The prize matters to everyone, because of market liberalism, which advocates marketisation, deregulation, union-busting, financialisation, inequality, outsourcing of healthcare, pensions and education, low taxes for the rich, and globalisation. In the 1990s, this rightwing platform was endorsed by New Labour, Clinton Democrats, and their equivalents elsewhere.
Like market liberalism, economics regards buying and selling in markets as the template for human relations and claims that market choices scale up to the social good. But the doctrines of economics are not well founded: premises are unrealistic, models inconsistent, predictions often wrong. The halo of the prize has lent credibility to policies that harm society, to inequality and financial disorder.
In the meantime, the me-first assumptions of economics have led to corruption and tax inequity, and an escalating public mistrust of governing elites. Valid economic doctrine has come into disrepute. Disdain for experts, and disaffection with economic reasoning has energised a politics of the excluded, of Jeremy Corbyn, Bernie Sanders, Marine Le Pen, Donald Trump and now Brexit. The Guardian