| Nobel Prize In Economics |
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The prestige of the prize derives in part from its association with the awards created by Alfred Nobel's will, an association which has often been a source of controversy. The prize is commonly referred to as the Nobel Prize in Economics or, more correctly, as the '''Nobel Memorial Prize in Economics'''. In February 1995, it was decided that the economics prize be essentially defined as a prize in social sciences, opening the Nobel Prize to great contributions in fields like political science, psychology, and sociology. Also, the Economics Prize Committee was changed to require two non-economists to decide the prize each year, whereas previously the prize committee had consisted of five Economist s. In popular media references, the acclaimed television series, The West Wing , featured Josiah Bartlet as the President of the United States who was (according the programme's fiction) awarded the economics laureate. AWARD PROCESS The economics laureates, like the Nobel laureates in Chemistry and Physics , are chosen by the Royal Swedish Academy Of Sciences . Nominations of about one hundred living persons are made each year by qualified nominators and are received by a five to eight member committee, which then submits its choice of winners to the Nobel Assembly for its final approval. No more than three people can share the prize for a given year. The final award is made in Stockholm, and is accompanied by a prize (10 million Kronor , or roughly 1 million euros as of 2004). CONTROVERSY Controversy stems from a few questions: #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? #Have there been any systematic political biases? #Is objective evaluation of candidates more difficult for a social science like economics, relative to physics, chemistry, medicine, literature or peace? #Is it true that the most influential economists were awarded the prize in the 1970s and early 1980s, and that since then the available candidates in the field have been weaker and hence more controversial? Among the most vocal critics of the economics prize is Peter Nobel who is a peripheral member of the Nobel family – his paternal grandfather's grandmother was one of the daughters of Alfred Nobel's Elder Brother Ludvig . WINNERS 1960S 1970S 1980S 1990S 2000S EXTERNAL LINKS
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