Nobel Economics Prize Concentration

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economics prizes

The Atlantic

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Why are economics prizes so heavily concentrated among a tiny number of elite institutions?

Summary

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87% Informative

A new paper shows that Nobel Prizes in economics are nearly five times more concentrated than in chemistry, physics, and medicine.

Authors: Economics is the only one of the 18 fields studied in which concentration is increasing.

Economics has long chafed at its association with soft’ fields such as philosophy and history.

Authors: Empirical research is expensive, but economists can make a positive impact through hands-on design and evaluation.

Authors: The empirical turn in economics may have made our concentration problem even worse.

They say departments should reward research with practical value when hiring and promoting faculty.

Authors say Congress should establish a new funding stream for economics research where demonstrated real-world consequences are most important criteria.

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