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Who had the biggest impact? Neil Armstrong, Jimi Hendrix or the King of Sweden?

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By any standards, 1969 was a momentous year. Neil Armstrong was the first person to walk on the moon, half a million people came to Woodstock to hear Jimi Hendrix, and the Stonewall riots kicked off the gay liberation movement. The same year, less well remembered, an event in Stockholm arguably shaped our world today even more. And not for the best.

Fifty years ago this year, the King of Sweden presented with royal pomp the first ever Nobel medals in economics. The prize has been dogged by controversy ever since. Alfred Nobel the founder of the awards never wanted an economics prize, his descendants want it scrapped and the economist F.A. Hayek said it was dangerous.

That’s not the half. Serious thinkers argue that the prize in ‘economic sciences’, as it’s called, has given economic ideas which favour the rich and powerful the gloss of scientific truth. The prize, still paid for every year by Sweden’s Central Bank, has helped weaken democratic control of money, they argue, and helped one school of economic thought – known as neoclassical – dominate the rest. It has contributed to a crisis of conformity in economics and trouble well beyond the ivory tower.

This narrow economic thinking celebrated by the Nobels has often ignored, and exacerbated, the multiple crises staring us in the face: ecological breakdown, financial crashes, and politically toxic inequality.

Take the 2018 winner William Nordhaus: his models may have delayed action on climate change. Or consider the 1997 winners Robert Merton and Myron Scholes: their hedge fund had to be bailed out to the tune of $3.6 billion less than a year after they won the prize.

Or wrap your head around the equations of the 1996 winner, James Mirrlees, whose work contributed to plummeting tax on the super-rich around the world. All of these “contributions” are described as economic science: the political values and choices inherent in the models are rarely acknowledged or discussed. Debate is closed down.

The winners have shown a similar lack of diversity. The prize in economics has held back women and minorities. No woman won the prize before Elinor Ostrom in 2009.  She’s still the only one. The other 80 winners have been men. Only two non-white men have ever won.

In the official descriptions for each Nobel Memorial Prize in Economics over the last 50 years, the words inequality, ecology, or crisis have never been used. Poverty and climate have only been mentioned once; welfare three times. In contrast, market or markets have been cited ten times, and theory 23 times.

Much more clearly than the white tie and tails of the Nobel Prize ceremony with the King of Sweden, we can picture Neil Armstrong in a spacesuit bouncing on the Moon, or Jimi Hendrix in a red bandana playing an electric American national anthem. Space travel and music will continue to shape our future and capture our imaginations, but economics always lies beneath the surface for good or ill.

What’s at stake with the crisis of conformity in economics is nothing less than what world we want to live in and how well we understand it. As Gillian Tett, Financial Times editor-at-large, has said: “Most societies have an elite who try to stay in power and the ways they stay in power is not merely by controlling the means of production… the money, but by controlling the cognitive map, the way we think.”

The Prize in Economic Science, often called a Nobel, has been crucial to the control of our collective cognitive map. Let’s not follow it over a cliff. We need to draw a new map together to a brighter future. We need better economics for the 21st century.

So how can we redraw the map? One way is through finding fresh economic thinking for the real-world challenges of the 21st century.

That’s why Promoting Economic Pluralism together with our partners is starting the search for economic thinkers and doers, who in the original spirit of Alfred Nobel, have given “the greatest benefit to humanity”. Who do you think should get the #NotTheNobel prize? Does economics today, as it stands, merit a Nobel?

Come and join the discussion on-line and vote for the final three in a public poll and watch the live-streamed final event on Thursday 3 October. To find out more about the what, where and how and our partners click here.

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Radix is the radical centre think tank. We welcome all contributions which promote system change, challenge established notions and re-imagine our societies. The views expressed here are those of the individual contributor and not necessarily shared by Radix.

