Who won the first Nobel prize for economics?
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".
Erwin Plein Nemmers Prize in Economics
The Erwin Plein Nemmers Prize in Economics is awarded biennially from Northwestern University. It was initially endowed along with a companion prize, the Frederic Esser Nemmers Prize in Mathematics. Both are part a $14 million donation from the Nemmers brothers, who envisioned creating an award that would be as prestigious as the Nobel prize. Seven out of the past 11 Nemmers economics prize winners have gone on to win a Nobel Prize : Peter Diamond, Thomas J. Sargent, Robert Aumann, Daniel McFadden, Edward C. Prescott, Lars Peter Hansen, and, most recently, Jean Tirole.
Those who already have won a Nobel Prize are ineligible to receive a Nemmers prize. The Nemmers prizes are given in recognition of major contributions to new knowledge or the development of significant new modes of analysis in the respective disciplines. Currently, the prize carries a $200,000 stipend, among the largest monetary awards in the United States for outstanding achievements in economics.
William Nordhaus
William Dawbney Nordhaus (born May 31, 1941) is an American economist and Sterling Professor of Economics at Yale University, best known for his work in economic modelling and climate change. He is one of the laureates of the 2018 Nobel Memorial Prize in Economic Sciences. Nordhaus received the prize "for integrating climate change into long-run macroeconomic analysis".
History of economic thought
Joseph E. Stiglitz (1943–) also received the Nobel Economics Prize in 2001 for his work in Information Economics. He has served as chairman of President Clinton's Council of Economic Advisers, and as chief economist for the World Bank. Stiglitz has taught at many universities, including Columbia, Stanford, Oxford, Manchester, Yale, and MIT. In recent years he has become an outspoken critic of global economic institutions. In "Making Globalization Work" (2007) he offers an account of his perspectives on issues of international economics:
Haas School of Business
The Haas School of Business has been home to two winners of the Nobel Memorial Prize in Economics. John C. Harsanyi (1920–2000) was a co-recipient with John Nash and Reinhard Selten in 1994 for his contributions to the study of game theory and its application to economics. Oliver Williamson (1932-) was a co-recipient with Elinor Ostrom in 2009 for his "analysis of economic governance, especially the boundaries of the firm." Both have served as Professor Emeritus at Berkeley Haas and in the UC Berkeley Department of Economics.
Gustav Stolper Prize
The Gustav Stolper Prize is an award given by the Verein für Socialpolitik to outstanding scientists who have used economic research to influence the public debate on economic issues, and have contributed substantially to the understanding and solution of current economic problems. It is named for the Austrian-German economist and politician Gustav Stolper.
Economists for Peace and Security
The Economists for Peace and Security Board of Trustees has seventeen Nobel peace prize laureates in the prize for economics, including Joseph Stiglitz, Amartya Sen of Harvard University, Lawrence Klein, Óscar Arias, George Akerlof, Kenneth Arrow, Daniel McFadden, Roger Myerson, Thomas Schelling, William F. Sharpe of Stanford University, Robert Solow, Franco Modigliani of Massachusetts Institute of Technology, Sir Clive Granger, Wassily Leontief, Douglass North, Jan Tinbergen, and James Tobin of Harvard University and Yale University.EPS USA,Trustees
Globalization and Its Discontents
Joseph Stiglitz was awarded the 2001 Nobel Prize in Economic Sciences (shared with George Akerlof and Michael Spence) for demonstrating how information affects markets. Without equal access to information between employer and employee, company and consumer, or (in the IMF's case) lender and debtor, there is no chance of "free" markets operating efficiently. (This explanation also owes much to the earlier Nobel work of Kenneth Arrow and Gérard Debreu.)
Economics
In behavioural economics, psychologist Daniel Kahneman won the Nobel Prize in economics in 2002 for his and Amos Tversky's empirical discovery of several cognitive biases and heuristics. Similar empirical testing occurs in neuroeconomics. Another example is the assumption of narrowly selfish preferences versus a model that tests for selfish, altruistic, and cooperative preferences. These techniques have led some to argue that economics is a "genuine science".
