A Nobel for innovation: Without a creative culture, growth will not happen

The lesson from last year's Nobel, which was awarded to scholars of institutional economics, was that long-term growth emerges from the institutional basis of an economy

Unlike the Nobel Peace Prize, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is not generally considered a deeply political award. But it definitely does reflect broader trends in how economic policy is viewed in the mainstream. In the early years of the prize, from 1969 onwards, the development- and welfare-focused mentality of the policy profession was honoured. During the high tide of the Washington Consensus, the Chicago School archpriests of the neoclassical model were honoured one by one. More recently, the post-financial crisis turn to scepticism about perfect competition and concern about labour