Nobel Memorial Prize in Economic Sciences
Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".
Regulatory economics
There are various schools of economics that push for restrictions and limitations on governmental role in economic markets. Economists who advocate these policies do not necessarily share principles, such as Nobel prize-winning economists Milton Friedman (monetarist school), George Stigler (Chicago School of Economics / Neo-Classical Economics), Friedrich Hayek (Austrian School of Economics), and James M. Buchanan (Virginia School of Political Economy) as well as Richard Posner (Chicago School / Pragmatism). Generally, these schools attest that government needs to limit its involvement in economic sectors and focus instead on protecting individual rights (life, liberty, and property). This position is alternatively summarized in what is known as the Iron Law of Regulation, which states that all government regulation eventually leads to a net loss in social welfare.