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University of Chicago professors Eugene F. Fama (L) and Lars Hansen share a laugh at the end of a news conference after it was announced they won the 2013 Nobel Prize in Economics in Chicago, October 14, 2013. They are sharing the prize with American scientist Robert Shiller.
University of Chicago professors Eugene F. Fama (L) and Lars Hansen share a laugh at the end of a news conference after it was announced they won the 2013 Nobel Prize in Economics in Chicago, October 14, 2013. They are sharing the prize with American scientist Robert Shiller.
(Jim Young/Reuters)

ROB INSIGHT

Zombies versus irrationality: dissecting the economics Nobel

Dynamite king Alfred Nobel never designated a Nobel for economics, possibly because in the late 19th century (or any time really) it was hard to envision the wannabe science ever meeting his test of providing “the greatest benefit” to mankind. Sweden’s central bank decided to remedy this oversight on the occasion of its 300th birthday in 1969, funding an annual Prize in Economic Sciences in Memory of Alfred Nobel.