Friedrich Hayek
Hayek's influence on the development of economics is widely acknowledged. With regard to the popularity of his Nobel acceptance lecture, Hayek is the second-most frequently cited economist (after Kenneth Arrow) in the Nobel lectures of the prize winners in economics. Hayek wrote critically there of the field of orthodox economics and neo-classical modelisation. A number of Nobel Laureates in economics, such as Vernon Smith and Herbert A. Simon, recognise Hayek as the greatest modern economist. Another Nobel winner, Paul Samuelson, believed that Hayek was worthy of his award, but nevertheless claimed that "there were good historical reasons for fading memories of Hayek within the mainstream last half of the twentieth century economist fraternity. In 1931, Hayek's "Prices and Production" had enjoyed an ultra-short Byronic success. In retrospect hindsight tells us that its mumbo-jumbo about the period of production grossly misdiagnosed the macroeconomics of the 1927–1931 (and the 1931–2007) historical scene". Despite this comment, Samuelson spent the last 50 years of his life obsessed with the problems of capital theory identified by Hayek and Böhm-Bawerk and Samuelson flatly judged Hayek to have been right and his own teacher Joseph Schumpeter to have been wrong on the central economic question of the 20th century, the feasibility of socialist economic planning in a production goods dominated economy.
Richard Thaler
After learning that he had won the Nobel Prize, Thaler said that his most important contribution to economics "was the recognition that economic agents are human, and that economic models have to incorporate that." In a nod to the sometimes-unreasonable behavior he has studied so extensively, he also joked that he intended to spend the prize money "as irrationally as possible."
Wilhelm Röpke
With Alfred Müller-Armack and Alexander Rüstow (sociological neoliberalism) and Walter Eucken and Franz Böhm (ordoliberalism) he elucidated the ideas, which then were introduced formally by Germany's post-World War II Minister for Economics Ludwig Erhard, operating under Konrad Adenauer's Chancellorship. Röpke and his colleagues' economic influence therefore is considered largely responsible for enabling Germany's post-World War II "economic miracle". Röpke was also a historian and was nominated to the Nobel Prize in Literature in 1965.
History of economic thought
In the 1930s Norwegian economist Ragnar Frisch (1895–1973) and Dutch economist Jan Tinbergen (1903–1994) pioneered Econometrics, receiving the first-ever Nobel Prize in Economics in 1969. In 1936 Russian-American economist Wassily Leontief (1905–1999) proposed the Input-Output Model of economics, which uses linear algebra and is ideally suited to computers, receiving the 1973 Nobel Economics Prize. After World War II, Lawrence Klein (1920–) pioneered the use of computers in econometric modeling, receiving the 1980 Nobel Economics Prize. In 1963–1964 as John Tukey of Princeton University was developing the revolutionary Fast Fourier Transform, which greatly speed up the calculation of Fourier Transforms, his British assistant Sir Clive Granger (1934–2009) pioneered the use of Fourier Transforms in economics, receiving the 2003 Nobel Economics Prize. Ragnar Frisch's assistant Trygve Haavelmo (1911–1999) received the 1989 Nobel Economics Prize for clarifying the probability foundations of econometrics and for analysis of simultaneous economic structures.
Monetary policy of the United States
Some economists, especially those belonging to the heterodox Austrian School, criticize the idea of even establishing monetary policy, believing that it distorts investment. Friedrich Hayek won the Nobel Prize for his elaboration of the Austrian business cycle theory.
Ideal money
Nash gave various lectures and written discourses on the subject he called Ideal Money. The first talk was given in 1995 (one year after Nash won the Nobel Prize for economics for his work on equilibrium theory nearly 50 years prior). Nash spent 20 years giving talks, in many different nations around the world, about how Ideal Money could be brought about internationally.
Andrew Metrick
Metrick graduated from Yale in 1989 with a joint bachelors and masters degree in economics. While an undergraduate at Yale, Metrick was a research assistant for Nobel Laureate and Sterling Professor of Economics and Finance James Tobin for 3 years. Metrick received his PhD in economics from Harvard in 1994, where his advisor was Eric Maskin, who won the Nobel Price in Economics in 2007.
History of economic thought
In 1956 American economist Robert Solow (1924–) and Australian economist Trevor Swan (1918–1989) proposed the Solow–Swan model, based on productivity, capital accumulation, population growth, and technological progress. In 1956 Swan also proposed the Swan diagram of the internal-external balance. In 1987 Solow was awarded the Nobel Economics Prize.
Nobel Memorial Prize in Economic Sciences
Critics cite the apparent snub of Joan Robinson as evidence of the committee's bias towards mainstream economics, though heterodox economists like Friedrich Hayek (Austrian School) and Ronald Coase (associated with new institutional economics) have won.
List of Nobel Memorial Prize laureates in Economics
The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: "Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne"), is awarded annually by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences. The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen. Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death.
