I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.
Attribution disputed; shown as originally published.
About this quote
- What does it mean?
- Hayek states he would have advised against creating a Nobel Prize in economics if asked. This implies he doubts its value or fit within the field.
- In plain terms
- He would have said no to an economics Nobel Prize if someone asked him.
- What can you take from it?
- Not all academic fields fit the same honor systems.
Where it applies
Putting it to work
Questions to consider
- What makes a field suitable for a Nobel Prize?
- Should economics be treated like physics?
Another view
The statement lacks context on why he opposed it specifically.
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