List of Nobel Memorial Prize laureates in Economics
The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is awarded annually by the Royal Swedish Academy of Sciences to researchers in the field of economics.[1] The first award was given 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 announcement of the 2008 Nobel Memorial Prize in Economic Sciences
in Stockholm. The winner of the prize was Paul Krugman.
As of the awarding of the 2014 prize, 46 Nobel Memorial Prizes in Economic Sciences have been given to 75 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 Nobel laureates in Economics is the University of Chicago, which has 28 affiliated laureates.[7]
Year | Laureate | Country | Schools of economic thought | Rationale | |
---|---|---|---|---|---|
1969 | ![]() | Ragnar Frisch | ![]() | "for having developed and applied dynamic models for the analysis of economic processes"[2] | |
![]() | Jan Tinbergen | ![]() | |||
1970 | ![]() | Paul Samuelson | ![]() | Keynesian | "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] |
1971 | ![]() | Simon Kuznets | ![]() | Institutional | "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] |
1972 | ![]() | John Hicks | ![]() | Keynesian | "for their pioneering contributions to general economic equilibrium theory and welfare theory."[10] |
![]() | Kenneth Arrow | ![]() | Neoclassical | ||
1973 | ![]() | Wassily Leontief | ![]() ![]() | "for the development of the input-output method and for its application to important economic problems"[11] | |
1974 | ![]() | Gunnar Myrdal | ![]() | Monetarism | "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] |
![]() | Friedrich Hayek | ![]() ![]() | Austrian | ||
1975 | ![]() | Leonid Kantorovich | ![]() | "for their contributions to the theory of optimum allocation of resources"[13] | |
![]() | Tjalling Koopmans | ![]() ![]() | |||
1976 | ![]() | Milton Friedman | ![]() | Chicago | "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy"[14] |
1977 | ![]() | Bertil Ohlin | ![]() | Stockholm | "for their pathbreaking contribution to the theory of international trade and international capital movements"[15] |
![]() | James Meade | ![]() | Keynesian | ||
1978 | ![]() | Herbert A. Simon | ![]() | Carnegie | "for his pioneering research into the decision-making process within economic organizations"[16] |
1979 | ![]() | Theodore Schultz | ![]() | Chicago | "for their pioneering research into economic development research with particular consideration of the problems of developing countries."[17] |
![]() | Arthur Lewis | ![]() ![]() | |||
1980 | Lawrence Klein | ![]() | Keynesian | "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"[18] | |
1981 | ![]() | James Tobin | ![]() | Keynesian | "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"[19] |
1982 | ![]() | George Stigler | ![]() | Chicago | "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation"[20] |
1983 | ![]() | Gérard Debreu | ![]() | Neoclassical | "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium"[21] |
1984 | ![]() | Richard Stone | ![]() | "for having made fundamental contributions to the development of systems ofnational accounts and hence greatly improved the basis for empirical economic analysis"[22] | |
1985 | ![]() | Franco Modigliani | ![]() | Keynesian | "for his pioneering analyses of saving and of financial markets"[23] |
1986 | ![]() | James M. Buchanan | ![]() | Chicago | "for his development of the contractual and constitutional bases for the theory of economic and political decision-making"[24] |
1987 | ![]() | Robert Solow | ![]() | Keynesian | "for his contributions to the theory of economic growth"[25] |
1988 | ![]() | Maurice Allais | ![]() | Neoclassical | "for his pioneering contributions to the theory of markets and efficient utilization of resources"[26] |
1989 | ![]() | Trygve Haavelmo | ![]() | Keynesian | "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"[27] |
1990 | Harry Markowitz | ![]() | Chicago | "for their pioneering work in the theory of financial economics"[28] | |
![]() | Merton Miller | Chicago | |||
![]() | William F. Sharpe | ||||
1991 | Ronald Coase | ![]() | Chicago | "for his discovery and clarification of the significance of transaction costs andproperty rights for the institutional structure and functioning of the economy"[29] | |
