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 have been given to micro theorists and macro ...
Economics Nobel tries to catch up to the field
So far, no one researching how policies work in the real world has won
Noah Smith | Bloomberg Last Updated at October 12, 2017 22:59 IST