The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory”
This paper comes in two parts, this being the first. Part 1 is not a research paper in the sense of the Scientific Method; it is rather unsophisticated data mining - a cheap data mining exercise for that matter, because it does not follow any received economic, or other, theory. In the sense of Ed E. Leamer, it is “data without theory,” and data without theory does not speak for itself, despite the common cliché of “letting the data speak for itself.” The objective here is to adjust the money value of the Nobel Prize to include the values of the Nobel Prize medal and diploma. It is an arithmetic exercise that reveals that Alfred Nobel’s monetary contribution to humanity is huge. More importantly, the calculations generate data that make it possible to focus on the economic implications of Nobel’s bequest for human capital accumulation, technological progress, and long-run economic growth, which are subjects of a separate effort in Part 2. In this “paper” I indicate some basic relationships among and between key variables in Section 4, and remark in the last section that the Nobel Prize is a massive contribution, even without taking into account the time value of money. For instance, the unadjusted value of the Economics Nobel Prize in 1969 awarded to Ragnar Frisch and Jan Tinbergen was only 2.92 million SEK (US$0.57 million), but adjusted for the medal and diploma values the award was 5.85 million SEK (US$1.14 million).
|Date of creation:||17 Sep 2011|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December.
- Voxi Heinrich Amavilah, 2005. "Resource Intra-Actions And Inter-Actions: Implications For Technological Change And Economic Growth," GE, Growth, Math methods 0508004, EconWPA.
- Robert Hofmeister, 2011. "Measuring the Value of Research: A Generational Accounting Approach," Working Paper Series of the Department of Economics, University of Konstanz 2011-07, Department of Economics, University of Konstanz.
- Voxi Heinrich S Amavilah & Richard T. Newcomb, 2004. "Economic Growth and the Financial Economics of Capital Accumulation under Shifting Technological Change," GE, Growth, Math methods 0404001, EconWPA.
- William D. Nordhaus, 2009.
"The Perils of the Learning Model For Modeling Endogenous Technological Change,"
NBER Working Papers
14638, National Bureau of Economic Research, Inc.
- William D. Nordhaus, 2009. "The Perils of the Learning Model For Modeling Endogenous Technological Change," Cowles Foundation Discussion Papers 1685, Cowles Foundation for Research in Economics, Yale University.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:33483. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.