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'''The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel''' ([[Swedish language|Swedish]]: ''Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne''), commonly referred to as the "Nobel Prize in Economics" in the [[mass media]], is awarded each year for outstanding contributions in the field of [[economics]] and is generally considered one of the two most prestigious honors in that field, along with the [[John Bates Clark Medal]] for American economists under the age of forty.<ref name="EB-NP">[http://www.britannica.com/eb/article-9056008 "Nobel Prize]" (2007), in ''[[Encyclopædia Britannica]]'', accessed [[November 14]], [[2007]], from ''Encyclopædia Britannica Online'': <nowiki><http://www.britannica.com/eb/article-9056008></nowiki>. {{quote|An additional award, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Bank of Sweden and was first awarded in 1969. Although not technically a Nobel Prize, it is identified with the award; its winners are announced with the Nobel Prize recipients, and the Prize in Economic Sciences is presented at the Nobel Prize Award Ceremony.}}</ref> While the Swedish National Bank Prize in Economics in Memory of Alfred Nobel is "identified with" the Nobel Prizes,<ref name="EB-NP"/> it is not one of the five [[Nobel Prize]]s (in Physics, Chemistry, Physiology or Medicine, Literature, and Peace) established by the will of [[Alfred Nobel]] in 1895.<ref name="NF-short_will">{{cite web | title = Excerpt from the Will of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/alfred_nobel/will/short_testamente.html | accessdate = 2007-11-07}}</ref><ref name="econ-nominators">{{cite web| title = Qualified Nominators – The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel| publisher = [[The Nobel Foundation]]| url=http://nobelprize.org/nomination/economics/nominators.html| accessdate = 2007-10-18}} "The Prize in Economics is not a Nobel Prize."</ref><ref name="nasar">{{cite book | author = Sylvia Nasar | authorlink = Sylvia Nasar | title = [[A Beautiful Mind (book)|A Beautiful Mind]] | publisher = [[Simon & Schuster]] | date = 1998 | location = New York | pages = 358 | isbn = 0-684-81906-6 | quote = It is, in fact, not a Nobel Prize, but rather 'The Central Bank of Sweden [Sveriges Riksbank] Prize in Economic Science[s] in Memory of Alfred Nobel.'&nbsp;}}</ref> The Prize in Economics (as it is frequently referred to by the [[Nobel Foundation]]) is a prize established in memory of Alfred Nobel by [[Sveriges Riksbank]] (Swedish National Bank, the [[central bank]] of [[Sweden]]) on its 300th anniversary in 1968 and first awarded in 1969.<ref name="EB-NP"/><ref name="econ-q2007">{{cite web | title = Your Questions about The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[The Nobel Foundation]] | author = Peter Englund | authorlink = Peter Englund | url = http://nobelprize.org/prize_announcements/economics/eco_questions_07.html | accessdate = 2007-10-30 | quote = The Nobel Prizes are only those that are specifically mentioned in Alfred Nobel's will (Physics, Chemistry, Physiology or Medicine, Literature and Peace). The Economics Prize came much later and is a prize in memory of Alfred Nobel. In all relevant respects the committee understands and treats economics as a field of science.}}</ref><ref name="NF-prizes">{{cite web | title = The Nobel Prize | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/ | accessdate = 2007-11-07 | quote = In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.}}</ref><ref name="bank-estab">{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/economics/ | accessdate = 2007-11-07 | quote = In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize. The first Prize in Economics was awarded to Ragnar Frisch and Jan Tinbergen in 1969}}</ref><ref>
'''The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel''' ([[Swedish language|Swedish]]: ''Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne''), commonly referred to as the "Nobel Prize in Economics" in the [[mass media]], is awarded each year for outstanding contributions in the field of [[economics]]. It is generally considered one of the two most prestigious honors in that field, along with the [[John Bates Clark Medal]] for American economists under the age of forty.<ref name="EB-NP">[http://www.britannica.com/eb/article-9056008 "Nobel Prize]" (2007), in ''[[Encyclopædia Britannica]]'', accessed [[November 14]], [[2007]], from ''Encyclopædia Britannica Online'': <nowiki><http://www.britannica.com/eb/article-9056008></nowiki>. {{quote|An additional award, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Bank of Sweden and was first awarded in 1969. Although not technically a Nobel Prize, it is identified with the award; its winners are announced with the Nobel Prize recipients, and the Prize in Economic Sciences is presented at the Nobel Prize Award Ceremony.}}</ref> While the Swedish National Bank Prize in Economics in Memory of Alfred Nobel is "identified with" the Nobel Prizes,<ref name="EB-NP"/> it is not one of the five [[Nobel Prize]]s (in Physics, Chemistry, Physiology or Medicine, Literature, and Peace) established by the will of [[Alfred Nobel]] in 1895.<ref name="NF-short_will">{{cite web | title = Excerpt from the Will of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/alfred_nobel/will/short_testamente.html | accessdate = 2007-11-07}}</ref><ref name="econ-nominators">{{cite web| title = Qualified Nominators – The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel| publisher = [[The Nobel Foundation]]| url=http://nobelprize.org/nomination/economics/nominators.html| accessdate = 2007-10-18}} "The Prize in Economics is not a Nobel Prize."</ref><ref name="nasar">{{cite book | author = Sylvia Nasar | authorlink = Sylvia Nasar | title = [[A Beautiful Mind (book)|A Beautiful Mind]] | publisher = [[Simon & Schuster]] | date = 1998 | location = New York | pages = 358 | isbn = 0-684-81906-6 | quote = It is, in fact, not a Nobel Prize, but rather 'The Central Bank of Sweden [Sveriges Riksbank] Prize in Economic Science[s] in Memory of Alfred Nobel.'&nbsp;}}</ref> The Prize in Economics (as it is frequently referred to by the [[Nobel Foundation]]) is a prize established in memory of Alfred Nobel by [[Sveriges Riksbank]] (Swedish National Bank, the [[central bank]] of [[Sweden]]) on its 300th anniversary in 1968 and first awarded in 1969.<ref name="EB-NP"/><ref name="econ-q2007">{{cite web | title = Your Questions about The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[The Nobel Foundation]] | author = Peter Englund | authorlink = Peter Englund | url = http://nobelprize.org/prize_announcements/economics/eco_questions_07.html | accessdate = 2007-10-30 | quote = The Nobel Prizes are only those that are specifically mentioned in Alfred Nobel's will (Physics, Chemistry, Physiology or Medicine, Literature and Peace). The Economics Prize came much later and is a prize in memory of Alfred Nobel. In all relevant respects the committee understands and treats economics as a field of science.}}</ref><ref name="NF-prizes">{{cite web | title = The Nobel Prize | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/ | accessdate = 2007-11-07 | quote = In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.}}</ref><ref name="bank-estab">{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/economics/ | accessdate = 2007-11-07 | quote = In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize. The first Prize in Economics was awarded to Ragnar Frisch and Jan Tinbergen in 1969}}</ref><ref>
{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[Sveriges Riksbank]] | url = http://www.riksbank.com/templates/Page.aspx?id=20286
{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[Sveriges Riksbank]] | url = http://www.riksbank.com/templates/Page.aspx?id=20286
| accessdate = 2007-11-07 | quote = Sveriges Riksbank’s Prize in Economic Sciences in Memory of Alfred Nobel was established in connection with the Riksbank’s 300th anniversary in 1968.}}</ref> Even though this Prize was instituted later, according to [[Stockholm University]] economist [[Assar Lindbeck]], the criteria for selecting its recipients, the process of their nomination and selection, and the presentation of their awards are, nevertheless, the same as those for the five Nobel Prizes.<ref name=Lindbeck>[[Assar Lindbeck]], [http://nobelprize.org/nobel_prizes/economics/articles/lindbeck/index.html "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969-2006"], ''nobelprize.org'', [[April 18]], [[1999]], accessed [[November 11]], [[2007]].</ref> Laureates in Economics are selected by the Economics Prize Committee of the [[Royal Swedish Academy of Sciences]].<ref name="statutes-econ" /> With the Nobel Laureates in [[Nobel Prize in Physics|Physics]], [[Nobel Prize in Chemistry|Chemistry]], [[Nobel Prize in Physiology or Medicine|Physiology or Medicine]], and [[Nobel Prize in Literature|Literature]], the Laureates in Economics receive their diploma, gold medal, and monetary grant award document from the [[Monarch of Sweden|King of Sweden]] at the Nobel Prize Award Ceremony in [[Stockholm]], on [[December 10]], the anniversary of Nobel's death.<ref name="NF-ceremonies">{{cite web | title = The Nobel Prize Award Ceremonies and Banquets | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/award_ceremonies/history.html | accessdate = 2007-11-07}}</ref> An endowment "in perpetuity" from Sveriges Riksbank covers the [[Nobel Foundation]]'s administrative expenses associated with this particular Prize and funds the monetary part of the award.<ref name=Lindbeck/><ref name="statutes-econ">{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968 | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobelfoundation/statutes-eco.html | accessdate = 2007-10-18}}</ref> Since 2001, the monetary grant has been 10&nbsp;million [[Swedish krona|Swedish kronor]] (approx. [[US dollar|US$]]1.5&nbsp;million; 1.1&nbsp;million [[Euro]], in November 2007).<ref name="econ-cash">{{cite web | title = The Prize Amount | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/economics/amount.html | accessdate = 2007-10-18}}</ref>
| accessdate = 2007-11-07 | quote = Sveriges Riksbank’s Prize in Economic Sciences in Memory of Alfred Nobel was established in connection with the Riksbank’s 300th anniversary in 1968.}}</ref> Even though this Prize was instituted later, according to [[Stockholm University]] economist [[Assar Lindbeck]], the criteria for selecting its recipients, the process of their nomination and selection, and the presentation of their awards are, nevertheless, the same as those for the five Nobel Prizes.<ref name=Lindbeck>[[Assar Lindbeck]], [http://nobelprize.org/nobel_prizes/economics/articles/lindbeck/index.html "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969-2006"], ''nobelprize.org'', [[April 18]], [[1999]], accessed [[November 11]], [[2007]].</ref> Laureates in Economics are selected by the Economics Prize Committee of the [[Royal Swedish Academy of Sciences]].<ref name="statutes-econ" /> With the Nobel Laureates in [[Nobel Prize in Physics|Physics]], [[Nobel Prize in Chemistry|Chemistry]], [[Nobel Prize in Physiology or Medicine|Physiology or Medicine]], and [[Nobel Prize in Literature|Literature]], the Laureates in Economics receive their diploma, gold medal, and monetary grant award document from the [[Monarch of Sweden|King of Sweden]] at the Nobel Prize Award Ceremony in [[Stockholm]], on [[December 10]], the anniversary of Nobel's death.<ref name="NF-ceremonies">{{cite web | title = The Nobel Prize Award Ceremonies and Banquets | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/award_ceremonies/history.html | accessdate = 2007-11-07}}</ref> An endowment "in perpetuity" from Sveriges Riksbank covers the [[Nobel Foundation]]'s administrative expenses associated with this particular Prize and funds the monetary part of the award.<ref name=Lindbeck/><ref name="statutes-econ">{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968 | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobelfoundation/statutes-eco.html | accessdate = 2007-10-18}}</ref> Since 2001, the monetary grant has been 10&nbsp;million [[Swedish krona|Swedish kronor]] (approx. [[US dollar|US$]]1.5&nbsp;million; 1.1&nbsp;million [[Euro]], in November 2007).<ref name="econ-cash">{{cite web | title = The Prize Amount | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/economics/amount.html | accessdate = 2007-10-18}}</ref>

Revision as of 13:06, 15 November 2007

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly referred to as the "Nobel Prize in Economics" in the mass media, is awarded each year for outstanding contributions in the field of economics. It is generally considered one of the two most prestigious honors in that field, along with the John Bates Clark Medal for American economists under the age of forty.[1] While the Swedish National Bank Prize in Economics in Memory of Alfred Nobel is "identified with" the Nobel Prizes,[1] it is not one of the five Nobel Prizes (in Physics, Chemistry, Physiology or Medicine, Literature, and Peace) established by the will of Alfred Nobel in 1895.[2][3][4] The Prize in Economics (as it is frequently referred to by the Nobel Foundation) is a prize established in memory of Alfred Nobel by Sveriges Riksbank (Swedish National Bank, the central bank of Sweden) on its 300th anniversary in 1968 and first awarded in 1969.[1][5][6][7][8] Even though this Prize was instituted later, according to Stockholm University economist Assar Lindbeck, the criteria for selecting its recipients, the process of their nomination and selection, and the presentation of their awards are, nevertheless, the same as those for the five Nobel Prizes.[9] Laureates in Economics are selected by the Economics Prize Committee of the Royal Swedish Academy of Sciences.[10] With the Nobel Laureates in Physics, Chemistry, Physiology or Medicine, and Literature, the Laureates in Economics receive their diploma, gold medal, and monetary grant award document from the King of Sweden at the Nobel Prize Award Ceremony in Stockholm, on December 10, the anniversary of Nobel's death.[11] An endowment "in perpetuity" from Sveriges Riksbank covers the Nobel Foundation's administrative expenses associated with this particular Prize and funds the monetary part of the award.[9][10] Since 2001, the monetary grant has been 10 million Swedish kronor (approx. US$1.5 million; 1.1 million Euro, in November 2007).[12]

Award process

The Prize in Economics is awarded by the Royal Swedish Academy of Sciences "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will."[10] and awarded to those who (in the words of Nobel's will) "have conferred the greatest benefit on mankind."[2] The Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and Chemistry, the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the Crafoord Prize and a number of other large prizes" (official website).

Each September, the Academy's Economics Prize Committee, which consists of five elected members, issues 3,000 invitations to professors, scientists, and other qualified nominators requesting proposals for candidates for the following year's Prize.[10][13] All proposals and their supporting evidence must be received before February 1.[13] Afterwards, the proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, then the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next economics laureate.[10][14][15] As with the Nobel Prizes, no more than three people can share the prize for a given year, they must still be living at the time of the Prize announcement in October, and information about Prize nominations cannot be publicly disclosed for 50 years.[13]

The Laureates in Economics receive their diploma and gold medal from the Monarch of Sweden at the same December 10 ceremony in Stockholm as the Nobel Laureates in Physics, Chemistry, Physiology or Medicine, and Literature. The monetary award for the economics laureates is equal to that of the Nobel Prizes, and, since 2001, has been 10 million Swedish kronor (approximately US$1.5 million; 1.1 million Euro, November 2007).[12]

In February 1995, after some acrimony pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was re-defined as a prize in social sciences, opening it to great contributions in fields like political science, psychology, and sociology.[16] Moreover, the composition of the Economics Prize Committee changed, so that, whereas previously the committee had consisted of five economists among its five members selecting the recipient(s), thereafter it would include two non-economists.[16]

Controversies and criticisms

Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, an association which has often been a source of controversy. Among the most vocal critics of the Prize in Economics is the Swedish human rights lawyer Peter Nobel, who is a great-grandnephew of Alfred Nobel.[17] Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the Prize in Economics should be abolished.[18] Myrdal's objections were based on his view that the 1976 Prize in Economics to Milton Friedman and the 1974 Prize in Economics shared by Friedrich Hayek (both classical liberal economists) were undeserved, not on an argument that the field of Economics did not qualify as a science. If he himself had been asked about the establishment of the Prize before receiving it, Hayek stated that he would "have decidedly advised against it."[18][19]

Some critics claim the selection of recipients for the Prize in Economics demonstrates a bias towards mainstream economics.[20][21] The Department of Economics at the University of Chicago has garnered eight of these Prizes–more than any other university–leading some critics of the Prize to perceive that such an outcome demonstrates either a bias or the appearance of a bias against candidates with an alternate view, such as heterodox candidates.[citation needed]

Nassim Taleb criticises the Prize for promoting economic theories that misunderstand risk. He points to the 1990 Prize in Economics to William Sharpe and Harry Markowitz for theories that, he says, had already been undermined by the stock market crash of 1987, the 1997 Prize to Robert C. Merton and Myron Scholes for their option pricing formula, and the 2003 Prize to Robert F. Engle for his "ARCH" method of prediction of volatility that Taleb claims underperforms volatility forecasts made by ordinary traders.[22]

Alternative names

The official Swedish name of the Prize is Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. The Nobel Foundation's translations of the Swedish name into English have varied since 1969, as demonstrated in the following chart:

