
The Nobel Factor
The Prize in Economics, Social Democracy, and the Market Turn
Princeton University Press
Published on 19. November 2019
Book
Paperback/Softback
344 pages
978-0-691-19631-2 (ISBN)
Description
How the creation of the Nobel Prize in Economics changed the economics profession, Sweden, and the world
Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the prize and the rise of free-market liberalism began at the same time? The Nobel Factor is the first book to describe the origins and power of the most important prize in economics. It tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics. And the strategy has worked spectacularly-with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics and its greatest prize.
Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the prize and the rise of free-market liberalism began at the same time? The Nobel Factor is the first book to describe the origins and power of the most important prize in economics. It tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics. And the strategy has worked spectacularly-with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics and its greatest prize.
Reviews / Votes
"Selected for Bloomberg View's "The Writing that Shaped Economic Thinking in 2016"" "Selected for Canada's Financial Post Best Personal Finance and Economics Books of 2016"More details
Language
English
Place of publication
New Jersey
United States
Target group
College/higher education
Professional and scholarly
Product notice
Paperback (trade)
Illustrations
31 b/w illus. 1 table.
Dimensions
Height: 226 mm
Width: 149 mm
Thickness: 24 mm
Weight
456 gr
ISBN-13
978-0-691-19631-2 (9780691196312)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions

Avner Offer | Gabriel Söderberg
The Nobel Factor
The Prize in Economics, Social Democracy, and the Market Turn
E-Book
01/2017
1st Edition
Princeton University Press
from
€116.95
Available for download
Persons
Avner Offer is Chichele Professor Emeritus of Economic History at the University of Oxford and a fellow of All Souls College and the British Academy. Gabriel Soederberg is a researcher in the Department of Economic History at Uppsala University in Sweden.