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(We will process your data in accordance with our <span class="pp"><a href="https://radixuk.org/privacy-policy/">Privacy Policy</a></span>. You may withdraw this consent at any time by &lt;a href=&quot;"mailto:[email protected]"&quot;&gt;emailing us&lt;/a&gt; or clicking “unsubscribe” at the bottom of our emails).' id='choice_2_4_1' tabindex='75' /> <label for='choice_2_4_1' id='label_2_4_1'>Please keep me updated on new website content and Radix news. (We will process your data in accordance with our <span class="pp"><a href="https://radixuk.org/privacy-policy/">Privacy Policy</a></span>. You may withdraw this consent at any time by <a href="mailto:[email protected]">emailing us</a> or clicking “unsubscribe” at the bottom of our emails).</label> </li></ul></div></li><li id='field_2_6' class='gfield gform_validation_container field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label' for='input_2_6' >Phone</label><div class='ginput_container'><input name='input_6' id='input_2_6' type='text' value='' autocomplete='off'/></div><div class='gfield_description' id='gfield_description__6'>This field is for validation purposes and should be left unchanged.</div></li> </ul></div> <div class='gform_footer top_label'> <input type='submit' id='gform_submit_button_2' class='gform_button button' value='SUBSCRIBE' tabindex='76' onclick='if(window["gf_submitting_2"]){return false;} if( !jQuery("#gform_2")[0].checkValidity || jQuery("#gform_2")[0].checkValidity()){window["gf_submitting_2"]=true;} ' onkeypress='if( event.keyCode == 13 ){ if(window["gf_submitting_2"]){return false;} if( !jQuery("#gform_2")[0].checkValidity || jQuery("#gform_2")[0].checkValidity()){window["gf_submitting_2"]=true;} jQuery("#gform_2").trigger("submit",[true]); }' /> <input type='hidden' name='gform_ajax' value='form_id=2&amp;title=&amp;description=&amp;tabindex=69' /> <input type='hidden' class='gform_hidden' name='is_submit_2' value='1' /> <input type='hidden' class='gform_hidden' name='gform_submit' value='2' /> <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' /> <input type='hidden' class='gform_hidden' name='state_2' value='WyJbXSIsIjg1ZGYwZWM3YzAyMDRmYTcyZDYxNmIwMWJiNmFhYzVhIl0=' /> <input type='hidden' class='gform_hidden' name='gform_target_page_number_2' id='gform_target_page_number_2' value='0' /> <input type='hidden' class='gform_hidden' name='gform_source_page_number_2' id='gform_source_page_number_2' value='1' /> <input type='hidden' name='gform_field_values' value='' /> </div> </form> </div> <iframe style='display:none;width:0px;height:0px;' src='about:blank' name='gform_ajax_frame_2' id='gform_ajax_frame_2' title='This iframe contains the logic required to handle Ajax powered Gravity Forms.'></iframe> <script type='text/javascript'>jQuery(document).ready(function($){gformInitSpinner( 2, 'https://radixuk.org/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery('#gform_ajax_frame_2').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_2');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_2').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_2').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_2').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_2').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */ jQuery(document).scrollTop(jQuery('#gform_wrapper_2').offset().top - mt); }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_2').val();gformInitSpinner( 2, 'https://radixuk.org/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery(document).trigger('gform_page_loaded', [2, current_page]);window['gf_submitting_2'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_2').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_2').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [2]);window['gf_submitting_2'] = false;}, 50);}else{jQuery('#gform_2').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger('gform_post_render', [2, current_page]);} );} );</script><script type='text/javascript'> jQuery(document).bind('gform_post_render', function(event, formId, currentPage){if(formId == 2) {if(typeof Placeholders != 'undefined'){ Placeholders.enable(); }} } );jQuery(document).bind('gform_post_conditional_logic', function(event, formId, fields, isInit){} );</script><script type='text/javascript'> jQuery(document).ready(function(){jQuery(document).trigger('gform_post_render', [2, 1]) } ); </script>
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[gravityform id=5 title=false description=false ajax=true tabindex=64]
<div class='gf_browser_unknown gform_wrapper' id='gform_wrapper_5' ><div id='gf_5' class='gform_anchor' tabindex='-1'></div><form method='post' enctype='multipart/form-data' target='gform_ajax_frame_5' id='gform_5' action='/opinion/who-had-the-biggest-impact-neil-armstrong-jimi-hendrix-or-the-king-of-sweden/#gf_5'> <div class='gform_body'><ul id='gform_fields_5' class='gform_fields top_label form_sublabel_below description_below'><li id='field_5_5' class='gfield gravity_head gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below field_description_below gfield_visibility_visible' ><h3>Get emails</h3></li><li id='field_5_1' class='gfield gfield_contains_required field_sublabel_hidden_label field_description_below hidden_label gfield_visibility_visible' ><label class='gfield_label gfield_label_before_complex' >Name<span class='gfield_required'>*</span></label><div class='ginput_complex ginput_container no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name' id='input_5_1'> <span id='input_5_1_3_container' class='name_first' > <input type='text' name='input_1.3' id='input_5_1_3' value='' aria-label='First name' tabindex='65' aria-required="true" aria-invalid="false" placeholder='First Name*'/> <label for='input_5_1_3' class='hidden_sub_label screen-reader-text'>First</label> </span> <span id='input_5_1_6_container' class='name_last' > <input type='text' name='input_1.6' id='input_5_1_6' value='' aria-label='Last name' tabindex='67' aria-required="true" aria-invalid="false" placeholder='Last Name*'/> <label for='input_5_1_6' class='hidden_sub_label screen-reader-text'>Last</label> </span> </div></li><li id='field_5_2' class='gfield gfield_contains_required field_sublabel_below field_description_below hidden_label gfield_visibility_visible' ><label class='gfield_label' for='input_5_2' >Email<span class='gfield_required'>*</span></label><div class='ginput_container ginput_container_email'> <input name='input_2' id='input_5_2' type='email' value='' class='large' tabindex='69' placeholder='Email*' aria-required="true" aria-invalid="false" /> </div></li><li id='field_5_4' class='gfield gf-conf-check gfield_contains_required field_sublabel_below field_description_below hidden_label gfield_visibility_visible' ><label class='gfield_label' >Confirmation<span class='gfield_required'>*</span></label><div class='ginput_container ginput_container_checkbox'><ul class='gfield_checkbox' id='input_5_4'><li class='gchoice_5_4_1'> <input name='input_4.1' type='checkbox' value='Consent' id='choice_5_4_1' tabindex='70' /> <label for='choice_5_4_1' id='label_5_4_1'>Please keep me updated on new website content and Radix news. 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<div class='gf_browser_unknown gform_wrapper' id='gform_wrapper_6' ><div id='gf_6' class='gform_anchor' tabindex='-1'></div><form method='post' enctype='multipart/form-data' target='gform_ajax_frame_6' id='gform_6' action='/opinion/who-had-the-biggest-impact-neil-armstrong-jimi-hendrix-or-the-king-of-sweden/#gf_6'> <div class='gform_body'><ul id='gform_fields_6' class='gform_fields top_label form_sublabel_below description_below'><li id='field_6_5' class='gfield gravity_head gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below field_description_below gfield_visibility_visible' ><h3>Before you go!</h3> <p>Stay up to date with what's happening at Radix. 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