Years Official name in English
1969–1970 Prize in Economic Science dedicated to the memory of Alfred Nobel[23][24]
1971 Prize in Economic Science[25]
1972 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[26]
1973–1975 Prize in Economic Science in Memory of Alfred Nobel[27][28]
1976–1977, 1983 Prize in Economic Sciences in Memory of Alfred Nobel[29][30][31]
1978–1981, 1984–1990 Alfred Nobel Memorial Prize in Economic Sciences[32][33][34][35]
1982 Alfred Nobel Memorial Prize in Economic Science[36]
1991 Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel[37]
1992–2005 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[38][39]
2006-present The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[40][41]

During the Nobel Banquet, some Laureates have not referred to the Prize in Economics. The following chart provides references that have been made to it:

Year: Laureate Laureate's name for the prize
1969: Jan Tinbergen[42] Alfred Nobel Memorial Prize for Economics
1970: Paul A. Samuelson[43] Alfred Nobel Memorial Awards in Economics
1971: Simon Kuznets,[44]
1994: John C. Harsanyi[45] 		Nobel Memorial Prize
1974: Friedrich August von Hayek[46] Nobel Memorial Prize for economic science
1975: Tjalling C. Koopmans[47] award for economics
1976: Milton Friedman,[48]
1981: James Tobin[49],
2006: Edmund S. Phelps[50] 		Prize in Economic Sciences in Memory of Alfred Nobel
1979: Theodore W. Schultz,[51]
1995: Robert E. Lucas Jr.,[52] 		Nobel Prize in Economics
1988: Maurice Allais[53] Prix Nobel d'Economie (French for Nobel Prize in Economics)
1981: Lawrence R. Klein[54] Prize in Economic Science

The press and other agencies have also called the prize:

  • Nobel Memorial Prize in Economic Sciences[55]
  • Nobel Memorial Prize in Economic Science[56]
  • Nobel Memorial Prize in Economics[57][58]
  • Nobel Memorial Prize[59]

Laureates

The following chart lists all Laureates in Economics, the dates of their awards, their nationalities, and their award citations.[60]

Year Name Nationality Citations
1969 Ragnar Frisch
Jan Tinbergen 		 Norway
 Netherlands 		for having developed and applied dynamic models for the analysis of economic processes
1970 Paul Samuelson  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
1971 Simon Kuznets  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
1972 John Hicks
Kenneth Arrow 		 United Kingdom
 United States 		for their pioneering contributions to general economic equilibrium theory and welfare theory
1973 Wassily Leontief  United States for the development of the input-output method and for its application to important economic problems.
1974 Gunnar Myrdal
Friedrich Hayek 		 Sweden
 Austria 		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
1975 Leonid Kantorovich
Tjalling Koopmans 		 Soviet Union
 United States 		for their contributions to the theory of optimum allocation of resources
1976 Milton Friedman  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
1977 Bertil Ohlin
James Meade 		 Sweden
 United Kingdom 		for their pathbreaking contribution to the theory of international trade and international capital movements
1978 Herbert Simon  United States for his pioneering research into the decision-making process within economic organizations
1979 Theodore Schultz
Arthur Lewis 		 United States
 Saint Lucia 		for their pioneering research into economic development research with particular consideration of the problems of developing countries.
1980 Lawrence Klein  United States for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies
1981 James Tobin  United States for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices
1982 George Stigler  United States for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation
1983 Gérard Debreu  United States for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium.
1984 Richard Stone  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
1985 Franco Modigliani  Italy /  United States for his pioneering analyses of saving and of financial markets
1986 James M. Buchanan  United States for his development of the contractual and constitutional bases for the theory of economic and political decision-making
1987 Robert Solow  United States for his contributions to the theory of economic growth
1988 Maurice Allais  France for his pioneering contributions to the theory of markets and efficient utilization of resources
1989 Trygve Haavelmo  Norway for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures
1990 Harry Markowitz
Merton Miller
William Forsyth Sharpe 		 United States for their pioneering work in the theory of financial economics
1991 Ronald Coase  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
1992 Gary Becker  United States for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour
1993 Robert Fogel
Douglass North 		 United States for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change
1994 John Harsanyi
John Forbes Nash
Reinhard Selten 		 United States
 United States
 Germany 		for their pioneering analysis of equilibria in the theory of non-cooperative games
1995 Robert Lucas, Jr.  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
1996 James Mirrlees
William Vickrey 		 United Kingdom
 United States 		for their fundamental contributions to the economic theory of incentives under asymmetric information
1997 Robert C. Merton
Myron Scholes 		 United States for a new method to determine the value of derivatives
1998 Amartya Sen  India for his contributions to welfare economics
1999 Robert Mundell  Canada for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas
2000 James Heckman  United States for his development of theory and methods for analyzing selective samples
Daniel McFadden  United States for his development of theory and methods for analyzing discrete choice
2001 George Akerlof
Michael Spence
Joseph E. Stiglitz 		 United States for their analyses of markets with asymmetric information.
2002 Daniel Kahneman  United States /  Israel for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty
Vernon L. Smith  United States for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms
2003 Robert F. Engle  United States for methods of analyzing economic time series with time-varying volatility (ARCH)
Clive Granger  United Kingdom for methods of analyzing economic time series with common trends (cointegration)
2004 Finn E. Kydland
Edward C. Prescott 		 Norway
 United States 		for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles
2005 Robert Aumann (ישראל אומן)
Thomas Schelling 		 Israel /  United States
 United States 		for having enhanced our understanding of conflict and cooperation through game-theory analysis
2006 Edmund Phelps  United States for his analysis of intertemporal tradeoffs in macroeconomic policy
2007 Leonid Hurwicz
Eric Maskin
Roger Myerson 		 United States for having laid the foundations of mechanism design theory

