The economics prize is not actually a Nobel Prize at all. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969. At that time, the successful global economies were mainly in the West, with the United States and Europe being the dominant players.
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The award brings plaudits and 10 million Swedish kronor (HK$11.4 million) to each of its laureates, but an examination of the real world indicates that the prize has a shaky basis in reality. If nothing else, the committee awarding the prize should take a few basic courses in economics and history.
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