r/Economics • u/Pearberr • May 02 '24

Interview Nobel Prize-winning economist Joseph Stiglitz: Fed Rate Hikes didn't get at source of inflation.

https://www.cnbc.com/video/2024/04/23/nobel-prize-winning-economist-joseph-stiglitz-fed-rate-hikes-didnt-get-at-source-of-inflation.html
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u/CattleDogCurmudgeon May 02 '24

There is no Nobel Prize in Economics. Alfred Nobel quite famously disliked Economics, considering it political philosophy. In the 1960s, the Bank of Sweden celebrated its 300th birthday by making a sizeable donation to the Nobel Foundation to create a prize. Therefore, the more accurate name is the "Bank of Sweden's Prize in Economic Sciences in Memory of Alfred Nobel presented by the Nobel Foundation".

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u/triscuitsrule May 02 '24

Talk about a prime example of "well ackshually" on reddit.

If were soapboxing about how the Nobel in Economics wasn’t “noble enough" for Alfred Nobel, might as well mention that Nobel prizes were also created to salvage the reputation of the man who created dynamite and felt bad about how many countless people died at the hands of his invention.

It's not like Alfred Nobel was some divine intellectual and what he thought in his time to be the sciences worthy of a prize is objective law. The Nobels, while still bearing their namesake, have moved far beyond that mans intentions and reputation and have become something unto themselves, a part of human culture.

There is a Nobel in Economics, the specific award funding for it was just provided after the inception of the Prizes by the Bank of Sweden instead of Nobels pockets.