Nobel Committee for Economic Sciences

Nobel Committee for Economic Sciences
Name	Nobel Committee for Economic Sciences
Formation	1968
Founder	Swedish National Bank (Sveriges Riksbank)
Headquarters	Stockholm
Parent organization	Royal Swedish Academy of Sciences
Leader title	Chairman

Nobel Committee for Economic Sciences is the advisory body within the Royal Swedish Academy of Sciences charged with evaluating nominations and recommending laureates for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Established in 1968 by the Sveriges Riksbank, the Committee operates alongside institutions such as the Nobel Committee (Physics), Nobel Committee (Chemistry), Nobel Committee (Physiology or Medicine), Nobel Committee (Literature), and the Nobel Peace Prize Committee. Its work influences decisions involving prominent figures linked to Keynesian economics, Monetarism, Game theory, Behavioral economics, and Development economics.

History

The Committee's creation followed a commemorative donation by the Sveriges Riksbank to mark its 300th anniversary, formalized amid discussions involving the Swedish Parliament, Olof Palme, Gunnar Myrdal, and members of the Royal Swedish Academy of Sciences. Early deliberations referenced work by pioneers such as John Maynard Keynes, Friedrich Hayek, Paul Samuelson, Milton Friedman, Simon Kuznets, and Jan Tinbergen. Over decades the Committee has handled nominations recognizing contributions linked to Arthur Cecil Pigou, Paul Krugman, Robert Solow, Amartya Sen, Elinor Ostrom, Kenneth Arrow, John Nash, James Tobin, Robert Lucas Jr., Leonid Kantorovich, and Harry Markowitz. Institutional changes mirrored broader trends seen at the Royal Swedish Academy of Sciences and interactions with bodies like the Institute of International Finance, International Monetary Fund, and the World Bank.

Composition and Appointment

Membership is drawn from elected members of the Royal Swedish Academy of Sciences and external experts, often including academics affiliated with institutions such as Harvard University, Massachusetts Institute of Technology, London School of Economics, University of Chicago, Princeton University, Yale University, Stanford University, University of California, Berkeley, and University of Oxford. Past chairs and members have been associated with centers like the National Bureau of Economic Research, Cowles Foundation, Centre for Economic Policy Research, and Stockholm School of Economics. Appointments are ratified by the Royal Swedish Academy of Sciences and sometimes involve consultation with national bodies such as Sveriges Riksbank and international scholars from European Central Bank, Bank of England, and International Labour Organization. Members have included Nobel laureates and scholars connected to Chicago School of Economics, Cambridge School of Economics, Austrian School, and Behavioral Finance networks.

Mandate and Responsibilities

The Committee evaluates nominations for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, assesses candidates' published work such as monographs and articles in journals like Econometrica, American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, and Review of Economic Studies, and drafts reports for the Royal Swedish Academy of Sciences to decide laureates. It liaises with referees at institutions such as National Bureau of Economic Research, Centre for Economic Policy Research, and eminent universities, and weighs contributions to fields including Welfare economics, Public choice theory, Industrial organization, Labor economics, and Environmental economics. The Committee also issues statements on procedural matters and communicates with media outlets like The Economist, Financial Times, The New York Times, Le Monde, and Die Zeit when laureates are announced.

Nomination and Selection Process

Nomination forms are solicited annually from qualified nominators including professors at universities such as Harvard University, University of Cambridge, University of Chicago, and research institutions like National Bureau of Economic Research; previous laureates; and certain academy members. The Committee compiles dossiers, commissions assessments from referees at institutions such as Princeton University, Massachusetts Institute of Technology, London School of Economics, and evaluates empirical and theoretical contributions published in outlets like Econometrica and Journal of Finance. Recommendations are submitted to the Royal Swedish Academy of Sciences for final decisions. Timelines align with internal calendars of bodies like Sveriges Riksbank and annual award cycles shared with other Nobel institutions.

Controversies and Criticisms

The Committee has faced critique for perceived biases toward particular schools exemplified by scholars from the University of Chicago and critics referencing laureates such as Milton Friedman and Gary Becker. Debates have involved omissions of influential figures like Joan Robinson, Hyman Minsky, Thomas Piketty, Jan Tinbergen controversies notwithstanding, and disputes over recognition timing for work by scholars such as Elinor Ostrom and Robert Aumann. Critics have highlighted issues around representation, including gender and geographic diversity, invoking names like Eleanor Ostrom (alternate naming contexts), Amartya Sen, and calls from organizations such as UNESCO. Public controversies have intersected with discussions in outlets like The New York Times, The Economist, and academic forums including American Economic Association meetings and Royal Swedish Academy of Sciences debates.

Relationship with the Royal Swedish Academy of Sciences

The Committee functions under the auspices of the Royal Swedish Academy of Sciences, which holds final authority on prize decisions and statutory matters. Interaction involves formal reporting, voting, and coordination with Academy sections encompassing natural sciences and social sciences and with notable Academy members linked to Alfred Nobel memorial activities. The Academy ratifies Committee recommendations and oversees adherence to the prize statutes shaped by the Sveriges Riksbank endowment. The relationship mirrors structures seen between the Academy and other Nobel-related committees including Nobel Committee (Physics) and Nobel Committee (Chemistry), and connects to broader Swedish institutions such as Swedish Academy in national cultural governance.

Category:Nobel Prize committees