How did we get a Nobel Prize in economics?

The Nobel Prize in Economics is officially titled "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel," revealing its origins as a 1960s initiative by the Swedish Central Bank. Seeking to elevate its prestige during its 300th anniversary, the bank established the award despite initial resistance from the Nobel family, who insisted on distinguishing it from Alfred Nobel’s original prizes. Economic historian Gabriel Söderberg notes that the award initially provided a veneer of scientific legitimacy to neoliberal political agendas. While critics argue the prize was born from political maneuvering and institutional ego, it has evolved to prioritize empirical, evidence-based research, such as the work of recent winners Robert Hall and Michael Woodford, who updated macroeconomic models to better reflect real-world economic behavior.