Economics can describe what has happened, in that case it should be called the Nobel Prize for History, but this doesn’t exist. Economics can also deal with the actual figures, but then it is more like a Nobel Prize for Mathematics.
Alfred Nobel did establish the Nobel Prize for Literature. Obviously, it’s also a very subjective prize. That’s the odd thing about prizes, first a few people have to decide something is good before the rest will follow, and even then. Would President Obama still be glad about having received the Nobel Prize for Peace?
What is it about prizes? Read Arnold’s full column from Holland Park Press.