Alex Rosenberg (Duke), a leading philosopher of economic and biology, shared the following apt thoughts about this year's unusual prize:
So, the Swedish Central Bank's ersatz Nobel Prize for “economic science” gets awarded to a guy who says markets are efficient and there are no bubbles—Eugene Fama (“I don’t know what a credit bubble means. I don’t even know what a bubble means. These words have become popular. I don’t think they have any meaning”—New Yorker, 2010), along with another economist—Robert Shiller, who says that markets are pretty much nothing but bubbles, “Most of the action in the aggregate stock market is bubbles.” (NY Times, October 19, 2013) Imagine the parallel in physics or chemistry or biology—the prize is split between Einstein and Bohr for their disagreement about whether quantum mechanics is complete, or Pauling and Crick for their dispute about whether the gene is a double helix or a triple, or between Gould and Dawkins for their rejection of one another’s views about the units of selection. In these disciplines Nobel Prizes are given to reward a scientist who has established something every one else can bank on. In economics, “Not so much.” This wasn’t the first time they gave the award to an economist who says one thing and another one who asserts its direct denial. Cf. Myrdal and Hayek in 1974. What’s really going on here? Well, Shiller gave the game away in a NY Times interview when he said of Fama, “It’s like having a friend who is a devout believer of another religion.” Actually it’s probably two denominations in the same religion.