The so called "Nobel Prize in Economics" wasn’t created by Nobel himself, a scientist and engineer, but by a grant from the Swedish Central Bank. The actual money for prize every year is not paid from the Nobel foundation funds, is paid by the endowment created by the bank. It pays the Nobel Foundation administrative expenses and the monetary component.
Its basically economists trying to launder their way into science by proximity. Like Astrology lobbying to get a physics badge.
So as example in 1974, they awarded the prize to Friedrich Hayek and Gunnar Myrdal. Two economists whose views could not be more opposed. That is like awarding the Physics Nobel jointly to someone who says “objects fall down” and another who insists “objects fall up.” Or honoring two chemists, one who says “water freezes at 0°C” and the other who claims it freezes at 5°C.
And if you say that would never happen, because physics has actual empirical standards then yes, exactly. You get the point.
Even Paul Samuelson, a 1970 economy nobel laureate and actual champion of applying mathematical methods to economics, dismissed Hayek’s most famous work.
Which, intentionally or not, remains the most accurate definition of economics I’ve ever seen: A discipline where ideology often outweighs evidence and both sides get prizes.
