature or peace?

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:4. Is it true that the most influential economists were awarded the prize in the 70's and early 80's, and that since then the available candidates in the field have been weaker and hence more controversial?

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Among the most vocal critics of the economics prize is Peter Nobel who is a member of the Nobel family – his paternal grandfather's grandmother was one of the daughters of Alfred Nobel's elder brother Ludvig.

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