Nobel lessons for RBI

The committee that awards the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, or the Economics Nobel, has always maintained that current global issues do not affect their decision. But that seems a coy denial, given the way the prizes have gone since at least the turn of the century. The earlier set was mostly a catching up exercise with famous names. That trend got over, in a way, by the mid-1990s, with John Harsanyi and John Nash. So, just as the Peace Prize has always got linked to global developments, it is rather inevitable that the Economics Nobel too will follow suit.

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