List of Nobel Memorial Prize laureates in Economics

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The announcement of the 2008 Nobel Memorial Prize in Economic Sciences in Stockholm. The winner of the prize was Paul Krugman. Nobel2008Economics news conference1.jpg
The announcement of the 2008 Nobel Memorial Prize in Economic Sciences in Stockholm. The winner of the prize was Paul Krugman.

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 awarded annually 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]

The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field. The award's official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

The Royal Swedish Academy of Sciences is one of the royal academies of Sweden. Founded on June 2, 1739, it is an independent, non-governmental scientific organization which takes special responsibility for ptomoting the natural sciences and mathematics and strengthen their influence in society, whilst endeavouring to promote the exchange of ideas between various disciplines.

Ragnar Frisch Norwegian economist

Ragnar Anton Kittil Frisch was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969. He is known for being one of the founders of the discipline of econometrics, and for coining the widely used term pair macroeconomics/microeconomics in 1933.

Contents

As of the awarding of the 2018 prize, 50 Nobel Memorial Prizes in Economic Sciences have been given to 81 individuals. [5] Up to 2007, nine awards had been given for contributions to the field of macroeconomics, more than any other category. [6] The institution with the most affiliated laureates in economic sciences is the University of Chicago, which has 30 affiliated laureates. [7]

Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions. They also develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, saving, investment, international trade, and international finance.

University of Chicago Private research university in Chicago, Illinois, United States

The University of Chicago is a private research university in Chicago, Illinois. Founded in 1890 by John D. Rockefeller, the school is located on a 217-acre campus in Chicago's Hyde Park neighborhood, near Lake Michigan. The University of Chicago holds top-ten positions in various national and international rankings.

Laureates

YearLaureateCountryRationalePh.D. alma materInstitution (most significant tenure/at time of receipt)
1969 Uio frisch 2006 0025.jpg Ragnar Frisch Flag of Norway.svg  Norway "for having developed and applied dynamic models for the analysis of economic processes" [2] University of OsloUniversity of Oslo
Jan Tinbergen 1982.jpg Jan Tinbergen Flag of the Netherlands.svg  Netherlands Leiden UniversityErasmus University
1970 Paul Samuelson.gif Paul Samuelson Flag of the United States.svg  United States "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] Harvard UniversityMassachusetts Institute of Technology
1971 Simon Kuznets 1971b.jpg Simon Kuznets Flag of the United States.svg  United States "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] Columbia UniversityHarvard University
1972 John Hicks 1972.jpg John Hicks Flag of the United Kingdom.svg  United Kingdom "for their pioneering contributions to general economic equilibrium theory and welfare theory." [10] University of OxfordUniversity of Oxford
Kenneth Arrow, Stanford University.jpg Kenneth Arrow Flag of the United States.svg  United States Columbia UniversityStanford University
1973 Wassily Leontief 1973.jpg Wassily Leontief Flag of the Soviet Union.svg Soviet Union
Flag of the United States.svg  United States
"for the development of the input-output method and for its application to important economic problems" [11] University of BerlinHarvard University
1974 Gunnar Myrdal - Sveriges styresman.jpg Gunnar Myrdal Flag of Sweden.svg  Sweden "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] Stockholm UniversityStockholm University
Friedrich Hayek portrait.jpg Friedrich Hayek Flag of Austria.svg  Austria
Flag of the United Kingdom.svg  United Kingdom
University of ViennaLondon School of Economics, University of Chicago
1975 Leonid Kantorovich 1975.jpg Leonid Kantorovich Flag of the Soviet Union.svg Soviet Union "for their contributions to the theory of optimum allocation of resources" [13] Leningrad State UniversityNovosibirsk State University
TjallingKoopmans1967.jpg Tjalling Koopmans Flag of the Netherlands.svg  Netherlands
Flag of the United States.svg  United States
University of LeidenUniversity of Chicago, Yale University
1976 Portrait of Milton Friedman.jpg Milton Friedman Flag of the United States.svg  United States "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy" [14] Columbia UniversityUniversity of Chicago
1977 Bertil Ohlin.jpg Bertil Ohlin Flag of Sweden.svg  Sweden "for their pathbreaking contribution to the theory of international trade and international capital movements" [15] Stockholm UniversityStockholm School of Economics
James Meade Nobel.jpg James Meade Flag of the United Kingdom.svg  United Kingdom University of CambridgeUniversity of Cambridge
1978 Herbert simon red complete.jpg Herbert A. Simon Flag of the United States.svg  United States "for his pioneering research into the decision-making process within economic organizations" [16] University of ChicagoCarnegie Mellon University
1979 Theodore Schultz Flag of the United States.svg  United States "for their pioneering research into economic development research with particular consideration of the problems of developing countries." [17] University of Wisconsin-MadisonUniversity of Chicago
Arthur Lewis Flag of Saint Lucia (1979-2002).svg  Saint Lucia
Flag of the United Kingdom.svg  United Kingdom
London School of EconomicsPrinceton University
1980 Lawrence Klein Flag of the United States.svg  United States "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies" [18] Massachusetts Institute of TechnologyUniversity of Pennsylvania
1981 James Tobin.png James Tobin Flag of the United States.svg  United States "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices" [19] Harvard UniversityYale University
1982 George Stigler Flag of the United States.svg  United States "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation" [20] University of ChicagoUniversity of Chicago
1983 Debreu, Gerard (1921-2004).jpeg Gérard Debreu Flag of France.svg  France "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium" [21] École Normale Supérieure
University of Paris
University of California, Berkeley
1984 Richard Stone Flag of the United Kingdom.svg  United Kingdom "for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis" [22] University of CambridgeUniversity of Cambridge
1985 Franco Modigliani.jpg Franco Modigliani Flag of Italy.svg  Italy "for his pioneering analyses of saving and of financial markets" [23] The New School for Social ResearchMassachusetts Institute of Technology
1986 James Buchanan by Atlas network.jpg James M. Buchanan Flag of the United States.svg  United States "for his development of the contractual and constitutional bases for the theory of economic and political decision-making" [24] University of ChicagoGeorge Mason University
1987 Robert Solow by Olaf Storbeck.jpg Robert Solow Flag of the United States.svg  United States "for his contributions to the theory of economic growth" [25] Harvard UniversityMassachusetts Institute of Technology
1988 ALLAIS PN Maurice-24x30-2001b.jpg Maurice Allais Flag of France.svg  France "for his pioneering contributions to the theory of markets and efficient utilization of resources" [26] École PolytechniqueÉcole Nationale Supérieure des Mines de Paris, Paris Nanterre University
1989 Trygve Haavelmo.jpg Trygve Haavelmo Flag of Norway.svg  Norway "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures" [27] University of OsloUniversity of Oslo
