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/sci/ - Science & Math

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5169912 No.5169912 [Reply] [Original]

Why is there a Nobel prize in Economics?

>> No.5169943

FUCK THE POLICE!!!

>> No.5169947

Because Jews

>> No.5169960

its the only science anyone gives a shit about

>> No.5169975

>>5169960

>Economics
>Science

Yeah, and tire burning is a humanity.

>> No.5169986

>>5169912
There technically isn't.
http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

"officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is an award for outstanding contributions to the field of economics, generally regarded as one of the most prestigious awards for that field.[3] Although not one of the Nobel Prizes established by the will of Alfred Nobel in 1895, it is consistently identified with them."

>> No.5169992

have you ever read John Nash's Noble prize winning paper? it's brilliant.

>> No.5169994

>>5169986

Sneaky.
Capitalist.
Pigs.

>> No.5169997
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5169997

>>5169992

AAAAAAAAAAAH

>> No.5170000

>>5169912
The best argument against it comes from one of its 1974 laureate:
"(T)he Nobel Prize confers on an individual an authority which in economics no man ought to possess.

This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally.

There is no reason why a man who has made a distinctive contribution to economic science should be omnicompetent on all problems of society - as the press tends to treat him till in the end he may himself be persuaded to believe. One is even made to feel it a public duty to pronounce on problems to which one may not have devoted special attention."

The same could, and should, be said about the Peace prize.

>> No.5170016

Nash has developed work on the role of money in society. within the framing theorem that people can be so controlled and motivated by money that they may not be able to reason rationally about it, he has criticized interest groups that promote quasi doctrines based on keynesian economics that permit manipulative short term inflation and debt tactics that ultimately undermine currencies.

what better person to win a Nobel Prize, as he is promoting world peace and harmony over capitalist greed and corruption... so the mainstream media made a movie about how crazy he was. lol.

>> No.5170026

>>5169912
It almost always goes to mathematicians. So just think of it as the Nobel prize for useful mathematics.

>> No.5170035

>>5170026

So just dump the money aspect and call it the Nobel Prize in Maths. I wouldn't call stock market derivatives particularly useful, but then I'm not a mulch-billionaire.

>> No.5170040

>>5170035
You mean the Sveriges Riksbank Prize in Maths Sciences in Memory of Alfred Nobel ?

>> No.5170041

the noble prize for math is called the fields medal.

>> No.5170045

>>5170041

A fields medal is only one fourth of a Nobel prize, chronologically speaking.

>> No.5170061

>>5170045

and 1/10th monetarily. however I would much rather win a fields metal as a mathematician than the Nobel Prize. it's a much greater honor.

>> No.5170068

>>5170061

Yeah, if you can bear hearing "Oh, that thing from Good Will Hunting!" whenever you talk to regular folks about it.

>> No.5170074

>>5170068
If you're a high level academic in any discipline then you don't socialise with regular folks much.

Not unless you really want to for some reason.

>> No.5170078

>>5170074

I for one would never want a head so big that it lives in a bubble.

>> No.5170081

>>5170068

I find most regular folks eyes just glaze over soon as they walk in my living room which has white boards in it. lol.

>> No.5170958

>>5170078
You're thinking about it the wrong way.

If you're an academic then both your work and your life outside of work is probably going to be your subject. You're probably going to live in or near a university. There's a poll a british broadsheet newspaper did that asked oxbridge dons if they had any hobbies outisde of their subject and most of them answered no. The person most of these people marry is usually an academic. The people most of these people enjoy fraternising, socialising and exchanging ideas with are other similarly intelligent and inquisitive individuals.

It's just natural that they probably aren't going to find themselves talking socially with people who have no idea what a fields medal is very often. Or if they do have no idea what a fields medal is, then they probably have knowledge in some other academic field.

>> No.5170971

>>5170081
Can I come over?

>> No.5170984

>>5170000
>The same could, and should, be said about the Peace prize.
Yes, fortunately, the general public doesn't take it as seriously as economics.