1992 | ![]() | Gary Becker | ![]() | Chicago | "for having extended the domain of microeconomic analysis to a wide range ofhuman behaviour and interaction, including non-market behaviour"[30] |
1993 | ![]() | Robert Fogel | ![]() | Chicago | "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"[31] |
Douglass North | New institutional | ||||
1994 | ![]() | John Harsanyi | ![]() | "for their pioneering analysis of equilibria in the theory of non-cooperative games."[32] | |
![]() | John Forbes Nash | ||||
![]() | Reinhard Selten | ![]() | |||
1995 | Robert Lucas, Jr. | ![]() | New classical | "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy"[33] | |
1996 | James Mirrlees | ![]() | "for their fundamental contributions to the economic theory of incentives under asymmetric information"[34] | ||
![]() | William Vickrey | ![]() ![]() | Keynesian | ||
1997 | ![]() | Robert C. Merton | ![]() | "for a new method to determine the value of derivatives."[35] | |
![]() | Myron Scholes | ![]() ![]() | Chicago | ||
1998 | ![]() | Amartya Sen | ![]() | Capability approach | "for his contributions to welfare economics"[36] |
1999 | ![]() | Robert Mundell | ![]() | Keynesian | "for his analysis of monetary and fiscal policy under different exchange rateregimes and his analysis of optimum currency areas"[37] |
2000 | ![]() | James Heckman | ![]() | Chicago | "for his development of theory and methods for analyzing selective samples"[38] |
![]() | Daniel McFadden | ![]() | "for his development of theory and methods for analyzing discrete choice"[38] | ||
2001 | ![]() | George Akerlof | ![]() | Keynesian | "for their analyses of markets with asymmetric information"[39] |
![]() | Michael Spence | ||||
![]() | Joseph E. Stiglitz | Keynesian | |||
2002 | ![]() | Daniel Kahneman | ![]() ![]() | Behavioral | "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[40] |
![]() | Vernon L. Smith | ![]() | New classical | "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"[40] | |
2003 | ![]() | Robert F. Engle | ![]() | "for methods of analyzing economic time series with time-varying volatility(ARCH)"[41] | |
![]() | Clive Granger | ![]() | "for methods of analyzing economic time series with common trends (cointegration)"[41] | ||
2004 | ![]() | Finn E. Kydland | ![]() | New classical | "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."[42] |
![]() | Edward C. Prescott | ![]() | New classical | ||
2005 | ![]() | Robert J. Aumann | ![]() ![]() | "for having enhanced our understanding of conflict and cooperation throughgame-theory analysis."[43] | |
![]() | Thomas C. Schelling | ![]() | |||
2006 | ![]() | Edmund S. Phelps | ![]() | "for his analysis of intertemporal tradeoffs in macroeconomic policy"[44] | |
2007 | ![]() | Leonid Hurwicz | ![]() ![]() | "for having laid the foundations of mechanism design theory"[45] | |
![]() | Eric S. Maskin | ![]() | |||
![]() | Roger B. Myerson | ||||
2008 | ![]() | Paul Krugman | ![]() | Keynesian | "for his analysis of trade patterns and location of economic activity"[46] |
2009 | ![]() | Elinor Ostrom | ![]() | New institutional | "for her analysis of economic governance, especially the commons"[47] |
![]() | Oliver E. Williamson | New institutional | "for his analysis of economic governance, especially the boundaries of the firm"[47] | ||
2010 | ![]() | Peter A. Diamond | ![]() | "for their analysis of markets with search frictions"[48] | |
![]() | Dale T. Mortensen | ||||
![]() | Christopher A. Pissarides | ![]() | |||
2011 | ![]() | Thomas J. Sargent | ![]() | Neoclassical | "for their empirical research on cause and effect in the macroeconomy"[49] |
![]() | Christopher A. Sims | Neoclassical | |||
2012 | ![]() | Alvin E. Roth | ![]() | "for the theory of stable allocations and the practice of market design."[50] | |
![]() | Lloyd S. Shapley | ||||
2013 | ![]() | Eugene F. Fama | ![]() | Chicago | "for their empirical analysis of asset prices."[51] |
![]() | Lars Peter Hansen | Chicago | |||
![]() | Robert J. Shiller | Keynesian | |||
2014 | Jean Tirole | ![]() | "for his analysis of market power and regulation".[52] |
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