Business · Economy · 1 day 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.
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
What people are saying
more than deserved
a false Nobel
vanity project
Sources
Related news
Robert Hall and Michael Woodford win 2026 economics prize
Robert Hall and Michael Woodford win 2026 Nobel economics prize
IMF and World Bank leaders urge support for young workers facing AI disruption
Oil edges lower as Russian diesel prospects offset Gulf supply risks
Oil prices rise about 2%, with Brent settling at $106.65 a barrel
Paris Motor Show opens with more than 20 Chinese automakers
Gold Holds Its Decline as Middle East Conflict Fuels Inflation Fears
Oil prices rise as attacks in Saudi Arabia raise supply concerns
Bitcoin falls as oil rises amid geopolitical tensions
Oil Holds Gains as Middle East Conflict Threatens Supply Recovery
