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by  |  30-Oct-2015 09:33

I think Alfred Nobel was right in not considering economics.

It is not really a science, certainly not in the sense of physics and chemistry with all their exploration and discoveries of the natural world.

But there would not be much scope for university economics departments if economics professors were ever to admit it and thus they beguile us with expressions of wonder at their discoveries that supply, demand and price are linked to each other. These latest Nobel winners are credited with research dating back to the 1970s that created “new theoretical tools” (new, you understand) for how contracts help people and companies deal with conflicting interests. One danger of this sort of thing was cited by the Austrian economist Friedrich Hayek at the 1974 Nobel banquet.

He said that, if asked, he would have advised against establishing a Nobel economics prize.

Economics is more like a series of basic rules for applying common sense principles of household management to the way that money works at the macro level.

Get up to speed on monetary theory, the balance of payments and national accounts and you have pretty much exhausted what there really is to know as a hard discipline.

“The Nobel Prize confers on an individual an authority which in economics no man ought to possess... 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.

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