Jesse W. Markham
In 1968, Markham accepted George P. Baker's invitation to serve as Harvard Business School's Charles E. Wilson Professor of Business Administration. While at HBS, Markham worked alongside Paul Samuelson, the first American Nobel laureate in economics. In 1974, he served as a Commissioner on the Federal Trade Commission.
Behavioral economics
In 2002, psychologist Daniel Kahneman was awarded the Nobel Memorial Prize in Economic Sciences "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty". In 2013, economist Robert J. Shiller received the Nobel Memorial Prize in Economic Sciences "for his empirical analysis of asset prices." (within the field of behavioral finance) In 2017, economist Richard Thaler was awarded the Nobel Memorial Prize in Economic Sciences for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory."
MIT Department of Economics
Undergraduate studies in economics were introduced in the 19th century by institute president Francis Amasa Walker, while the department's Ph.D. program was introduced in 1941. It is one of the "big five" schools in the field along with the faculties at the University of Chicago, Harvard, Princeton, and Stanford (these schools have consistently ranked as the top five schools in the country since graduate school rankings have been produced by "U.S. News & World Report"). The American Economics Association estimates that MIT and these peers produce half of all tenure track professors at U.S. research universities. Half of all John Bates Clark Medal recipients since 1999 were Ph.D. students at MIT, while the department has the second highest number of Nobel Prize winning students and faculty in economics in the world after the University of Chicago. Among the department's past and current faculty and alumni are several recipients of the Nobel Prize in Economics:
Michael Milken
Milken became the first recipient of the Ig Nobel Economics Prize in 1991.
Friedrich Hayek
Friedrich August von Hayek (; ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Anglo-Austrian economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena". Hayek was also a major social theorist and political philosopher of the 20th century and his account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel 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".
James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored endogenous variables, the well-known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.
Black–Scholes model
Based on works previously developed by market researchers and practitioners, such as Louis Bachelier, Sheen Kassouf and Ed Thorp among others, Fischer Black and Myron Scholes demonstrated in the late 1960s that a dynamic revision of a portfolio removes the expected return of the security, thus inventing the "risk neutral argument". In 1970, after they attempted to apply the formula to the markets and incurred financial losses due to lack of risk management in their trades, they decided to focus in their domain area, the academic environment. After three years of efforts, the formula named in honor of them for making it public, was finally published in 1973 in an article entitled "The Pricing of Options and Corporate Liabilities", in the "Journal of Political Economy". Robert C. Merton was the first to publish a paper expanding the mathematical understanding of the options pricing model, and coined the term "Black–Scholes options pricing model". Merton and Scholes received the 1997 Nobel Memorial Prize in Economic Sciences for their work, the committee citing their discovery of the risk neutral dynamic revision as a breakthrough that separates the option from the risk of the underlying security. Although ineligible for the prize because of his death in 1995, Black was mentioned as a contributor by the Swedish Academy.
Identity economics
Identity economics captures the idea that people make economic choices based on both monetary incentives and their identity: holding monetary incentives constant, people avoid actions that conflict with their concept of self. The fundamentals of identity economics was first formulated by Nobel Prize–winning economist George Akerlof and Rachel Kranton in their article "Economics and Identity," published in Quarterly Journal of Economics.
Nobel Prize
In 1968, Sveriges Riksbank (Sweden's central bank) celebrated its 300th anniversary by donating a large sum of money to the Nobel Foundation to be used to set up a prize in honor of Nobel. The following year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded for the first time. The Royal Swedish Academy of Sciences became responsible for selecting laureates. The first laureates for the Economics Prize were Jan Tinbergen and Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes". The Board of the Nobel Foundation decided that after this addition, it would allow no further new prizes.
Richard Thaler
Thaler was the 2017 recipient of the Nobel Memorial Prize in Economics for "incorporat[ing] psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of "limited rationality", "social preferences", and "lack of self-control", he has shown how these human traits systematically affect individual decisions as well as market outcomes."
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.
Erdős number
Nobel Prize laureates in Economics with an Erdős number of 3 include Kenneth J. Arrow (1972), Milton Friedman (1976), Herbert A. Simon (1978), Gerard Debreu (1983), John Forbes Nash, Jr. (1994), James Mirrlees (1996), Daniel McFadden (1996), Daniel Kahneman (2002), Robert J. Aumann (2005), Leonid Hurwicz (2007), Roger Myerson (2007), Alvin E. Roth (2012), and Lloyd S. Shapley (2012) and Jean Tirole (2014).
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.
