Rothstein’s article argues that today with increasing success, economics as commonly taught in universities and endorsed by most winners of the economics prize promotes corruption in societies around the world. Therefore he concludes that the Nobel Foundation’s awarding the economics prize is “in direct conflict with what Alfred Nobel decreed in his will.”
“I will,” writes Rothstein, “therefore now take the initiative in this matter.” Below is a Google-translation of Rothstein’s article." Click article link above to read it.
The Nobel Factor. The Prize in Economics, Social Democracy, and the Market Turn, 2017, Avner Offer & Gabriel Söderberg, Princeton University Press: "Economic theory may be speculative, but its impact is powerful and real. Since the 1970s, it has been closely associated with a sweeping change around the world—the "market turn." This is what Avner Offer and Gabriel Söderberg call the rise of market liberalism, a movement that, seeking to replace social democracy, holds up buying and selling as the norm for human relations and society. Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the market turn and the prize began at the same time? The Nobel Factor, the first book to describe the origins and power of the most important prize in economics, explores this and related questions by examining the history of the prize, the history of economics since the prize began, and the simultaneous struggle between market liberals and social democrats in Sweden, Europe, and the United States.
The Nobel Factor tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and social democracy. The aim was to use the halo of the Nobel brand to enhance central bank authority and the prestige of market-friendly economics, in order to influence the future of Sweden and the rest of the developed world. And this strategy has worked, with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets.
Drawing on previously untapped Swedish national bank archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics—and its greatest prize."
'What is a 'Nobel Prize-winning economist'?', Philip Mirowski investigates: "The title of 'Nobel Prize-winning economist' is frequently used to impart a sense of gravitas, authority and scientific expertise. However, the status of the prize - created and funded by the Swedish Central Bank, rather than the Nobel Foundation itself - has long been a matter of controversy.
In the following interview with the Institute for New Economic Thinking, Philip Mirowski argues that the history of the prize is inseperable from the rise of neoliberal economics, which it continues to legitimise as the one true eonomic 'science' in the eyes of the mass media and political institutions."
"Nobel specified that his prizes should go to people who’s work has “conferred the greatest benefit on mankind”. That’s relatively easy to decide on a winner in the traditional sciences, or in the fields of literature and peace. Economics is unavoidably political."
"Fredrik Heffermehl has written a provocative book that all peace-minded people should read with a sense of urgency. By challenging current thinking surrounding the recent awards of the Nobel Peace Prize we are led not only to rethink what Nobel truly intended with this recognition, but also what peace does and should mean in the early 21st century." Prof. Richard Falk, Princeton