The rattle of the candidates for the Nobel Prize in economic sciences

The prestigious international award Nobel Prize, which recognizes people or institutions each year for their contributions to science, peace and literature, will close this Monday, October 10, with the economic award.

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True to the traditional mandate, the Royal Swedish Academy of Sciences has not revealed who the candidates for the award are, however, the firm Clarivate Analytics has already published its estimates for this year and it is possible to anticipate that, based on the document, it will be between six male researchers.

It should be noted that this consultancy uses a method to calculate its forecasts based on the number of times the researchers thesis They are mentioned in an article. In this way they manage to determine those who are considered “Nobel class”.

Thus, for this year, the consulting firm has determined three groups of economists as “the most notorious” to win the award. In general characteristics, seven of them share their place of birth between the United States and the United Kingdom, while the last one is originally from Turkey.

In addition, six of them work in American universities, while only two work in the British territory.

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The first group, the largest, is made up of three economists: Daron Acemoglu, Simon Johnson and James A. Robinson. The first two are professors at the Massachusetts Institute of Technology (MIT) while Robinson is also a tenured professor at the University of Chicago.

They are noted for their far-reaching analyzes of the role of political and economic institutions in shaping national development.

The second most notorious couple are Samuel Bowles, research professor at the Santa Fe Institute, like his colleague Herbert Gintis, double formula. Both are also professors emeritus at the University of Massachusetts.

They are cited for “providing evidence and models that extend our understanding of economic behavior to include not only self-interest but also reciprocity, altruism, and other forms of social cooperation.”

The third pair is made up of Richard A. Easterlin, professor emeritus at the University of Southern California; Richard Layard, Co-Director of the Community Wellbeing Program at the London School of Economics, and Andrew J. Oswald, Professor of Economics and Behavioral Sciences, University of Warwick, also in the UK.

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They are cited for their “pioneering contributions to the economics of happiness and subjective well-being.”

Regardless of the winner, their victory will be unique, as to date, none of these candidates have previously won.

The economics prize

The Nobel Prize in Economic Sciences was established by the central bank of Sweden (Sveriges Riksbank), after whom it is named, in 1968. A year later, in 1969, the first prize was awarded to Ragnar Frisch and Jan Tinbergen for “having developed and applied dynamic models for the analysis of economic processes”.

From then until 2021, the prize has been awarded 53 times to a total of 89 researchers.

The most recent, last year, was delivered to three of them. The first, David Card of the University of California, “for his empirical contributions to labor economics,” while the other half was jointly awarded to Joshua D. Angrist (Massachusetts Institute of Technology) and Guido W. Imbens (University of California). Standford) “for his methodological work on contributions to the analysis of causal relationships.”

“They have given us new insights into the labor market and shown what conclusions about cause and effect can be drawn from natural experiments. His approach has spread to other fields and revolutionized empirical research,” the Royal Swedish Academy of Sciences said in a statement last year.

“Card’s studies of fundamental questions for society and the methodological contributions of Angrist and Imbens have shown that natural experiments are a rich source of knowledge,” said Peter Fredriksson, Chairman of the Prize Committee for Economic Sciences.

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