This is as it should be: economics simply can’t move in the same orbit as the five categories, chemistry, literature, etc…
Economics is pseudo-science fraud, yet few know this. The masquerade is propaganda. It is interesting to study economics textbooks: I have acquired several cheap textbooks at Amazon as remaindered books, sometimes for a few bucks. Textbooks in general and economic texts are big business and cost a fortune new. A successful textbook thus must make a bundle, more than just millions. The most recent is the Krugman/Wells text, which I got at Amazon for a few bucks. Lately, these cheap second-hand versions have mostly been bought up. These are dreamy texts, who wouldn’t enjoy a course with such lavishly illustrated textbooks. Yet the subject always eluded me until I realized the core of the fraud: calculus. You can’t use calculus the way economists do. The simple rule here is that economics doesn’t make sense. To be sure, a few mathematical tidbits seem real:a supply and demand curve seems real enough. But the theories based on that can’t be right. Look closely, at the core is mathematical sawdust. Economics is not elucidated like physics. Thus the entire field based on calculus is most dubious. Look at the history of physics, then mathematical physics. With eerie precision a new field of mathematics emerges that can deal with a new advance in physics: calculus and Newton’s physics, then Lagrangians, then vector analysis in electromagnetism, then matrix analysis and Hilbert spaces for quantum mechanics, and…quantum field theory and string theory are beyond me…But the use of calculus thus in economics is thus pure monkey see monkey ape monkey…Check out my eonic model: the human sciences are about free agents: you must distinguish free agents and system action.
Economists constantly ape physics. I saw a book at Amazon using Hilbert spaces for economics. There is no end to the pilfering. It is a big zero. However empirical modeling might be a viable avenue. Surely that’s the right way to go. What will be the fate of economists After the Socialist Revolution?
So a Nobel Prize in economics is mostly fantasy, and no doubt good propaganda.
Let’s debunk a myth. There is no “Nobel Prize in Economics”. On Nov 27, 1895, when Alfred Nobel signed his will, he left five prizes in alphabetical order to: chemistry, literature, peace, physics, and physiology or medicine. The Nobel Prize in Economics is declared after the Panchapandavas above.