How did we get a Nobel Prize in economics?

This episode explores the history of the Nobel Prize in Economics, which is officially called the Swedish Central Bank Prize in Economic Sciences in Memory of Alfred Nobel. It explains why nearly 70 years passed between the first Nobel Prizes and the recognition of economics as a Nobel category, and discusses the winners of this year's prize, American economists Robert E. Hall and Michael Woodford, who focused on macroeconomic models and economic shocks.