The peace prize concept is flawed because the problem of war does not lie with those who would make peace, but with those who would make war. If the Nobel Committee were realistic, it would stop handing out peace prizes and start issuing awards for those who have confronted evil and produced peace in nations that have only known oppression. Candidates for such prizes would include Ronald Reagan, Margaret Thatcher and Pope John Paul II, who conspired to liberate Europe from the totalitarian hand of Soviet communism.
Bill Clinton would also be a legitimate candidate for his efforts that stabilized Bosnia. He could take some small credit for the peace in Northern Ireland, which, though worked on for decades, was finally brokered on his watch. President Obama was right when he acknowledged that he doesn't deserve the prize. Neither did Yasser Arafat, Henry Kissinger, Le Duc Tho or Al Gore.
The question should be: why, despite man's best efforts, including the League of Nations and United Nations, have we been unsuccessful in eradicating war? The answer lies in this ancient wisdom: "What causes fights and quarrels among you? Don't they come from your desires that battle within you? You want something but don't get it. You kill and covet, but you cannot have what you want. You quarrel and fight. You do not have because you do not ask God. When you ask, you do not receive, because you ask with wrong motives that you may spend what you get on your pleasures." (James 4:1-3)
That's why a peace prize is meaningless.