Alfred Nobel University
The First Nobel Economic Forum "The Global Economy of the XXI century: Cycles and Crises" was held on 11–13 September 2008 and welcomed more than one hundred participants from different regions of Ukraine, Romania, Russia, the USA, Poland. In the course of four plenary sessions and two workshop sessions participants discussed global issues of cyclical development, the forecast of the development of world civilization up to 2050, the transformation of economic, social and cultural dimensions, philosophy of modern society and the human factor in economic development, globalization and regionalism etc.
The Second Nobel International Economic Forum "The World Economy in the XXI Century: Cycles and Crises" held on 19–22 May 2010 was devoted to general problems, determined by the motto: Innovation as a basis for overcoming the global crisis. Its goals were attracting young people to research the economies of countries on the basis of the work of Nobel laureates, forging real creative contacts between young researchers from around the world. The forum combined the intellectual efforts of over 200 participants from all over Ukraine, as well as the CIS and foreign countries: Russia, Poland, the USA, Germany, Austria, Romania, Armenia, Italy, France, Spain, Oman and other countries. The central question of the forum was the problem of using fundamental innovations as a basis for overcoming the consequences of the economic crisis in the context of the ideas of Friedrich von Hayek, Nobel Laureate in Economics in 1974.
History of economic thought
The Paul Samuelson's (1915–2009) "Foundations of Economic Analysis" published in 1947 was an attempt to show that mathematical methods could represent a core of testable economic theory. Samuelson started with two assumptions. First, people and firms will act to maximize their self-interested goals. Second, markets tend towards an equilibrium of prices, where demand matches supply. He extended the mathematics to describe equilibrating behavior of economic systems, including that of the then new macroeconomic theory of John Maynard Keynes. Whilst Richard Cantillon had imitated Isaac Newton's mechanical physics of inertia and gravity in competition and the market, the physiocrats had copied the body's blood system into circular flow of income models, William Jevons had found growth cycles to match the periodicity of sunspots, Samuelson adapted thermodynamics formulae to economic theory. Reasserting economics as a hard science was being done in the United Kingdom also, and one celebrated "discovery", of A. W. Phillips, was of a correlative relationship between inflation and unemployment. The workable policy conclusion was that securing full employment could be traded-off against higher inflation. Samuelson incorporated the idea of the Phillips curve into his work. His introductory textbook "Economics" was influential and widely adopted. It became the most successful economics text ever. Paul Samuelson was awarded the new Nobel Prize in Economics in 1970 for his merging of mathematics and political economy.
Paul Romer
Romer shared the 2018 Nobel Prize with William Nordhaus. In choosing Romer as one of the 2018 economics laureates, the Royal Swedish Academy of Sciences stated that he had shown "how knowledge can function as a driver of long-term economic growth. . . . [Prior macroeconomic studies] had not modelled how economic decisions and market conditions determine the creation of new technologies. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations."
Nobel Prize
Although no family matches the Curie family's record, there have been several with two laureates. The husband-and-wife team of Gerty Cori and Carl Ferdinand Cori shared the 1947 Prize in Physiology or Medicine as did the husband-and-wife team of May-Britt Moser and Edvard Moser in 2014 (along with John O'Keefe). J. J. Thomson was awarded the Physics Prize in 1906 for showing that electrons are particles. His son, George Paget Thomson, received the same prize in 1937 for showing that they also have the properties of waves. William Henry Bragg and his son, William Lawrence Bragg, shared the Physics Prize in 1915 for inventing the X-ray spectrometer. Niels Bohr was awarded the Physics prize in 1922, as was his son, Aage Bohr, in 1975. Manne Siegbahn, who received the Physics Prize in 1924, was the father of Kai Siegbahn, who received the Physics Prize in 1981. Hans von Euler-Chelpin, who received the Chemistry Prize in 1929, was the father of Ulf von Euler, who was awarded the Physiology or Medicine Prize in 1970. C. V. Raman was awarded the Physics Prize in 1930 and was the uncle of Subrahmanyan Chandrasekhar, who was awarded the same prize in 1983. Arthur Kornberg received the Physiology or Medicine Prize in 1959; Kornberg's son, Roger later received the Chemistry Prize in 2006. Jan Tinbergen, who was awarded the first Economics Prize in 1969, was the brother of Nikolaas Tinbergen, who received the 1973 Physiology or Medicine Prize. Alva Myrdal, Peace Prize laureate in 1982, was the wife of Gunnar Myrdal who was awarded the Economics Prize in 1974. Economics laureates Paul Samuelson and Kenneth Arrow were brothers-in-law. Frits Zernike, who was awarded the 1953 Physics Prize, is the great-uncle of 1999 Physics laureate Gerard 't Hooft.
Stockholm School of Economics
Ohlin was also a leading figure within the school of doctrine with the same name, the so-called Stockholm school; a group of leading Scandinavian economists influenced by Knut Wicksell, most of them active in Stockholm, either at the Stockholm School of Economics or the Stockholm University College. This school of doctrine was to have a profound influence on post-WWII Swedish economic policy and the development of the modern Scandinavian Welfare state. Heckscher and Ohlin jointly developed the so-called "Heckscher-Ohlin theory", the standard international mathematical model of international trade. Bertil Ohlin received the Nobel Prize in Economics in 1977 (shared with British economist James Meade). Other prominent members of the Stockholm school were the Stockholm University professor Gustav Cassel, who developed standard economic theory of Purchasing power parity and economist Dag Hammarskjöld, Secretary-General of the United Nations in New York City, United States.
List of Nobel laureates
The Nobel Prizes (, ) are prizes awarded annually by the Royal Swedish Academy of Sciences, the Swedish Academy, the Karolinska Institutet, and the Norwegian Nobel Committee to individuals and organizations who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. The Nobel Memorial Prize in Economic Sciences was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributions to the field of economics. Each recipient, or "laureate", receives a gold medal, a diploma, and a sum of money, which is decided annually by the Nobel Foundation.
Lars Pålsson Syll
Pålsson Syll believes in a Post-Keynesian and institutional approach to the study of the economy. This theory, notably advanced by Douglass North and Robert Fogel, emphasizes the importance of efficient institutions in achieving economic growth. He has described both Joseph Schumpeter and John Kenneth Galbraith as "quasi-institutionalists", in the meaning they were "heterodox-economists", influenced by other schools of thought. He is a critical realist and an outspoken opponent of all kinds of social constructivism and postmodern relativism. He has been strongly influenced by John Maynard Keynes. In 2011 he was a strong supporter of Paul Romer to be awarded the Nobel prize for economics for his work on how people really behave in the market.
Simon Kuznets
Simon Smith Kuznets (; ; April 30, 1901 – July 8, 1985) was an American economist and statistician who received the 1971 Nobel Memorial Prize in Economic Sciences "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."
Chicago school of economics
Robert Fogel (1926–2013), a co-winner of the Nobel Prize in 1993, is well known for his historical analysis and his introduction of New economic history, and invention of cliometrics. In his tract, "Railroads and American Economic Growth: Essays in Econometric History," Fogel set out to rebut comprehensively the idea that railroads contributed to economic growth in the 19th century. Later, in "", he argued that slaves in the Southern states of America had a higher standard of living than the industrial proletariat of the Northern states before the American civil war.
Contract theory
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations.
Alvin Hansen
Hansen, in his review of "The General Theory of Employment, Interest and Money", was skeptical of John Maynard Keynes's propositions, but by December 1938, in his presidential address to the American Economic Association, he embraced Keynesian theories of the need for government intervention in periods of economic recession. Soon after his arrival at Harvard in 1937, Hansen's famous graduate seminar on fiscal policy began inspiring graduate students such as Paul Samuelson and James Tobin (both of whom would go on to win the Economics Nobel) to further develop and popularize Keynesian economics. Hansen's 1941 book, "Fiscal Policy and Business Cycles", was the first major work in the United States to entirely support Keynes's analysis of the causes of the Great Depression. Hansen used that analysis to argue for Keynesian deficit spending.
Hansen's best known contribution to economics was his and John Hicks' development of the IS-LM model, also known as the "Hicks–Hansen synthesis." The framework claims to graphically represent the investment-savings (IS) curve and the liquidity-money supply (LM) curve as an illustration of how fiscal and monetary policies can be employed to alter national income.
List of Nobel laureates by country
This is a list of Nobel Prize laureates by country. Listings for "Economics" refer to the related Nobel Memorial Prize in Economic Sciences. The Nobel Prizes and the Prize in Economic Sciences have been awarded 567 times to 889 recipients, of which 25 awards (all Peace Prizes) were to organizations. Due to some recipients receiving multiple awards, the total number of recipients is 860 individuals and 22 organizations.
History of economic thought
Milton Friedman (1912–2006) of the Chicago School of Economics is one of the most influential economists of the late 20th, century, receiving the Nobel Prize in Economics in 1976. He is known for "A Monetary History of the United States" (1963), in which he argued that the Great Depression was caused by the policies of the Federal Reserve. Friedman argues that laissez-faire government policy is more desirable than government intervention in the economy. Governments should aim for a neutral monetary policy oriented toward long-run economic growth, by gradual expansion of the money supply. He advocates the quantity theory of money, that general prices are determined by money. Therefore, active monetary (e.g. easy credit) or fiscal (e.g. tax and spend) policy can have unintended negative effects. In Capitalism and Freedom (1962), Friedman wrote:
Christopher A. Sims
On October 10, 2011, Christopher A. Sims together with Thomas J. Sargent was awarded the Nobel Memorial Prize in Economic Sciences. The award cited their "empirical research on cause and effect in the macroeconomy". His Nobel lecture, titled "Statistical Modeling of Monetary Policy and its Effects" was delivered on December 8, 2011.
History of economic thought
In 1986 French economist Jean Tirole (1953-) published "Dynamic Models of Oligopoly", followed by "The Theory of Industrial Organization" (1988), launching his quest to understand market power and regulation, resulting in the 2014 Nobel Economics Prize.
Law
The most prominent economic analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first major article, "The Nature of the Firm" (1937), argued that the reason for the existence of firms (companies, partnerships, etc.) is the existence of transaction costs. Rational individuals trade through bilateral contracts on open markets until the costs of transactions mean that using corporations to produce things is more cost-effective. His second major article, "The Problem of Social Cost" (1960), argued that if we lived in a world without transaction costs, people would bargain with one another to create the same allocation of resources, regardless of the way a court might rule in property disputes. Coase used the example of a nuisance case named "Sturges v Bridgman", where a noisy sweetmaker and a quiet doctor were neighbours and went to court to see who should have to move. Coase said that regardless of whether the judge ruled that the sweetmaker had to stop using his machinery, or that the doctor had to put up with it, they could strike a mutually beneficial bargain about who moves that reaches the same outcome of resource distribution. Only the existence of transaction costs may prevent this. So the law ought to pre-empt what "would" happen, and be guided by the most efficient solution. The idea is that law and regulation are not as important or effective at helping people as lawyers and government planners believe. Coase and others like him wanted a change of approach, to put the burden of proof for positive effects on a government that was intervening in the market, by analysing the costs of action.
Phillips curve
Since 1974, seven Nobel Prizes have been given to economists for, among other things, work critical of some variations of the Phillips curve. Some of this criticism is based on the United States' experience during the 1970s, which had periods of high unemployment and high inflation at the same time. The authors receiving those prizes include Thomas Sargent, Christopher Sims, Edmund Phelps, Edward Prescott, Robert A. Mundell, Robert E. Lucas, Milton Friedman, and F.A. Hayek.
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.
Abba P. Lerner
Although Lerner never received the Sveriges Riksbank's Nobel Memorial Prize in Economic Sciences, he has been recognized as one of the greatest economists of his era. Fundamental economic "concepts, theorems and rules" were derived and/or furthered by Lerner's work throughout his academic career.Lerner married Alice Sendak in 1930. In 1932, they had twin children Marion and Lionel. At some point, their marriage ended and Lerner ended up remarrying to Daliah Goldfarb at the age of 57.
Large-scale macroeconometric model
Tinbergen developed the first comprehensive national model, which he first built for the Netherlands and later applied to the United States and the United Kingdom after World War II. The first global macroeconomic model, Wharton Econometric Forecasting Associates' LINK project, was initiated by Lawrence Klein. The model was cited in 1980 when Klein, like Tinbergen before him, won the Nobel Prize in Economics. Large-scale empirical models of this type, including the Wharton model, are still in use , especially for forecasting purposes.
Nobel Memorial Prize in Economic Sciences
The Prize in Economics is not one of the Nobel Prizes, which were endowed by Alfred Nobel in his will. However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes.
Jan Tinbergen
Jan Tinbergen (; ; April 12, 1903June 9, 1994) was an important Dutch economist. He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic processes. He is widely considered to be one of the most influential economists of the 20th century and one of the founding fathers of econometrics. It has been argued that the development of the first macroeconometric models, the solution of the identification problem, and the understanding of dynamic models are his three most important legacies to econometrics. Tinbergen was a founding trustee of Economists for Peace and Security. In 1945, he founded the Bureau for Economic Policy Analysis (CPB) and was the agency's first director.
Franco Modigliani
In October 1985, Modigliani was awarded that year's Nobel prize in Economics "for his pioneering analyses of saving and of financial markets."
Deutsche Bank Prize in Financial Economics
Eugene F. Fama, Professor of Finance at the University of Chicago Booth School of Business, was the first winner of the prize. He was awarded for his fundamental contributions to financial economics, in particular, for developing and investigating the concept of market efficiency, which is now a cornerstone in the field of finance.
The award was presented at Goethe University Frankfurt on 6 October 2005, preceded by an academic CFS symposium entitled “Market Efficiency Today”.
Chicago school of economics
Lars Peter Hansen (born 1952) is an American economist who won the Nobel Prize in Economics in 2013 with Eugene Fama and Robert Shiller for their work on asset pricing. Hansen began teaching at the University of Chicago in 1981 and is the David Rockefeller Distinguished Service Professor of economics at the University of Chicago. Although best known for his work on the Generalized method of moments, he is also a distinguished macroeconomist, focusing on the linkages between the financial and real sectors of the economy.
Chicago school of economics
Ronald Coase (1910–2013) was the most prominent economic analyst of law and the 1991 Nobel Prize-winner. His first major article, "The Nature of the Firm" (1937), argued that the reason for the existence of firms (companies, partnerships, etc.) is the existence of transaction costs. Rational individuals trade through bilateral contracts on open markets until the costs of transactions mean that using corporations to produce things is more cost-effective.
History of economic thought
In 1982 Kydland and Prescott also founded the theory of Dynamic Stochastic General Equilibrium (DSGE), large systems of microeconomic equations combined into models of the general economy, which became central to the New Neoclassical Synthesis, incorporating theoretical elements such as sticky prices from New Keynesian Macroeconomics. They shared the 2004 Nobel Economics Prize.
Friedrich Hayek
On 9 October 1974, it was announced that Hayek would be awarded the Nobel Memorial Prize in Economics along with Swedish economist Gunnar Myrdal. The reasons for the two of them winning the prize are described in the Nobel committee's press release. He was surprised at being given the award and believed that he was given it with Myrdal to balance the award with someone from the opposite side of the political spectrum.
Ecorys
Ecorys is one of the oldest economic research and consulting companies in Europe. Its history dates back to 1929, when a group of businessmen from Rotterdam established the Foundation . The goal of the Foundation NEI was to stimulate the collection and the analysis of economic data. One of its first directors (1935-1968) was Professor Jan Tinbergen, who was awarded the first Nobel Prize for Economics for his work in 1969. In 1999, NEI was split into a company, focusing on economic research & consultancy, and a foundation with the aim to foster economic research. The company merged with Kolpron Consultants (established in 1979).
Theodore Schultz
Shortly after his move to Chicago, Schultz attracted his former student, D. Gale Johnson to the department. Their research in farm and agricultural economics was widely influential and attracted funding from the Rockefeller Foundation to the agricultural economics program at the University. Among the graduate students and faculty affiliated with the pair in the 1940s and 1950s were Clifford Hardin, Zvi Griliches, Marc Nerlove, and George S. Tolley. In 1979, Schultz was awarded the Nobel Prize in Economics for his work in human capital theory and economic development.
Robert Solow
Robert Merton Solow,  (; born August 23, 1924), is an American economist, particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him. He is currently Emeritus Institute Professor of Economics at the Massachusetts Institute of Technology, where he has been a professor since 1949. He was awarded the John Bates Clark Medal in 1961, the Nobel Memorial Prize in Economic Sciences in 1987, and the Presidential Medal of Freedom in 2014. Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond and William Nordhaus later received Nobel Memorial Prizes in Economic Sciences in their own right.
Richard Stone
The young Stone then changed to reading economics. He was interested in economics as he taught that "if there were more economists, the world would be a better place". During the Great Slump of the 1930s, the level of unemployment was very high and it motivated him to know what caused it and how to overcome it. He faced a challenge from his parents as they were disappointed to his choice. However, Stone was very enthusiastic to be an economist and then enjoyed his time studying economics. At his new major, he got supervision from Richard Kahn and Gerald Shove. However, Stone's quantitative mind had been greatly influenced by Colin Clark, Stone's teacher in statistics at Cambridge. Colin then introduced Stone to his project in measuring the national income. This project then brought the greatest name for Stone as he received Nobel Prize because of this topic. After their meeting at Cambridge, Stone and Clark then became best friends.
List of Nobel laureates affiliated with the University of Pennsylvania
The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Karolinska Institute, and the Norwegian Nobel Committee to individuals who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. Another prize, the Nobel Memorial Prize in Economic Sciences, was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributors to the field of economics. Each prize is awarded by a separate committee; the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics, the Karolinska Institute awards the Prize in Physiology or Medicine, and the Norwegian Nobel Committee awards the Prize in Peace. Each recipient receives a medal, a diploma and a cash prize that has varied throughout the years. In 1901, the winners of the first Nobel Prizes were given 150,782 SEK, which is equal to 7,731,004 SEK in December 2007. In 2008, the winners were awarded a prize amount of 10,000,000 SEK. The awards are presented in Stockholm in an annual ceremony on December 10, the anniversary of Nobel's death.
