Bank of Sweden Prize in Economic Sciences

Bank of Sweden Prize in Economic Sciences is an award established by Sveriges Riksbank, the central bank of Sweden, in memory of Alfred Nobel, the founder of the Nobel Prizes. The prize is awarded annually to recognize outstanding contributions in the field of Economics, as acknowledged by University of Chicago, Harvard University, and Massachusetts Institute of Technology. It is presented by the Royal Swedish Academy of Sciences, in collaboration with Stockholm School of Economics and University of Stockholm. The award is often referred to as the "Nobel Prize in Economics" due to its association with the Nobel Foundation and the Nobel Prize winners, such as Milton Friedman, Paul Samuelson, and Joseph Stiglitz.

● Introduction

The Bank of Sweden Prize in Economic Sciences is considered one of the most prestigious awards in the field of Economics, alongside the John Bates Clark Medal and the Fischer Black Prize. The prize is awarded to economists who have made significant contributions to the field, as recognized by American Economic Association, Econometric Society, and International Economic Association. The award is presented at a ceremony in Stockholm, Sweden, where the laureates receive a gold medal, a diploma, and a cash award, similar to the Nobel Prize in Physics and Nobel Prize in Chemistry. The prize has been awarded to economists from renowned institutions, including Stanford University, University of California, Berkeley, and Columbia University.

● History

The Bank of Sweden Prize in Economic Sciences was established in 1968 by Sveriges Riksbank to commemorate the 300th anniversary of the bank, with the support of Swedish Ministry of Finance and Swedish Royal Family. The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen, two economists who made significant contributions to the development of Econometrics, a field also recognized by National Bureau of Economic Research and Federal Reserve System. Since then, the prize has been awarded annually to recognize outstanding contributions in the field of Economics, including Microeconomics, Macroeconomics, and International Trade, as studied at London School of Economics and University of Oxford.

● Selection Process

The selection process for the Bank of Sweden Prize in Economic Sciences is rigorous and involves several steps, overseen by Royal Swedish Academy of Sciences and Nobel Committee. The process begins with a nomination period, during which economists from around the world, including those from World Bank, International Monetary Fund, and European Central Bank, are invited to submit nominations. The nominations are then reviewed by a committee of experts, which includes members from University of Cambridge, Princeton University, and California Institute of Technology. The committee selects a shortlist of candidates, and the final decision is made by the Royal Swedish Academy of Sciences, in consultation with Sveriges Riksbank and Swedish Government.

● Notable Laureates

Many notable economists have been awarded the Bank of Sweden Prize in Economic Sciences, including Milton Friedman, Paul Samuelson, and Joseph Stiglitz, who have also been recognized by American Economic Review, Journal of Economic Perspectives, and National Academy of Sciences. Other notable laureates include Gary Becker, Robert Solow, and Amartya Sen, who have made significant contributions to the field of Economics, as acknowledged by University of California, Los Angeles, New York University, and University of Michigan. The prize has also been awarded to economists who have made significant contributions to the development of Game Theory, including John Nash and Reinhard Selten, who have also been recognized by RAND Corporation and Santa Fe Institute.

● Criticisms and Controversies

The Bank of Sweden Prize in Economic Sciences has faced several criticisms and controversies over the years, including concerns about the selection process and the lack of diversity among the laureates, as discussed by The Economist, Financial Times, and The New York Times. Some critics have argued that the prize is too focused on Neoclassical Economics and does not recognize the contributions of economists from other schools of thought, such as Keynesian Economics and Marxian Economics, as studied at University of Paris and University of Rome. Others have criticized the prize for being too closely tied to the Nobel Foundation and the Nobel Prizes, which are awarded in the fields of Physics, Chemistry, Medicine, Literature, and Peace, as recognized by Nobel Committee and Swedish Academy.

● List of Laureates

The list of laureates of the Bank of Sweden Prize in Economic Sciences includes: * Ragnar Frisch and Jan Tinbergen (1969) * Paul Samuelson (1970) * Simon Kuznets (1971) * John Hicks and Kenneth Arrow (1972) * Wassily Leontief (1973) * Gunnar Myrdal and Friedrich Hayek (1974) * Leonid Vitaliyevich Kantorovich and Tjalling Koopmans (1975) * Milton Friedman (1976) * Bertil Ohlin and James Meade (1977) * Herbert Simon (1978) * Theodore Schultz and William Arthur Lewis (1979) * Lawrence Klein (1980) * James Tobin (1981) * George Stigler (1982) * Gérard Debreu (1983) * Richard Stone (1984) * Franco Modigliani (1985) * James Buchanan (1986) * Robert Solow (1987) * Maurice Allais (1988) * Trygve Haavelmo (1989) * Merton Miller, Harry Markowitz, and William Sharpe (1990) * Ronald Coase (1991) * Gary Becker (1992) * Robert Fogel and Douglass North (1993) * John Nash, Reinhard Selten, and John Harsanyi (1994) * Robert Lucas (1995) * James Mirrlees and William Vickrey (1996) * Robert Merton and Myron Scholes (1997) * Amartya Sen (1998) * Robert Mundell (1999) * James Heckman and Daniel McFadden (2000) * George Akerlof, Michael Spence, and Joseph Stiglitz (2001) * Daniel Kahneman and Vernon Smith (2002) * Robert Engle and Clive Granger (2003) * Finn Kydland and Edward Prescott (2004) * Robert Aumann and Thomas Schelling (2005) * Edmund Phelps (2006) * Leonid Hurwicz, Eric Maskin, and Roger Myerson (2007) * Paul Krugman (2008) * Elinor Ostrom and Oliver Williamson (2009) * Peter Diamond, Dale Mortensen, and Christopher Pissarides (2010) * Thomas Sargent and Christopher Sims (2011) * Alvin Roth and Lloyd Shapley (2012) * Eugene Fama, Lars Hansen, and Robert Shiller (2013) * Jean Tirole (2014) * Angus Deaton (2015) * Oliver Hart and Bengt Holmström (2016) * Richard Thaler (2017) * William Nordhaus and Paul Romer (2018) * Abhijit Banerjee, Esther Duflo, and Michael Kremer (2019) * Paul Milgrom and Robert Wilson (2020) * David Card, Joshua Angrist, and Guido Imbens (2021) * Ben Bernanke, Douglas Diamond, and Philip Dybvig (2022)

Category:Bank of Sweden Prize in Economic Sciences