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Economic research important during times of great change

“Economic science is particularly relevant when society seeks to make major changes or is subject to large shocks,” says Professor Tore Ellingsen. On Monday he and colleague Per Strömberg are two of the experts selecting this year's winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Tore Ellingsen is a Professor of Economics at SSE and a long-standing member of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel. He has served as a part of the Nobel Prize Committee in different capacities since 2005, both as a member and the Chairman. On Monday he and his colleague at SSE, Per Strömberg, Professor of Finance, will convene at the Royal Swedish Academy of Science to vote on the winner of this year’s Prize in Economic Sciences in Memory of Alfred Nobel.

“The 2019 prize provides a good illustration of how science facilitates change by creating new evidence. Field experiments are used as a tool to understand policy changes in schools, health care, and even in credit markets,” says Ellingsen.

Economic science also makes it possible to assess the costs of slowing down or reversing climate change, he adds.

“Today we know that the short-term costs of pursuing long-term responsible climate policies would be entirely manageable. The challenge is to agree on how short-term costs should be distributed. In a world with many countries, such problems are always difficult to solve. And when money is allowed to play such a big role in politics as it does today, it becomes even more difficult.”

What major issue this year’s research will bring to the forefront will be revealed at the earliest at 11:45 CEST on October 12.

“I look forward to seeing what people think of our decision this Monday!”