the_dunk_tank

No, just the economics wanna-be Nobel prize

Peter Nobel describes the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel as a "false Nobel prize" that dishonours his relative Alfred Nobel, after whom the prize is named, and considers economics to be a pseudoscience.

Traditional theory builds on the idea that countries differ in resources like capital and labour, thereby explaining why poor countries export agricultural products and import industrial goods from richer countries. But traditional theory does not explain why, in reality, world trade is dominated by rich countries trading similar goods with each other. For instance, a country like Sweden exports Volvo and SAAB cars but also imports BMW and Toyota cars.

there's some interesting work to be done to understand why krugman was given a nobel prize, from a marxist-leninist viewpoint. his work ultimately serves to justify imperialism, to provide a naturalistic explanation for the disparity between rich and poor countries, and thereby obfuscating the role that neocolonial violence plays in suppressing wages and extracting resources for the benefit of the imperial core. and that the nobel prize committee serves to glorify and reinforce this practice for aspiring economists, as a means of ensuring their loyalty to the regime's ideology and stamping out heresy by withholding their imprimatur.

his award lays bare the farce that is the nobel prize. lmao indeed.