Nobel Prize in Economics: Correcting the Misnomer

Dear Editor,

                This is to remind the authors of article that the title "A Reflection on Nobel Prize in Economics 2025" (Sikkim Express Page 4, dated: 28/10/2025) is wrong, it is not a Nobel Prize at all, they may like to educate themselves, but established by Sveriges Riksbank (Sweden's Central Bank) in 1968. Its official name is the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". Though it is administered and awarded alongside the original Nobel Prizes, using the same principles, yet it is a different prize over which the Nobel Committee has no say.

         This was instituted by the central bank of Sweden in 1968 to mark its 300th anniversary. It is not one of the original prizes specified in Alfred's Nobel's will, hence the different name.

         Now about the article, I have nothing more to say besides it is a good attempt, but full of flaws, because the approach of the article is not critical. I have already expressed my displeasure at the award of "Sveriges Riksbank Prize" to these economists. I have my own theory on economics. On the issues related to development, economics has miserably failed to give a concrete solution. Whatever theory on development is propounded, if you don't give a solution to contain burgeoning population, all developments will end in big 'zero'. Just think, what is today's (2025) population, approximately 8.2 billion people, in a decade it will be 8.8 billion. The land mass is static, then obviously the concept of sustainable growth will remain a distant dream.

        In the coming years, just wait and observe, when the oil reserves in the Gulf countries will be completely depleted, development in these countries will come to an abrupt halt. Since these countries solely depend on outside to fulfil their agricultural needs, and in the event of a shortfall in income, feeding the populations of these countries will be a hard nut to crack. A civil war will start, but before that rulers will settle down elsewhere in some foreign soils. Ultimately what will happen, the starving people will try to migrate en block to European countries. The result will be disastrous; a fight will break out between the migrated population and the natives. 

        I don't want to elaborate much, the economy of the world is already in a doll drum. The events  of the coming years will be more sinister, possibly a Third World War may begin, and you can think of the consequences easily should that happen. Till then keep your fingers crossed!

Yours etc,

Dr. P. K. Chhetri

Joint Secretary (Retd).

MA (double), PhD (double), MD (Homeo and bio), Author of more than half a dozen books and 450 published papers.