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.
History of economic thought
In 1954 Saint Lucian economist Sir Arthur Lewis (1915–1991) proposed the Dual Sector Model of Development Economics, which claims that capitalism expands by making use of an unlimited supply of labor from the backward non-capitalist "subsistence sector" until it reaches the Lewisian breaking point where wages begin to rise, receiving the 1979 Nobel Economics Prize.