Does Economics have a Political Bias?

Abstract

This chapter considers whether or not the economics prize has a political bias. Counting journal citations illuminates the main clusters of economic authority, the pulse of economic opinion and thought, the reputations of particular individuals, and Nobel selection strategy. The Nobel selectors sought a middle ground between the ideological left and right, but veered rightwards towards the end of Assar Lindbeck's long chairmanship (1980–1994), in line with his strident interventions in Swedish politics. They moved back to the centre shortly after his departure. In contrast, surveys of economists' opinions taken over the same years show a two-thirds majority among American and European economists in favour of Social Democratic norms, and a third strongly opposed.