Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

Outsiders challenge Chicago school for Nobel economics prize
Stockholm (AFP) Oct 9, 2017

The 2017 Nobel season wraps up Monday with the economics prize, which could this year honour fields rarely awarded by the committee, such as development economics or French economist Esther Duflo's research on poverty.

The Nobel Economics Prize was created by the Swedish central bank "in memory of Alfred Nobel" and first awarded in 1969, unlike the other prizes which were created in his last will and testament and first awarded in 1901.

The winner of this year's economics prize will be announced on Monday at 11:45 am (0945 GMT) in Stockholm.

The award will round off a week of prize announcements, including the literature prize to Kazuo Ishiguro, Britain's Japan-born author best known for "The Remains of the Day", and the peace prize to anti-nuclear campaigners ICAN, a coalition of NGOs.

Last year's economics prize went to British-American economist Oliver Hart and Bengt Holmstrom of Finland for their groundbreaking research on contract theory, which has helped design insurance policies and executive pay.

This year, several names have been making the rounds in the media and in academic circles as possible winners.

Economist Avner Offer, co-author of the 2016 book "The Nobel Factor" written with Gabriel Soderberg, said he could see the prize going to France's Esther Duflo, a 44-year-old professor at the Massachusetts Institute of Technology and an expert on development policy -- a field honoured with a Nobel only twice in 48 years.

"She is a pioneer of the randomised controlled trials (RCTs) method which has been a major trend in economics in the last 20 years," Offer told AFP.

A technique inspired by RCTs in medicine to test the effectiveness of drugs, the method uses two groups (a randomly chosen group and a control group) in an experiment setting to measure the impact of poverty, health, and education programmes.

If she were to win the Nobel, Duflo would be only the second woman awarded the economics prize, after Elinor Ostrom of the US in 2009.

- 'Ideological' motives -

Economics is perhaps the Nobel discipline where a laureate's profile is easiest to guess: a man over the age of 55, who is an American citizen.

In the past 20 years, 75 percent of economics laureates have met that description.

The average age of all economics laureates at the time of their win is 67 -- the highest among all six Nobel prizes. US economist Leonid Hurwicz, who won in 2007 at age 90, is the oldest person to have won a Nobel to date.

Swedish newspaper of reference Dagens Nyheter on Sunday predicted this year's prize could go to American Paul Romer -- a 61-year-old researcher from the University of Chicago, an activist and entrepreneur who is currently the World Bank's chief economist -- for his pioneering work on endogenous growth theory.

This relatively new area of research tries to incorporate the way that people innovate and develop technologies into models of economic growth.

He could in such a case share the prize with fellow American Robert Barro and Philippe Aghion of France.

Contacted by AFP, Gabriel Soderberg said meanwhile he thought the distinction would honour people working in the field of environmental economics or economic research on the impact of climate change.

Americans Martin Weitzman and William Nordhaus, experts on the economic consequences of global warming, have thus been receiving some Nobel buzz.

Avner Offer and Gabriel Soderberg recalled, however, the Nobel committee's affinity for neoliberal research. Of 78 laureates so far, more than a third have been affiliated with the University of Chicago's school of economics, including 1976 laureate Milton Friedman.

In their book, Avner and Offer claim the prize was created in 1968, like the choice of laureates, due to "ideological" motives rather than scientific ones.

Critics of economic neoliberalism, such as Joseph Stiglitz, Amartya Sen, Robert Shiller and Paul Krugman, have won Nobels, but they remain in the minority.

In short, Offer, an Oxford professor, and Soderberg, a researcher at Uppsala University, lay out that the Swedish central bank created the prize to enhance its authority and the prestige of market-friendly economics -- amid the interventionist policies of Sweden's Social Democratic governments -- in order to influence the future of Sweden and the rest of the developed world.

Each Nobel prize consists of a gold medal, a diploma and a cheque for nine million kronor ($1.1 million, 943,000 euros).

$37.7 million bowl sets Chinese ceramic auction record
Hong Kong (AFP) Oct 3, 2017
A 1,000-year-old bowl from China's Song Dynasty sold for US$37.7 million in Hong Kong on Tuesday, breaking the record for Chinese ceramics, auction house Sotheby's said. The small piece - which dates from 960-1127 - stole the previous record of $36.05 million set in 2014 for a Ming Dynasty wine cup which was snapped up by a Shanghai tycoon famous for making eye-watering bids. The perso ... read more

Related Links
Global Trade News

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

'Fuel-secure' steps in Washington counterintuitive, green group says

SLAC-led project will use AI to prevent or minimize electric grid failures

Scientists propose method to improve microgrid stability and reliability

ADB: New finance model needed for low-carbon shift in Asia

A new way to produce clean hydrogen fuel from water using sunlight

Ultra-fast and ultra-sensitive hydrogen sensor

Scientists harvest electricity from tears

Small scale energy harvesters show large scale impact

Germany gets economic lift with wind energy

French energy company to build wind power sector in India

Finding better wind energy potential with the new European Wind Atlas

Last of the 67 turbines for a British wind farm installed

Saudi Arabia opens bid for 'utility scale' solar project

DOE should take steps toward facilitating energy development on its public lands

Researchers set time limit for ultrafast perovskite solar cells

'New era' in solar energy fuelling growth in renewables: IEA

Largest Nuclear Training Center In France Opens Its Doors

BWXT awarded contract extension for nuclear waste facility operations

UAE to open Arab Gulf's first nuclear reactor in 2018

Russia floats out powerful nuclear icebreaker

Bioreactors on a chip renew promises for algal biofuels

Surrounded by potential: New science in converting biomass

Algae with light switch

With extra sugar, leaves get fat too

We're not satisfied yet with markets, Saudi oil minister says

Global GDP gains and OPEC chatter lift oil prices higher

Kinder Morgan signs contracts for Trans Mountain expansion

Oil market recovery means economic recovery for Oklahoma

Drought not dingos behind mainland Australia tiger extinction: study

Cost of climate disasters to reach half of US growth in a decade: report

Science denial not limited to political right

Canada Tory MP called out for referring to minister as 'climate Barbie'

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement