List of Nobel Memorial Prize laureates in Economic Sciences
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The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an award funded by Sveriges Riksbank and is annually awarded by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences.[1] The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.[2] Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years.[3] In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death.[4]
As of the awarding of the 2023 prize, 55 Prizes in Economic Sciences have been given to 93 individuals.[5] As of October 2023, the department of economics with the most affiliated laureates in economic sciences is the University of Chicago,[6][7] with 16 affiliated laureates. As of 2023, the institutions with the most PhD (or equivalent) graduates who went on to receive the prize are Harvard University and MIT (13 each), followed by the University of Chicago (10). As of 2024, the institutions with the most affiliated faculty at the time of the award are the University of Chicago (15), followed by MIT (10), then by Princeton University and Harvard University (8 each).
"for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science"[8]
"for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development"[9]
"for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena"[12]
"for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy"[14]
"for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis"[22]
"for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy"[29]
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"[31]
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[40]
The Right Livelihood Award is an international award to "honour and support those offering practical and exemplary answers to the most urgent challenges facing us today." The prize was established in 1980 by German-Swedish philanthropist Jakob von Uexküll, and is presented annually in early December. An international jury, invited by the five regular Right Livelihood Award board members, decides the awards in such fields as environmental protection, human rights, sustainable development, health, education, and peace. The prize money is shared among the winners, usually numbering four, and is €200,000. Very often one of the four laureates receives an honorary award, which means that the other three share the prize money.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an economics award funded by Sveriges Riksbank and administered by the Nobel Foundation.
The Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is the prize committee for the Nobel Memorial Prize in Economic Sciences, and fills the same role as the Nobel Committees do for the Nobel Prizes. This means that the committee is responsible for proposing laureates for the prize. The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel is appointed by the Royal Swedish Academy of Sciences. It usually consists of Swedish professors of economics or related subjects who are members of the academy, although the academy in principle could appoint anyone to the committee. Two of the members of the founding committee as well as later members of the committee had also been associated with the Mont Pelerin Society.
Douglas Warren Diamond is an American economist. He is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02).
Guido Wilhelmus Imbens is a Dutch-American economist whose research concerns econometrics and statistics. He holds the Applied Econometrics Professorship in Economics at the Stanford Graduate School of Business at Stanford University, where he has taught since 2012.
The Princeton University Department of Economics is an academic department of Princeton University, an Ivy League institution located in Princeton, New Jersey. The department is renowned as one of the premier programs worldwide for the study of economics. The university offers undergraduate A.B. degrees, as well as graduate degrees at the Ph.D. level. It is often considered one of the "big five" schools in the field, along with the faculties at the University of Chicago, Harvard University, Stanford University, and MIT. According to the 2023-2024 U.S. News & World Report, its graduate department is ranked as the joint No. 4 in the field of economics, in a four-way tie between it, the University of Chicago, Yale University, and the University of California, Berkeley.
The 2021 Nobel Memorial Prize in Economic Sciences was divided one half awarded to the American-Canadian David Card "for his empirical contributions to labour economics", the other half jointly to Israeli-American Joshua Angrist and Dutch-American Guido W. Imbens "for their methodological contributions to the analysis of causal relationships." The Nobel Committee stated their reason behind the decision, saying:
"This year's Laureates – David Card, Joshua Angrist and Guido Imbens – have shown that natural experiments can be used to answer central questions for society, such as how minimum wages and immigration affect the labour market. They have also clarified exactly which conclusions about cause and effect can be drawn using this research approach. Together, they have revolutionised empirical research in the economic sciences."
The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition, stating:
"This year's laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital."
1 Nobel Memorial Prize (not one of the original Nobel Prizes).
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