How did we get a Nobel Prize in economics?
Summary
This episode explores the origins of the Nobel Prize in Economics, revealing it was actually created by the Swedish Central Bank in 1968 to mark its 300th anniversary, not Alfred Nobel’s will. Hosts Ricky Mulvey and Greg Rozalski discuss how the prize, officially named the Sveriges Riksbank Prize, gained prestige by associating itself with the Nobel brand despite initial resistance from the Nobel family. The segment also highlights this year’s winners, Robert Hall and Michael Woodford, who revolutionized macroeconomics by rebuilding models from microeconomic foundations.
Topics discussed
Nobel Prize in Economics awarded to Hall and Woodford
Episode intro: Origins of the Economics Prize
Sponsor announcements
The official name and Swedish origins
Per Söderström and the central bank's 300th anniversary
Why create a new prize? Prestige and branding
Political support from the Social Democrats
Nobel family approval and the 1968 launch
Award process and the 'frack' suit tradition
Criticism: Scientific gloss on political ideas
Reconciliation and the prize's enduring value
Production credits and outro
Google Workspace sponsor message
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