There is no such thing as a Nobel prize in economic sciences. Beginning in 1901, Nobel Prizes have been awarded in the following five categories: literature, peace, physics, chemistry, and “physiology or medicine.” In 1969, in an effort to improve the image of economists, enthusiasts managed to establish the confusingly named “Bank of Sweden Price in Economic Sciences in Memory of Alfred Nobel.”

The Wall Street Journal and The New York Times carefully refer to this award as the Nobel Memorial Prize in Economic Science. Recipients are not Nobel Laureates.

Amartya Sen, after receiving the prize in 1998, said in an interview: “I’ve always been skeptical of the prize, but it’s difficult to express that until you get it because people think it’s sour grapes.”