Nobel Prizes
There are exactly five Nobel Prizes awarded every year, with one more masquerading as a true Nobel Prize. Our friend Alfred specifically set up three of these five prizes to reward scientific developments which have benefited human kind. In the case of the peace prize, an individual or individuals who have furthered the cause of world peace, and with literature, those who further the understanding of what it means to be human. Whether these awards have always reflected their original purpose is open to question. This is not the question for the moment, however.
There is another prize, one which ostensibly seems to be awarded for scientific achievement in a field of study. Of course, this field is as unscientific as the study of history, but few realise or are willing to accept that. I speak, of course, of that mighty social science, economics.
There is no doubt that the prizes in medicine, chemistry and physics are all rewarding true scientific achievement. But what makes these fields scientific and economics not? I would argue that it is the nature of what is being studied. Medicine, strictly, would not exist without purposeful human study, but the subject of their study, biological organisms, would. The same can be said about chemistry and physics, as prior to humans both played the same role they do now in the universe. Economics, however, is entirely different. It is emergent from human behaviours. It is not separate and independent from humanity. In short, it is not universal.
Economics is a social science. Social sciences are quite unfortunately named, since they have little if nothing to do with science. Which is not to belittle them, merely condemn them to a specific sort of operation, ideally closer to that of the humanities than the natural sciences. However, that is a discussion for another time. Being a social science, economics must understand that what it pretends to be is false, that it is not, as said above, universal and is, more importantly, not fundamental.
Not fundamental. No other social science, humanity or indeed natural science places itself on such a pillar of self-importance. Economics claims that only economics is the lense which we can judge our actions, plans and programs. Perhaps other fields would make such claims if they were in a position to, but certainly we would recognize the absurdity of judging everything through the principles of anthropology. It is not that anthropology has nothing important to tell us, quite the opposite really, it is that a single lens view of society is an impossibly terrible way of running things.
The reason why no other social sciences have Nobel Prizes? None of them have rich backing organizations. That is how this prize came about, a Swiss bank funded the prize, a Nobel Memorial Prize. I would argue that they did so to increase the credibility of the field as a science, rather than as just one of many social sciences which we attempt to understand our society with.
A final point on the relevance of a prize in economics: other fields attempt to describe laws of nature, but the way nature functions does not change based on these laws, not true for economics. For example, gravity works as gravity no matter how we describe it, be it Newtonian, Relativity or some future Quantum-Gravity theory. Economics does not behave this way, if a new mindset takes over, the way the system itself functions can change. This is because it is an emergent system which requires humans, or something similar, rather than fundamental to the nature of the universe.
Tags: economics, history, Nobel prizes, Science, social sciences, Society