The Economic Nobel Prize

This paper raises the question whether the Economic Nobel Prize is ideologically biased. Based on a review of a significant number of the Prize Committee’s award justifications, the article concludes at a persistent bias against private property and the free market and in favour of collectivism and state interventionism. From a methodological point of view, the Prize has contributed to the widespread use by professional economists of formal mathematics within the positivistic approach. With respect to research findings, the Prize has favoured the doctrine that market processes are faulty, while government policies are an appropriate fix. Additionally, the paper casts doubts on the scientific integrity of the Prize, given the Committee’s acknowledged lack of concern for fundamental revisionism and outright dismissal of possible criticisms.