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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

nobelprize.org

81–90 of 217 posts

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#81

Earlier quoted context omitted.

Look up reforestation work. It is a light in dark times.

We're inside the first animal created mass desertification project. Reforestation is nonsense. https://docs.google.com/document/d/1SG8IGOzeF49Pbf8JZ-JWyzPq... We lose 10 million sq miles of forests a year and have lost 1/3 of forest areas since 1000Ad, so "reforesting" isn't a viable reversal project. And reforestation is poorly understood as "reforesting" is pursued on land already lost to forest capability. https:/…

Wikipedia says "Globally, planted forests increased from 4.1% to 7.0% of the total forest area between 1990 and 2015." And the Green Wall in China is arguably doing cool things.

Reforestation might not solve our issues, but I don't see "nonsense."

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#82
post #78

Earlier quoted context omitted.

> When models fail, economists adjust assumptions ... When models fail, physicist adjust hypotheses ...

Physics can test those hypotheses under controlled conditions...

Not always/limited in some areas (astrophysics come to mind where we, e.g., cannot (yet) create a star under controlled conditions). Testing hypotheses or predictions vs observations is also a valid method.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#83
post #24

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Economics _is_ a social science, and a politicized one at that. Sociology is more rigid than economics when it comes to validation of theories and choice of methods (statistics vs. mathematical models filled with assumptions). Economics, especially neoclassical economics, has a serious problem in prediction quality, a physics theory would have been abandoned by now if it was so bad at predicting real-life phenomena a…

If sociology is so much more rigorous, why aren't sociologists invading the economic field? Surely they can use their rigorous statistics to produce papers on economic matters and put the entire field to shame? If anything, we're seeing the opposite results, where economists publish influential papers demographics, crime and social structure. "When dealing with humans, linear regression is going to be good enough" is…

Are you saying linear regression = statistics? Linear regression is something you learn in your first class, it's hardly ever the main model used.

And if you're going to claim that economists are publishing influential papers in other fields - and especially if you're claiming that they're doing so in an unprecedented way, with no inter-disciplinary collaboration - please provide some examples. And if you're thinking of Freakonomics, know that no researcher takes Freakonomics seriously, and neither should you.

As for sociologists "invading" economics, they sort of are. Economics and sociology have quite a bit of overlap, and researchers from the two fields often collaborate. And any group researching economic phenomena, even an inter-disciplinary one involving sociologists, would be identified as economists, not sociologists, by people reading their work. Although David Graeber, an anthropologist, did write an excellent book on economic phenomena in "Debt: the first 5000 years", and it has done quite well. You could say that it's "influential".

Unfortunately, neoclassical economics also has wide political support among the people it benefits: wealthy people and institutions, e.g. banks. Which also means they get bankrolled (hah) much more than other social scientists, which means they get preferential treatment. E.g., this very "Nobel prize" in economy that this theead is about is funded by a bank.

The force to change economics qould have to come from within economics, perhaps from behavioural economics, or new Keynesian economics (the first one seems more promising), or even from movements like degrowth or circular economics. You can't expect a sociologist to fix a different field, and that wasn't the point. The point was simply that sociology doesn't suffer this embarassment because they are not burdened by ideological pressure backed by monies interest.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#84
post #24

Earlier quoted context omitted.

Economics _is_ a social science, and a politicized one at that. Sociology is more rigid than economics when it comes to validation of theories and choice of methods (statistics vs. mathematical models filled with assumptions). Economics, especially neoclassical economics, has a serious problem in prediction quality, a physics theory would have been abandoned by now if it was so bad at predicting real-life phenomena a…

This is completely false. The opposite is true. Economics had drastically improved reproduction over decades.

Please provide some proof that neoclassical economics has done this.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#85

That's a tiny article, but it does contain an interesting passage: "for having identified the prerequisites for sustained growth through technological progress" which is the core of the reason the prize was awarded. I find it interesting to see technological progress so tightly coupled to sustained growth and I wonder if the implication is that growth will stop when technological progress stagnates. Is there any proo…

From an economist's perspective, energy is not typically recognised as a critical quantity. In so far as it is considered, it's thought of as an incidental property of some good or service being traded like oil or electricity.

