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Summary from a speech by Hubert Fromlet, Linnaeus University/Sweden on January 8, 2023, at the “International Research Conference” arranged by the Indian Institute of Finance (IIF)            

Ever since its start 55 years ago, 95 economic researchers have been awarded the so-called Nobel Prize¹⁾ which is broadly considered as the most prestigious recognition for economic research. Unfortunately, only two female scientists made it so far: American sociologist Elinor Ostrom in 2009 and French-American experimental poverty researcher Esther Duflo in 2019. More female candidates could be found which I various times elaborated on in the Swedish and global press, Indian press included ²⁾.

Presumably, the long-term perspective looks better because of the favorable outlook for more extended female research. This probable global way forward – in reality favored by more and more female academic students and graduates – may also serve as a strategic encouragement for Indian economic and financial research.

Since management research very rarely has been awarded so far and management researchers are not ruled out formally from the Nobel Prize in Economics, one may also imagine that fundamentally important and sustainable management research gradually could move closer to the inner circle of Nobel Prize candidates. If so, also more Indian economists may show up on the candidate lists at some point.

Interesting names from India

For being an emerging country, Indian economists were so far quite well visible in a Nobel-Prize context (with the past winners Amartya Sen in 1998 and more recently Abhijit Banerjee in 2019) – even if more could have happened. Jagdish Bhagwati should have been a Prize Winner already many years ago, micro economist Avinash Dixit at least in the past ten years. A strong Indian name for a future Nobel Award should be in my view behavioral and financial scientist Sendhil Mullainathan (Chicago).

It would be positive if economists in the visibly catching-up country of India  strongly could be provided with conditions that can develop ambitions and research in line with India’s obvious individual potential – also for eventually knocking more frequently on the door of a future Nobel Prize in Economics.

References

• https://www.nobelprize.org/prizes/lists/all-prizes-in-economic-sciences/
• https://timesofindia.indiatimes.com/world/europe/economics-prize-wraps-up-unpredictable-nobel-season/articleshow/86928188.cms

Hubert Fromlet
Affiliate Professor at the School of Business and Economics, Linnaeus University
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