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".
Chicago school of economics
George Stigler (1911–1991) was tutored for his thesis by Frank Knight and was awarded the Nobel Prize in Economics in 1982. He is best known for developing the "Economic Theory of Regulation", also known as regulatory capture, which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them. This theory is an important component of the Public Choice field of economics. He also carried out extensive research into the history of economic thought. His 1962 article "Information in the Labor Market" developed the theory of search unemployment.