(edit title) Nobel descendant slams Economics prize Options

[The Local]

Nobel descendant slams Economics prize

In the week before this year's Nobel laureates are annonunced, the great great nephew of Alfred Nobel has reiterated his criticism of the Nobel Economics Prize, which he says is "a PR coup by economists to improve their reputation".

A fierce advocate of refugees' rights, Peter Nobel, 73, says he has always wanted to help people, in much the same way his great great uncle Alfred Nobel, who died more than a hundred years ago, sought to make the world a better place - paradoxically with his 1866 invention of dynamite.

"But he only intended it for peaceful uses, such as the construction of the Panama and Suez canals. You can't question his burning interest in peace," Peter Nobel says, taking a sip of water during an interview with AFP in his home a week before the winners of the 2005 Nobel Prizes are to be announced.

"During the period in which Alfred lived, no one could dream of a peaceful world. It was impossible to imagine a country without a defence, and a defence requires a weapons industry."

Alfred Nobel believed that when the day came that two armies could annihilate each other in a few seconds no civilised country would go to war. Unfortunately "that didn't turn out to be the case," Peter says.

The paradox is striking: While Nobel built his fortune on dynamite and bought Swedish arms manufacturer Bofors, he detested the weapons industry.

"He hated weapons dealers ... He thought they were just out to make money."

Nobel despised people who cared more about profits than society's well-being, Peter says, reiterating his vehement criticism of the Nobel Economics Prize which he says Alfred Nobel would never have created.

Unlike the Nobel Prizes for Medicine, Chemistry, Physics, Literature and Peace, which were created by Nobel in his 1896 will and first awarded in 1901, the Economics Prize was conceived by Sweden's central bank in 1968 to mark its tricentenary and first awarded a year later.

"There is nothing to indicate that he would have wanted such a prize."

The Economics Prize has over the years been criticized as not being a "real" Nobel, and a newspaper article Peter Nobel wrote in 2001 refuelled the debate.

"It's most often awarded to stock market speculators", which does not reflect Alfred Nobel's spirit of improving the human condition, he fumes.

"The Economics Prize has nestled itself in and is awarded as if it were a Nobel Prize. But it's a PR coup by economists to improve their reputation," he bristles.

The award closest to Peter Nobel's heart is the Peace Prize, with past laureates Amnesty International and UN Secretary General Kofi Annan among the most deserved winners, he says.

"It has often been awarded to two parties who have become so tired of fighting each other that they have given up. That's not the way it should be," he insists.

Peter has three times attended the lavish Nobel prize ceremony and banquet, held every December 10 on the anniversary of Alfred Nobel's death, and plans to attend this year again.

Fifty years ago the ambience at the banquet was "wonderful, warm and heartwarming". But in recent years it has become "so orchestrated ... more of a television show."

Alfred Nobel never married and had no children, though his brothers Robert and Ludvig did. Ludvig's daughter Mina was Peter Nobel's grandmother.

While Peter has always been proud of his heritage, it was not always fun to be reminded of it, he recalls.

"When I was little my parents fussed a lot about behaving properly because I was a Nobel. But one day I replied that if they didn't stop badgering me I would change my name to Olsen," he says with a laugh.

Peter Nobel worked for many years as a human rights lawyer and was appointed Sweden's, and the world's, first ombudsman against ethnic discrimination in 1986. He has also served as the head of the Swedish Red Cross.

He insists that his heritage did not influence his decision to work in the field of human rights.

"But I know Alfred and his brothers would have approved."

[*David OL*]

:idea: ?When I was little my parents fussed a lot about behaving properly because I was a Nobel. But one day I replied that if they didn't stop badgering me I would change my name to Olsen??? I think he means change his name BACK to Olsen! How does Peter Nobel have that surname?? ?Alfred Nobel never married and had no children, though his brothers Robert and Ludvig did. Ludvig's daughter Mina was Peter Nobel's grandmother.?

Alfred Nobel hated people who profiteered?
:oops:

[Agatutza]

a lot of PR for Peter Nobel, more like...