1990 Harry Markowitz Flag of the United States.svg  United States "for their pioneering work in the theory of financial economics" [28] University of ChicagoCity University of New York
Merton Miller Johns Hopkins UniversityCarnegie Mellon University, University of Chicago
William sharpe 2007.jpg William F. Sharpe University of California, Los AngelesStanford University
1991 Coase scan 10 edited.jpg Ronald Coase Flag of the United Kingdom.svg  United Kingdom "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy" [29] London School of EconomicsUniversity of Chicago, London School of Economics
1992 GaryBecker-May24-2008.jpg Gary Becker Flag of the United States.svg  United States "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour" [30] University of ChicagoUniversity of Chicago
1993 Robert William Fogel.jpg Robert Fogel Flag of the United States.svg  United States "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change" [31] Johns Hopkins UniversityUniversity of Chicago
Douglass North.jpg Douglass North University of California, BerkeleyWashington University in St Louis
1994 John Harsanyi Flag of Hungary.svg  Hungary
Flag of the United States.svg  United States
"for their pioneering analysis of equilibria in the theory of non-cooperative games." [32] Stanford UniversityUniversity of California, Berkeley
John f nash 20061102 3.jpg John Forbes Nash Flag of the United States.svg  United States Princeton UniversityPrinceton University
Reinhard Selten2.jpg Reinhard Selten Flag of Germany.svg  Germany Goethe University FrankfurtUniversity of Bonn
1995 Robert Lucas, Jr. Flag of the United States.svg  United States "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy" [33] University of ChicagoUniversity of Chicago
1996 James Mirrlees Flag of the United Kingdom.svg  United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric information" [34] University of CambridgeUniversity of Oxford, University of Cambridge
William Vickrey Flag of Canada (Pantone).svg  Canada
Flag of the United States.svg  United States
Columbia UniversityColumbia University
1997 Robert C. Merton.jpg Robert C. Merton Flag of the United States.svg  United States "for a new method to determine the value of derivatives." [35] Massachusetts Institute of TechnologyMassachusetts Institute of Technology
Myron Scholes 2008 in Lindau.png Myron Scholes Flag of Canada (Pantone).svg  Canada
Flag of the United States.svg  United States
University of ChicagoMassachusetts Institute of Technology
1998 Amartya Sen 20071128 cologne.jpg Amartya Sen Flag of India.svg  India "for his contributions to welfare economics" [36] University of CambridgeHarvard University, University of Cambridge
1999 Rmundell.jpg Robert Mundell Flag of Canada (Pantone).svg  Canada "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas" [37] Massachusetts Institute of TechnologyColumbia University
2000 James Heckman.jpg James Heckman Flag of the United States.svg  United States "for his development of theory and methods for analyzing selective samples" [38] Princeton UniversityUniversity of Chicago
McFadden.jpg Daniel McFadden Flag of the United States.svg  United States "for his development of theory and methods for analyzing discrete choice" [38] University of MinnesotaUniversity of California Berkeley, Massachusetts Institute of Technology
2001 George Akerlof.jpg George Akerlof Flag of the United States.svg  United States "for their analyses of markets with asymmetric information" [39] Massachusetts Institute of TechnologyGeorgetown University, University of California Berkeley
A Michael Spence.jpg Michael Spence Harvard UniversityHarvard University
Joseph Stiglitz.jpg Joseph E. Stiglitz Massachusetts Institute of TechnologyPrinceton University, Columbia University
2002 Daniel KAHNEMAN.jpg Daniel Kahneman Flag of Israel.svg  Israel
Flag of the United States.svg  United States
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty" [40] University of California, BerkeleyPrinceton University, University of British Columbia
Vernon L. Smith 2011.jpg Vernon L. Smith Flag of the United States.svg  United States "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms" [40] Harvard UniversityUniversity of Arizona
2003 Robert F. Engle.jpg Robert F. Engle Flag of the United States.svg  United States "for methods of analyzing economic time series with time-varying volatility (ARCH)" [41] Cornell UniversityUniversity of California, San Diego
Clive Granger by Olaf Storbeck.jpg Clive Granger Flag of the United Kingdom.svg  United Kingdom "for methods of analyzing economic time series with common trends (cointegration)" [41] University of NottinghamUniversity of California, San Diego
2004 Kydland.jpg Finn E. Kydland Flag of Norway.svg  Norway "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles." [42] Carnegie Mellon UniversityCarnegie Mellon University
Edward C. Prescott.jpg Edward C. Prescott Flag of the United States.svg  United States Carnegie Mellon UniversityCarnegie Mellon University
2005 ySHrAl Avmn 2010.jpg Robert J. Aumann Flag of the United States.svg  United States
Flag of Israel.svg  Israel
"for having enhanced our understanding of conflict and cooperation through game-theory analysis." [43] Massachusetts Institute of TechnologyHebrew University of Jerusalem
Thomas Schelling.jpg Thomas C. Schelling Flag of the United States.svg  United States Harvard UniversityYale University, Harvard University
2006 Edmund Phelps 2008-01-23.jpg Edmund S. Phelps Flag of the United States.svg  United States "for his analysis of intertemporal tradeoffs in macroeconomic policy" [44] Yale UniversityColumbia University
2007 Leonid Hurwicz.jpg Leonid Hurwicz Flag of Poland.svg  Poland
Flag of the United States.svg  United States
"for having laid the foundations of mechanism design theory" [45] London School of EconomicsUniversity of Minnesota, Iowa State University
Eric Maskin at UCI.jpg Eric S. Maskin Flag of the United States.svg  United States Harvard UniversityHarvard University
Myerson roger b print.jpg Roger B. Myerson Harvard UniversityNorthwestern University
2008 Paul Krugman-press conference Dec 07th, 2008-8.jpg Paul Krugman Flag of the United States.svg  United States "for his analysis of trade patterns and location of economic activity" [46] Massachusetts Institute of TechnologyPrinceton University
2009 Nobel Prize 2009-Press Conference KVA-30.jpg Elinor Ostrom Flag of the United States.svg  United States "for her analysis of economic governance, especially the commons" [47] University of California, Los AngelesIndiana University
Nobel Prize 2009-Press Conference KVA-42.jpg Oliver E. Williamson "for his analysis of economic governance, especially the boundaries of the firm" [47] Carnegie Mellon UniversityUniversity of Pennsylvania, University of California Berkeley
2010 Peter Diamond cropped.jpg Peter A. Diamond Flag of the United States.svg  United States "for their analysis of markets with search frictions" [48] Massachusetts Institute of TechnologyMassachusetts Institute of Technology
Dale Mortensen.jpg Dale T. Mortensen Carnegie Mellon UniversityNorthwestern University
Christopher Pissarides.jpg Christopher A. Pissarides Flag of Cyprus.svg  Cyprus London School of EconomicsLondon School of Economics
2011 Nobel Prize 2011-Press Conference KVA-DSC 7770.jpg Thomas J. Sargent Flag of the United States.svg  United States "for their empirical research on cause and effect in the macroeconomy" [49] Harvard UniversityHoover Institution, University of Minnesota
Nobel Prize 2011-Press Conference KVA-DSC 7720.jpg Christopher A. Sims Harvard UniversityUniversity of Minnesota
2012 Al Roth, Sydney Ideas lecture 2012d.jpg Alvin E. Roth Flag of the United States.svg  United States "for the theory of stable allocations and the practice of market design." [50] Stanford UniversityStanford University, Harvard University
Shapley, Lloyd (1980) crop.jpg Lloyd S. Shapley Princeton UniversityUniversity of California, Los Angeles
2013 Eugene Fama at Nobel Prize, 2013.jpg Eugene F. Fama Flag of the United States.svg  United States "for their empirical analysis of asset prices." [51] University of ChicagoUniversity of Chicago
Lars Peter Hansen photo in 2007.jpg Lars Peter Hansen University of MinnesotaUniversity of Chicago
Robert J. Shiller 2017.jpg Robert J. Shiller Massachusetts Institute of TechnologyYale University
2014 Jean Tirole (cropped).jpg Jean Tirole Flag of France.svg  France "for his analysis of market power and regulation". [52] Massachusetts Institute of TechnologyMassachusetts Institute of Technology
Toulouse School of Economics
École des hautes études en sciences sociales
2015 Angus Deaton 0182.jpg Angus Deaton Flag of the United Kingdom.svg  United Kingdom
Flag of the United States.svg  United States
"for his analysis of consumption, poverty, and welfare". [53] University of CambridgeUniversity of Bristol, Princeton University
2016 Nobel Laureates 0983 (31117127490).jpg Oliver Hart Flag of the United Kingdom.svg  United Kingdom
Flag of the United States.svg  United States
"for their contributions to contract theory". [54] Princeton UniversityMassachusetts Institute of Technology, Harvard University
Bengt Holmstrom.jpg Bengt Holmström Flag of Finland.svg  Finland Stanford UniversityMassachusetts Institute of Technology, Yale University
2017 Richard Thaler Chatham.jpg Richard Thaler Flag of the United States.svg  United States "for his contributions to behavioural economics". [55] University of RochesterCornell University, University of Chicago
2018 William Nordhaus EM1B6005 (46234137031).jpg William Nordhaus Flag of the United States.svg  United States "for integrating climate change into long-run macroeconomic analysis" [56] Massachusetts Institute of TechnologyYale University
Paul Romer in 2005.jpg Paul Romer "for integrating technological innovations into long-run macroeconomic analysis"University of ChicagoNew York University

See also

Related Research Articles

Nobel Prize Set of annual international awards, primarily 5 established in 1895 by Alfred Nobel

The Nobel Prize is a set of annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural, or scientific advances.

Right Livelihood Award international award to honour and support those offering practical and exemplary answers to the most urgent challenges facing us today

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 Uexkull, 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 EUR 200,000. Very often one of the four laureates receives an honorary award, which means that the other three share the prize money.

Committee for the Prize in Economic Sciences in Memory of Alfred Nobel

The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel is the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and fills the same role as the Nobel Committees does 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.

References

Citations

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Sources

Nobel Foundation private institution managing the finances and administration of the Nobel Prizes

The Nobel Foundation is a private institution founded on 29 June 1900 to manage the finances and administration of the Nobel Prizes. The Foundation is based on the last will of Alfred Nobel, the inventor of dynamite.