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The Nobel Prize in Economics
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    It was not one of the original Nobel Awards created by Alfred Nobel in 1895, but was rather started by the Bank of Sweden in 1968, and is not funded by the Nobel Foundation and therefore is technically not a Nobel Prize.
    Next to the Peace Prize, it is the most controversial of the Nobel Prizes and the only one to have serious calls for its dissolution, even by some past winners!
    Controversial winners include Nash, Hayek, and Friedman.
    Some of the winners have not been economists, but rather social and political scientists whose award winning work has not been strictly speaking economics. John Nash, for instance, was a mathematician who won for his contributions to game theory.
    No one under age fifty has ever won the award.
    It shares the problem that economics itself has; economists frequently disagree over even basic questions and frequently get even major ideas wrong.
    It did not have a female winner until Elinor Ostrom won it in 2009, making it the last Nobel Prize to have its first woman winner.
    Its actual name in Swedish is Sveriges riksbonks pris i ekononmisk veterskap till Alfred Nobel minne
    It tends to be awarded to mainstream economists with relatively conservative ideas and tends not to be given for new, radical, and/or unproven theories.
    It's not given for the past year's achievements like the Peace Prize, but doesn't always take decades to recognize the winner's work like the other prizes usually do.
    Leonid Hurwicz won it when he was ninety, making him the oldest of all Nobel Prize winners, any category.
    Remarkably, ten winners have come from the faculty of the University of Chicago.

Credit: tom_jeffords


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