Nobel Memorial Prize in Economic Sciences
The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes". In 2009, Elinor Ostrom became the first woman awarded the prize.
Kiel Institute for the World Economy
Erich Schneider (1900–1970) succeeded Fritz Baade as the director of the Institute in 1961. As the leading proponent of Keynesianism in Germany at the time and the author of a multivolume bestseller entitled "Einführung in die Volkwirtschaftslehre" (Introduction to Economics), he affiliated the Institute more closely with the University of Kiel, which resulted in many researchers at the Institute becoming professors at German and non-German universities. He also established the Bernhard Harms Prize in 1964 upon the Institute's 50th anniversary. The first person to be awarded the prize, Gerhard Colm, was a former researcher at the Institute, a professor, an advisor to President Truman, and the engineer of the German currency reform in 1948. By the 1970s, the Institute was recognized as "the most prestigious of the five main economic think tanks in Germany".