[*Dusty Feather*]

David OL

The local has posted an article above and it consists of 32 sentences. Reading those 32 sentences several times, looking for something that relates to your last unfinished sentence, I find no support for what you seem to suggest by the use of the ...
You were about to write something. What was that ?

Did you mean to indicate what is currently referred to as a hate crime ?

[*David OL*]

Dusty: what I was implying by that last comment is that perhaps he has profited on the use of 'his' name -- something that may not be his actual name (although I am not questioning his lineage).

It is stated in the article that Alfed Nobel had some contempt for those who looked to profit from situations and this is why '...' has been used, I.e.: perhaps this is what Peter 'Olsen' Nobel has previously done.

I hope that clears it up for you.

[Paul Johnson]

"Trade is the natural enemy of all violent passions" (Alexis de Tocqueville)

Peter Nobel's comments tell us more about his political bias than the field of economics...

[*Bob*]

As is not unusual in Sweden - another attempt to rewrite history.

[Mshepard]

While economics in and of itself provides a platform for interesting theoretical discussion, it remains debatable whether it , as mathematics, is philosophy or science. When Edward Prescott won a half of the prize for economics "in the name of Alfred Nobel" in 2004, and when I heard him speak, both at the ceremony and in session with the Nobel Prize winners, I was embarrased--not only for the Nobel institution and family, but for Sweden and even for those economists who may actually have something to contribute to the greater good of our society. The macroeconomics of business cycles will forever be theoretical and inapplicable in any realistic context. When Prescott was addressed by his would-be peers (other 'Nobel' winners), he was asked about the potential economic impact of improved health care allowing older people to remain in the labour force longer. He dismissed the question nonchalantly and suggested that there would be no impact. He offered nothing more to the discussion. His peers were not amused. It is true also that many of the prize winners for economics are well-connected to interests in market speculation. Prescott is no exception. His slides, still available online at http://nobelprize.org/economics/laureates/...cott-slides.pdf are a case in point. The presentation speaks for itself. It cannot, at all, be compared to the sophistication, quality, and intelligence exhibited by the prize winners in physics, chemistry or even literature.

[FR]

Oh yes, dynamite... only benefit to society, nothing bad at all. :roll: Unfortunately, the offspring of men who have succeeded in life tend to be pansies, not realizing how their inherited money is "tainted". This particular Nobel offspring does this same rant every year.

[Joemath]

Peter Nobel makes a point in being critical of the high
finance aspect of economics. Despite this criticism,
economics has significant potential to be the determining
factor between war and peace or between societal order
and total normlessness.

The current problems in Iraq have a significant relationship to the lack of trust between the
Kurds, Sunni, Sh'ia and mixed communities with regard to
a fair sharing of economic resources. Before a ceasefire
can happen, these parties must have the confidence that
each will be fairly compensated by a loosely knit
governance of Kurds, Sunni, Sh'ia and mixed communities.
The country lost many people from the professional classes who fled for their lives and their livelihoods. These people must be convinced that the security conditions are ripe prior to returning to their respective professions. Who can guarantee security?
Perhaps, this can happen with an Iraqi security force
over time together with a United Nations Peacekeeping
apparatii.

Economics provides a huge contrast-even in the same
or similar religious communities. For instance, the
tremendous education/wealth of the United Arab Empirates
stands in great contrast to the poverty experienced
by the Hamas communities on the Gaza Strip.

Economics is an important determinant in integrating the
coastal economies of Shanghai and Tianjin with the
interior of China. Many of the raw material resources
are in the interior despite the fact that the industrial
management, technology and know-how remain on the coast.
The challenge over the past 3 decades has been to
allow more self-management, free-market concepts and
less State governance in return for greater wealth.

In Russia and the Republics, the challenge has been
to allow some free market principles into the everyday
conduct of economic activity. The Republics are split
geographically with the European influences which are
West of the Ural Mountains and the Asian influences
East of the Ural Mountains. Over time, it remains to be
seen how the Republics will develop unique enclaves
of economic specialization in accordance with principles
of Comparative Economic Advantage.

