Daily Lessons from Life 14 October 2012 in USA - Nobel season wraps up with economics prize

"Nobel season wraps up with economics prize - AFP 15 October 2012

STOCKHOLM: This year's Nobel season wraps up on Monday with the announcement in Stockholm of the economics prize, which US researchers are once again tipped to win after years of dominance in the field, experts say.

In its first 20 years, the economics prize was marked by European-American rivalry.

But of the 20 laureates who've won in the past 10 years, 17 are Americans, including two Israeli-Americans.

And a list compiled by the US Federal Reserve Bank of the world's most quoted economics researchers contains only a handful of European names.

The committee usually honours research that has stood the test of time, with much of the prizewinning work honoured in recent years initiated in the 1970s.

"There is a time lag between when research is done and when the prize is awarded," Olof Somell, who is responsible for the economics prize at Stockholm's Nobel Museum, told AFP.

One theory about why Americans have dominated the award is the supposed Swedish fascination with the liberal theories of the University of Chicago: with 10 laureates, the university holds a record number of Nobel economics prizes.

But Somell refuted that idea, "The members of the Nobel Committee are chosen to represent a broad spectrum of economic sciences."

The winner or winners will receive the prize, consisting of a Nobel diploma, a gold medal and 8 million Swedish kronor ($1.2 million, 921,000 euros), at a ceremony in Stockholm on December 10, the anniversary of Swedish industrialist and prize creator Alfred Nobel's death."

When I was young or younger, I looked at Nobel Prize winners with great admiration though I have NO IDEA how they were selected. It just seems so cool to be a Nobel Prize winner.

Now I have much less respect for it. It is just another prize given by some committees somewhere in the world.

Lessons for me are:

1. if the Americans are so good at economics, their mighty country would not be in this stage of affairs. Yes? Oh, economists do not run their economy. Bankers do!;

2. Mo Yan, the Chinese won the Nobel Literature Prize. About time some may say since Indian got one or two many years back. Even the Japanese got one, I think. This shows the limitation of the esteemed and prestigious Nobel Prize Nomination Committee is just made up of human beings.

3. anyway, it is the last of the current Nobel Prize to be given out, so the saga will end. At least for this year.

May the Americans win again and show the world HOW to run their economy to the world's biggest debtor nation!! And still getting away with it. That deserves a Nobel Prize. LOL!!