Recently, the discussion around President Donald Trump receiving a nomination for a Nobel Prize in economics has generated a variety of opinions, especially among previous awardees.
Last Thursday, Peter Navarro, who serves as a trade advisor at the White House, appeared on Fox Business. He highlighted Trump’s tariff strategies as a significant shift in how international trade operates, saying, “This is a fundamental restructuring of the international trade environment.” He even suggested that along with talks of Trump potentially winning a Nobel Peace Prize, perhaps his contributions to global trade economics might set him up for the Nobel in economics.
Insights from Past Nobel Laureates
Newsweek reached out to several economics Nobel laureates to gauge their reactions on the possibility of Trump being nominated, or even winning, this prestigious award.
They also contacted the White House to get a response to these esteemed opinions.
Eric Maskin (2007)
Expressing skepticism, Eric Maskin, who shared the award in 2007, remarked, “It’s unlikely Donald Trump will win a Nobel for economics.” He pointed out that the prize is awarded for groundbreaking discoveries in the field, not for policy decisions. He opined further that we need to wait and see what the long-term effects of Trump’s tariffs will be on both the U.S. and global economy.
Roger Myerson (2007)
Roger Myerson, another 2007 laureate, emphasized that the Nobel Memorial Prize honors substantive advancements in economic theory, not just political actions. He cited that while Trump’s decisions affect millions, a strong case for a Nobel would require Trump to publish substantial economic literature that illustrates his insights.
Myerson noted, “If President Trump has significant contributions to share regarding economic policymaking, his commitment to documenting those could lead to vital insights in economic sciences.”
James Heckman (2000)
James Heckman weighed in by suggesting that Trump could be more deserving of recognition compared to Barack Obama, who won the Nobel Peace Prize after only nine months in office. However, given Trump’s tendency for divisive rhetoric, he was doubtful about Trump’s chances of winning.
“I believe Trump’s efforts to reshape global trade merit attention, but the actual results are still undetermined,” he remarked.
William Nordhaus (2018)
William Nordhaus commented critically, labeling Navarro as an unreliable spokesperson. He expressed doubts about the positive impact of Trump’s trade policies, stating, “It seems Trump’s actions have mainly eroded America’s standing globally without yielding any substantial outcomes.” Nordhaus recalled how Trump has exhausted the nation’s goodwill, likening it to a careless spending spree with ramifications for the global economy.
Word on the Street
Peter Navarro shared on Fox Business that Trump’s changes in trade are substantial, claiming they’re ensuring fairer deals. Furthermore, the White House press secretary Karoline Leavitt recently said that Trump’s six months in office have seen an average of one peace deal or ceasefire each month, suggesting he deserves recognition.
Economist Jeffrey Frankel described the idea of Trump winning the economics prize as “absurd,” stressing that the negative long-term effects of his tariffs could serve as a cautionary tale for future generations similar to the Smoot-Hawley tariffs.
Looking Ahead
Trump continues to receive nominations for the Nobel Peace Prize, fitting into a legacy that includes endorsements from Pakistan, Israeli Prime Minister Benjamin Netanyahu, and Cambodia.
The Nobel announcement events occur in October, with ceremonies scheduled for December.
