Business · Economy · 6 hrs ago
How the economics prize gained the authority of a Nobel
The Royal Swedish Academy of Sciences is due to announce the 2026 economics prize on October 12.
The award was created in 1968 by Sweden’s central bank, rather than as one of Alfred Nobel’s original prizes.
The bank’s governor, Per Asbrink, wanted the institution to become independent from the government.
He backed an economics prize, secured support from the Nobel family and foundation, and arranged for the academy to administer it.
Historian Béatrice Cherrier says the plan was also meant to shift public debate toward orthodox monetary policy.
The prize gained prestige by association with the Nobel awards in the natural sciences and became a public marker of what counts as good economics.
Understanding that history matters as France debates issues including debt, inequality, work, innovation and energy during a presidential year.
The economics prize was created in 1968 by Sweden’s central bank and has gained the authority of a Nobel, according to historian Béatrice Cherrier.
The prize is formally called the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.
The article says the bank’s governor, Per Asbrink, created it after failing to win independence for the bank from the social democratic government.
Asbrink hoped the prize would shift public debate toward monetary orthodoxy.
The Royal Swedish Academy of Sciences was due to announce the 2026 laureates on October 12.
- Who
- Per Asbrink, governor of the Bank of Sweden, initiated the prize.
- What
- The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel was created in 1968.
- When
- It was created in 1968. The 2026 laureates were due to be announced on October 12.
- Where
- Sweden.
- Why
- Asbrink hoped the prize would move public debate toward monetary orthodoxy and transfer prestige from the natural sciences to economics.
Economists who praise the prize
Critics who call it a false Nobel
Status
Economists who praise the prize
Some economists describe the award as more than deserved.
Critics who call it a false Nobel
Critics say it is a false Nobel.
Purpose and standing
Economists who praise the prize
They regard the award as deserving recognition.
Critics who call it a false Nobel
They point out that it is not one of the original Nobel prizes.
more than deserved
a false Nobel
vanity project
Per Asbrink, governor of the Bank of Sweden, decided to fund an economics prize after failing to secure the bank’s independence from the social democratic government.
The Royal Swedish Academy of Sciences was due to announce the economics prize laureates.
- Prize founded
- 1968
- Prize name
- Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
- Initiator
- Per Asbrink, governor of the Bank of Sweden
- 2026 announcement
- October 12
- Prize administrator
- Royal Swedish Academy of Sciences
Sources
Related news
Bond Selloff Could Reduce Need for Central Bank Rate Hikes
VW chief urges France and Germany to work together on China car competition
Global PC shipments fell 20% in the third quarter of 2026
IMF and World Bank to warn central bankers of gathering storm
IEA urges members to consider releasing more diesel from strategic reserves
Stellantis plans affordable small EVs to revive its European business
Globalization Expands Despite a Decade of Political Pushback
Volkswagen chief backs EU plan to support European industry
Tesla renames its European driver-assistance system after regulator criticism
SoftBank seeks up to $100 billion from Gulf investors for AI