Africa has opportunities to develop solar energy perhaps
along the vast Sahara Desert. In addition, it will be
necessary to specialize local economies in accordance
with Comparative Economic Advantage. The continent
has vast mineral resources and considerable disparities
in per capita income. I{n Economics, the challenge is to
narrow or close some of these disparities.

The general area of economics has a considerable
technological component related to higher mathematics and
operations research. The sciences are impacted by the
area of economics. For instance, medicine is impacted
by economic cost and the rational allocation of scarce
medical resources. A National Health Care System must
have some operations research component to promote
a fair and rational allocation of scarce resources.

In addition, the pricing of pharmaceuticals is a critical
component in the overall health care superstructure.
The determination of the medical organizational structure itself has considerable organizational design implications. For instance, the optimal structure can
have little or much vertical/horizontal integration
or the structure can be "organic" in nature.

Let me get back to the stock market for a moment.
Over the past 30 years or so, the USA market has grown
from under 1000 to over 13,000. DJIA Many insiders
made money; however, private pension funds did benefit
from the growth in the DJIA. Some union pension funds
could have benefited more significantly with a different
investment mix. The area of economics and finance has
a significant impact on the growth of private pensions
and the eventual lifestyles of pensioners over time.

by Joemath@Mindspring.com Joseph S. Maresca

[Joemath]

Mshepard is commenting on both the business cycle and
improved heath care which may allow older people to work
longer. Let me respond to both of these within the context of comments by the 2004 Nobel Laureate.

Wide business cycle fluctuations can have a huge impact
with regard to world peace. An unhealthy world economy can precipitate societal and political chaos, as it might have done just prior to World War II. The Great Depression was a huge mess which took decades to reverse. The reversal was due largely to the programs of President Franklin D. Roosevelt- at least in America.

Improved health care may allow older workers to work longer or to supplement their limited incomes with small business ventures or significant temporary employment.
There are dual components to improved health care.
One component is anticipative or preventive and the
other component relates to improvements in the healh care
delivery system.

A National Health Care scenario can reduce costs by superior preventive care with routine doctor visits and lifestyle changes (more exercise, less sugar in the diet, less cholesterol in the diet, smoking cessation , moderate drinking of alcohol and stress reduction.

A National Health Care system will
be aided by rational allocation of resources utilizing
principles of Operations Research (linear programming,
queuing algorithms to optimize waiting times etc.).
The area of artificial intelligence now has significant
"Advice Giving Systems" which aggregate common expert
approaches to difficult diagnoses and chronic disease
symptomatology. The optimal approach to improved health
care will incorporate some or all of these features.

The area of generic drugs versus name brand pharmaceuticals has implications for significant cost
reduction. In addition, emcellular transplant technologies have the potential for reversing pancreatic
degradation, Alzheimer's Disease and a plethora of other
chronic conditions.

The role of vitamins, herbs, acupuncture, TENS and other
modalities also has a significant potential to reduce
health care costs and provide a better quality of life.

Joemath@Mindspring.com Joseph S. Maresca

[Braderunner Rennuredarb]

This thread reminds me of Pickles...

[The Nine]

:idea: ?When I was little my parents fussed a lot about behaving properly because I was a Nobel. But one day I replied that if they didn't stop badgering me I would change my name to Olsen??? I think he means change his name BACK to Olsen! How does Peter Nobel have that surname?? ?Alfred Nobel never married and had no children, though his brothers Robert and Ludvig did. Ludvig's daughter Mina was Peter Nobel's grandmother.?

Alfred Nobel hated people who profiteered?

Bloody well Touche! What a fab post.
I have attended Nobel several time in recent years. My favourite was 2004 when Megwangwi Matthai won it. {dont beat me up for misspelling it please!} She was truely what it was all about. She instigated a scheme for African women to earn money from planting trees so they could develop some independant income, mostly with husbands dead of AIDS. It put trees back into Africa and was ecologically sound, and it helped the women develop some independence. She was put in prison by the Kenyan Government and beaten almost to death.

I have seldom met anyone who rediated so much joy and when she came to accept the prize even the press core and PRs stood and clapped her.

Nobel would have been proud of her, I am sure.

:oops: