The Nobel Prize and Global Recognition

The nominations for the Peace Prize has gradually increased from the first year it was recorded in 1904, swelling from 22 to 376 in 2016.

Media coverage regarding the awards is also much bigger than before, resulting in an increased awareness of the prize.

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Esteemed Common Man

When Muhammad Yunus received the prize in 2006 for his micro-credit initiative to thousands of poor people which became Grameen Bank, many people thought the name of the prize winner was the name of the bank.

Humanitarian work by the common man was rewarded since the inception of the prize but is well-known now due to increased exposure and media coverage.

The Nobel Prize
  • The Nobel prize is described as the worlds’ most prestigious prize in the Oxford Dictionary of Contemporary History.
  • Sitting inside the Grand Hall at the Nobel Institute, the Norwegian Nobel Committee announces the nominations in October every year, something looked at with great interest from politicians and journalists.
  • The awards are presented on 10th December, a date coinciding with Alfred Nobel’s death anniversary.
  • As global warming and climate change came in the picture, something which was criticized by many committee members, as there was no such concept during the time of Alfred Nobel.
  • His ideology for the prize had the first criterion as ‘fraternity between nations’ which can be argued as fighting together to save the planet from whatever problem threatens it.
  • This is also an example of how the prize has stayed relevant over the years.

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Behavioural Economics

The economic theory of expected utility maximization says that people will act out of rational self-interest. But psychologist Daniel Kahneman showed that it is incorrect.

  • Common cognitive biases cause people to use faulty reasoning to make irrational decisions, such as the anchoring effect, the planning fallacy, and the illusion of control.
  • People make decisions by using irrational guidelines such as perceived fairness and loss aversion, which are based on feelings, attitudes, and memories.
  • People tend to use general rules, such as representativeness, to make judgments in contradiction to the laws of probability.

5 Nobel Prize-Winning Economic Theories You Should Know About

Wilhelm Wundt
  • He was the first founder of the psychology laboratory at the University of Leipzig which marked the official beginning of psychology as an independent science;
  • Has many beliefs and theories but was heavily misunderstood by some due to the language barrier. His student, Edward Bradford Titchener propagated many misconceptions about his works.

9 Pioneers Who Helped Mold the History of Psychology

Effortless Seems Authentic

There is an assumption among many that if someone is an achiever at a young age, the unique talent must be an innate ability, and not slogging. The extraordinary milestones that are met before the usual timeframes feel disruptive, and unsettles the status quo.

The truth is many young achievers have spent years working hard, and overcoming substantial challenges to reach the celebrated milestones.

Why our relationship with young achievers is so complicated

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