Demographics of the Laureates in Economics

Whereas the five Nobel Prizes have been awared to females, all Laureates in Economics so far have been men.[61]

In the television series The West Wing, the fictional U.S. President Josiah Bartlet is a Laureate in Economics.

References

  1. ^ a b c "Nobel Prize" (2007), in Encyclopædia Britannica, accessed November 14, 2007, from Encyclopædia Britannica Online: <http://www.britannica.com/eb/article-9056008>.

    An additional award, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Bank of Sweden and was first awarded in 1969. Although not technically a Nobel Prize, it is identified with the award; its winners are announced with the Nobel Prize recipients, and the Prize in Economic Sciences is presented at the Nobel Prize Award Ceremony.
  2. ^ a b "Excerpt from the Will of Alfred Nobel". The Nobel Foundation. Retrieved 2007-11-07.
  3. ^ "Qualified Nominators – The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". The Nobel Foundation. Retrieved 2007-10-18. "The Prize in Economics is not a Nobel Prize."
  4. ^ Sylvia Nasar (1998). A Beautiful Mind. New York: Simon & Schuster. p. 358. ISBN 0-684-81906-6. It is, in fact, not a Nobel Prize, but rather 'The Central Bank of Sweden [Sveriges Riksbank] Prize in Economic Science[s] in Memory of Alfred Nobel.' 
  5. ^ Peter Englund. "Your Questions about The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". The Nobel Foundation. Retrieved 2007-10-30. The Nobel Prizes are only those that are specifically mentioned in Alfred Nobel's will (Physics, Chemistry, Physiology or Medicine, Literature and Peace). The Economics Prize came much later and is a prize in memory of Alfred Nobel. In all relevant respects the committee understands and treats economics as a field of science.
  6. ^ "The Nobel Prize". The Nobel Foundation. Retrieved 2007-11-07. In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.
  7. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". The Nobel Foundation. Retrieved 2007-11-07. In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize. The first Prize in Economics was awarded to Ragnar Frisch and Jan Tinbergen in 1969
  8. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". Sveriges Riksbank. Retrieved 2007-11-07. Sveriges Riksbank's Prize in Economic Sciences in Memory of Alfred Nobel was established in connection with the Riksbank's 300th anniversary in 1968.
  9. ^ a b Assar Lindbeck, "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969-2006", nobelprize.org, April 18, 1999, accessed November 11, 2007.
  10. ^ a b c d e "Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968". The Nobel Foundation. Retrieved 2007-10-18. Cite error: The named reference "statutes-econ" was defined multiple times with different content (see the help page).
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