My science is a late-comer, the Prize in Economic Sciences in Memory of Alfred Nobel having been established only in 1968 by the Central Bank of Sweden to celebrate its tercentenary. That circumstance does, I admit, leave me with something of a conflict of interest. As some of you may know, my monetary studies have led me to the conclusion that central banks could profitably be replaced by computers geared to provide a steady rate of growth in the quantity of money. Fortunately for me personally, and for a select group of fellow economists, that conclusion has had no practical impact… else there would have been no Central Bank of Sweden to have established the award I am honoured to receive. Should I draw the moral that sometimes to fail is to succeed? Whether I do or not, I suspect some economists may.
Update: Read a special edition of Acton Commentary by Rev. Robert A. Sirico, “Milton Friedman and the Human Element.”