The Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn

How the creation of the Nobel Prize in Economics changed the economics profession, Sweden, and the world

Economic theory may be speculative, but its impact is powerful and real. Since the 1970s, it has been closely associated with a sweeping change around the world—the "market turn." This is what Avner Offer and Gabriel Söderberg call the rise of market liberalism, a movement that, seeking to replace social democracy, holds up buying and selling as the norm for human relations and society. O...