224. How To Win A Nobel Prize

The episode examines the origins and legitimacy of the Nobel Prize in Economics, clarifying it was established in 1968 by the Swedish Central Bank, not part of Alfred Nobel's original will. It features an interview with Per Strömberg, a committee member, who explains the prize's selection process, its alignment with scientific Nobel Prizes, and why economics—despite being a social science—was chosen over other disciplines. The discussion also touches on how the prize has elevated economics’ status and its imperialistic reach into fields like psychology and sociology.

You get a rare insider perspective on how the Nobel Prize in Economics works, why it matters, and how it has shaped the social sciences—straight from a committee member.

1. 01The Nobel Prize in Economics is not one of the original Nobel Prizes; it was created in 1968 by the Swedish Central Bank and formally named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
2. 02The selection process is rigorous and modeled after the Physics and Chemistry prizes, with all deliberations conducted in Swedish and sealed for 50 years.
3. 03Economics has become the dominant social science in part due to the prestige of the Nobel, and the prize committee interprets 'economic sciences' broadly enough to include work in sociology, political science, and psychology when tied to economic issues.