Simon Kuznets won the Nobel Memorial Prize in Economic Sciences ("the Nobel Memorial Prize") in 1971 "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". Milton Friedman won the Nobel Memorial Prize in 1976 for "his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy". Robert Fogel and Douglass North won the Nobel Memorial Prize in 1993 for "having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change".