But technological progress can be understood as successively more sophisticated ways of capturing and directing energy from natural processes. Economic growth has always occurred downstream of technologies that extract more energy or increase efficiency. Sheep, horses, windmills, coal, oil, nuclear ... etc.

Metrics like kWh per capita might become more interesting as the understanding of energy/growth matures. Or externally added energy (by electricity, oil, and fertiliser) per calorie of food.

To achieve growth while also reducing energy use, efficiency must be increased proportionately through technology. Electrification of transport (bc low thermodynamic efficiency of combustion engines) is an example of how we are doing this.

So even if technology continues to develop, unless efficiency grows faster than energy sources wane, there will only be economic degrowth.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#86
post #36
post #24

Earlier quoted context omitted.

Economics _is_ a social science, and a politicized one at that. Sociology is more rigid than economics when it comes to validation of theories and choice of methods (statistics vs. mathematical models filled with assumptions). Economics, especially neoclassical economics, has a serious problem in prediction quality, a physics theory would have been abandoned by now if it was so bad at predicting real-life phenomena a…

Define neoclassical economics beyond its use in the blogossphere

It's a school of economics that became dominant in the 60s, it emphasises free market dynamics, much like the classical school, and especially focuses on consumption and optimizing economic actors, these actors are a very simple (and unrealistic) model of consumers. They also neglect production as an aspect of the economy.

Fun fact: The neoclassical economic school managed to remove the word "political" from "political economy" at the turn of the 20th century.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#87
post #16
post #3

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HN discussions are predictable: https://news.ycombinator.com/item?id=45566804

I'll add the obligatory Dilbert take: https://verisoeconomica.wordpress.com/2022/10/10/the-2022-no ... Sure, it's paid by the Swedish central bank instead of the Nobel foundation, and it wasn't established by Alfred Nobel himself. Nobody cares. Value of such awards depends entirely on peer recognition, not on who pays or what exact labels they carry. Selection for economics is done by the Royal Swedish Academy of Sci…

Well, the thing is Economics is a very unique discipline. It's not quite a science but also not merely philosophy. Its object of study is affected by the study itself. It's very strange. That's why mutually exclusive economic theories have won the Nobel prize!

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#88
post #9

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The issue with this prize isn't that economics is not a real science. Nobel prizes are primarily vulgarization and communication tools, and as such are inhenrently political. The Sveriges Riksbank is piggy-backing off the popularity of Nobel Prizes to advocate for a certain vision ( their vision) of economic orthodoxy. It is overwhelmingly awarded to white western men, who, more relevantly, all share an anglocentric…

White western men are no more represented in Economics than other hard sciences, and concensus in Economics is no different in East Asia and the rest of the world excepting the authoritarian Socialist experiments.

There's no "consensus" in economics, let alone.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#89

Sustained growth, like "economic science", is an oxymoron. There is no science that correlates the use of arbitrary symbols posed as capital. Risk is risk, a primate bias. Economics is essentially "mathematical politics". We can no more create a science of economics than a science of mythology. https://mitpress.mit.edu/9780262049658/blunt-instrument/ Downvoting only proves the point: economics is like any primate bia…

> Downvoting only proves the point You keep telling yourself that, if it makes you feel any better. In real life, it may mean that people feel that, though you state your points as though they are obviously true, you have given no reason for us to actually agree with your dogmatic assertions. That doesn't prove that economics is a primate bias; it proves that you are not doing well at persuading people.

There is no such thing as economic science. If you can find an empirical, demonstration of mental events, biology, correlating value through arbitrary means, I'm all ears. Until I see proof, this is witch doctor level thinking hoisted onto the West as a self-immolation project.

Re: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

#90
post #87
post #16

Earlier quoted context omitted.

I'll add the obligatory Dilbert take: https://verisoeconomica.wordpress.com/2022/10/10/the-2022-no ... Sure, it's paid by the Swedish central bank instead of the Nobel foundation, and it wasn't established by Alfred Nobel himself. Nobody cares. Value of such awards depends entirely on peer recognition, not on who pays or what exact labels they carry. Selection for economics is done by the Royal Swedish Academy of Sci…

Well, the thing is Economics is a very unique discipline. It's not quite a science but also not merely philosophy. Its object of study is affected by the study itself . It's very strange. That's why mutually exclusive economic theories have won the Nobel prize!

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