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Norwegian lawyer and activist Fredrik Heffermehl claims that over half of Nobel Peace Prizes awarded since 1946 are illegitimate because they are in breach of the terms of Alfred Nobel's will. The yawning gap between the real world and the economics profession has never been wider. The latest analysis of the existing situation by Joseph Stiglitz - internationally renowned economist and winner of the 2001 Nobel Prize in economics: "We have to understand that the problems have been festering for years, not just the last three years. As individuals we have certain basic rights. We aren't created by the law. We exist by nature. But corporations are man-made. They are supposed to serve our interest, our society's interests. And we are creating them with powers that are not serving our society's interests. An institutionalized system of skewed incentives allowed Wall Street bankers and other corporate executives to gamble with America's wealth and then get away largely scot-free after the house of cards came tumbling down, plunging the U.S. into the worst economic crisis in decades and destroying trillions of dollars of wealth worldwide. Put Corporate Criminals in Prison."


Frederick Soddy turned the scientific world on its head, by proving the divisibility of the atom. Later Soddy won the Nobel Prize for discovering the existence of isotopes. Soddy was a serious scientist. He was also an underground economist. And he turned the upside down world of economics right side up again. Here’s his conclusion: "I thought that, as a scientific man, I ought to know something about economics. So I studied the money system for two years and could make nothing of it. Then, one day, the truth dawned on me. What I was studying was not a system, but a confidence trick." He also concluded economists were incompetent, and economics pretended to be a science. But it wasn’t a science, which is why everyone has such a hard time understanding it. Frederick Soddy, Nobel laureate in chemistry, decided that economists’ dangerous drift into pseudo-scientific abstraction must be halted before they destroyed industrial societies, because their uninformed ideas contravened the first and second laws of thermodynamics. Now, the family of Alfred Nobel, led by lawyer Peter Nobel, has disassociated itself from the Bank of Sweden Prize in Economics In Memory of Alfred Nobel.