Nobel laureates in Economics

Nobel laureates in Economics
Name	Nobel Memorial Prize in Economic Sciences
Awarded for	Outstanding contributions to the field of economics
Sponsor	Sveriges Riksbank
Country	Sweden
Presenter	Royal Swedish Academy of Sciences
Year	1969
Website	https://www.nobelprize.org/prizes/economic-sciences/

Nobel laureates in Economics, officially the recipients of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, are individuals recognized for groundbreaking contributions to the science of economics. Awarded annually by the Royal Swedish Academy of Sciences, the prize was established in 1968 and first conferred in 1969, making it distinct from the original five prizes outlined in Alfred Nobel's will. Laureates have been honored for developing new analytical methods, constructing influential models, and providing deep insights into complex economic mechanisms, influencing global policy and academic thought.

History and establishment

The prize was established in 1968 through a donation from Sveriges Riksbank, the central bank of Sweden, on the occasion of its 300th anniversary. The move was formally sanctioned by the Nobel Foundation and is administered alongside the original Nobel Prizes, with the first award presented in 1969. The creation followed discussions within the Swedish economic community and was influenced by figures like Assar Lindbeck, who later served on the prize committee. While it shares the prestige and selection procedures of the traditional awards, its legal and financial basis is separate, being funded by an endowment from the Riksbank rather than Alfred Nobel's estate.

Selection process and criteria

The selection is conducted by the Royal Swedish Academy of Sciences, which appoints a prize committee typically consisting of five economists. The process begins with confidential invitations sent to thousands of academics, previous laureates, and members of other academies to submit nominations. The committee then evaluates the candidates based on the originality, scientific significance, and global impact of their research, with deliberations often spanning years. The final decision is made by a vote within the full Academy, following a tradition of rigorous scrutiny similar to that for the prizes in Physics or Chemistry. The announcement is made in early October, preceding the award ceremony in Stockholm held on December 10.

Laureates by year

Since its inception, the prize has been awarded annually, with exceptions in years when no suitable candidate was found. The inaugural laureates in 1969 were Ragnar Frisch and Jan Tinbergen, honored for developing and applying dynamic models to economic analysis. Subsequent years have seen a diverse array of recipients, from pioneers of game theory like John Forbes Nash Jr. to scholars of behavioral economics such as Daniel Kahneman and Richard Thaler. Some years have featured joint awards to three individuals, as in 2020 for improvements to auction theory, while others have recognized singular, transformative contributions to fields like contract theory or economic growth.

Fields of contribution

Laureates have been recognized for advancing numerous sub-disciplines within economics. Major areas include macroeconomics, with work on business cycles, monetary policy, and economic growth by figures like Milton Friedman and Robert Solow. The field of microeconomics has been honored through contributions to game theory, market design, and information economics, associated with scholars like Roger Myerson and Joseph Stiglitz. Other significant domains include econometrics, development economics, financial economics, and the interdisciplinary field of behavioral economics, which integrates insights from psychology.

Impact and criticism

The prize has significantly elevated the public profile of economic science and influenced policy at institutions like the International Monetary Fund, the World Bank, and national governments. However, it has also faced sustained criticism, notably from members of the Nobel family, who argue it dilutes the legacy of Alfred Nobel. Some economists, including Friedrich Hayek in his acceptance speech, have expressed concern over the prize conferring undue authority on the discipline. Debates also persist regarding a perceived bias towards neoclassical economics, theorists from institutions like the University of Chicago, and male laureates from North America and Western Europe.

Notable laureates and contributions

Among the most cited laureates is Paul Samuelson, the first American recipient, honored for elevating the scientific rigor of economic theory. Milton Friedman was recognized for his work on consumption analysis, monetary history, and advocacy of free-market policies. Amartya Sen received the prize for his contributions to welfare economics and theories of famine. More recently, Esther Duflo, the youngest ever laureate, was awarded for her experimental approach to alleviating global poverty. The work of Elinor Ostrom on common-pool resources challenged conventional wisdom about property rights, while Robert Shiller's analysis of asset price volatility has shaped modern financial economics.

Category:Nobel laureates in Economics Category:Science and technology awards