Xiaokai Yang
He collaborated with some of the world's leading economists, including Yew-Kwang Ng and Jeffrey Sachs, the latter of whom stated that "Yang is one of the world's most penetrating and exacting economic theorists, and one of the most creative minds in the economics profession". In 2002, Nobel Prize Winner Professor James M. Buchanan said that: "In my view, the most important and exciting research in economics in the world is done at Monash, and it is done by Xiaokai Yang."
The World Wealth and Income Database
Pioneers of income inequality studies include Simon Kuznets' 1953 study, and A. B. Atkinson and Alan Harrison's 1978 study. In 1953 Kuznet co-edited "Shares of Upper Income Groups in Savings". Kuznet, an American economist, statistician, demographer, economic historian, and winner of the 1971 Nobel Memorial Prize in Economic Sciences, identified the historical series of economic movements such as "Kuznets swing", in the economy cycles.
Maurice Allais
Maurice Félix Charles Allais (31 May 19119 October 2010) was a French physicist and economist, the 1988 winner of the Nobel Memorial Prize in Economic Sciences "for his pioneering contributions to the theory of markets and efficient utilization of resources", for Maurice Allais contribution, along with John Hicks (Value and Capital, 1939) and Paul Samuelson (The Foundations of Economic Analysis, 1947), to neoclassical synthesis. They formalize the self-regulation of markets, that Keynes refuted, while reiterating some of his ideas.
Gunnar Myrdal
Karl Gunnar Myrdal (; 6 December 1898 – 17 May 1987) was a Swedish economist and sociologist. In 1974, he received the Nobel Memorial Prize in Economic Sciences with Friedrich Hayek for "their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena." He is best known in the United States for his study of race relations, which culminated in his book "". The study was influential in the 1954 landmark U.S. Supreme Court Decision "Brown v. Board of Education". In Sweden his work and political influence were important to the establishment of the Folkhemmet and the welfare state.
Ta-Chung Liu
Ta-Chung Liu (; October 27, 1914 – August 14, 1975) was a Chinese American economist and econometrician. He was a professor of economics at Johns Hopkins University and Cornell University. During his time at Cornell, he mentored Robert F. Engle, an econometrician who later won the Nobel Prize in Economics.
Maurice Allais
Paul Samuelson said ""Had Allais earliest writings been in English, a generation of economic theory would have taken a different course"", and felt the Nobel Prize should have been awarded to him much earlier. Assar Lindbeck, the chairman of the selection committee considered Allais as "a giant within the world of economic analysis".
History of economic thought
In the early 1970s American Chicago School economist Robert E. Lucas, Jr. (1937–) founded New Classical Macroeconomics based on Milton Friedman's monetarist critique of Keynesian macroeconomics, and the idea of rational expectations, first proposed in 1961 by John F. Muth, opposing the idea that government intervention can or should stabilize the economy. The Policy-Ineffectiveness Proposition (1975) of Thomas J. Sargent (1943–) and Neil Wallace (1939–), which seemed to refute a basic assumption of Keynesian economics was also adopted. The Lucas aggregate supply function states that economic output is a function of money or price "surprise." Lucas was awarded the 1995 Nobel Economics Prize.
Paul Ehrenfest
Ehrenfest was also interested in developing mathematical theories in economics. This interest was stimulated by his notion that there should be an analogy between thermodynamics and economic processes. While this did not result in publications, he did encourage his graduate student Jan Tinbergen to follow up on this. Tinbergen's thesis was devoted to problems both from physics and economics, and he went on to become an economist and was awarded the first Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1969.
Econometrica
"Econometrica" was established in 1933. Its first editor was Ragnar Frisch, recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, who served as an editor from 1933 to 1954. Although "Econometrica" is currently published entirely in English, the first few issues also contained scientific articles written in French.
United Nations Research Institute For Social Development
UNRISD was established in 1963 “to conduct research into problems and policies of social development, and relationships between various types of social development and economic development”. It was originally set up with a grant from the Government of the Netherlands, and its first Board Chair was the eminent economist Jan Tinbergen, who received the first-ever Nobel prize for economics in 1969.
Agricultural economics
Another contributor, 1979 Nobel Economics Prize winner Theodore Schultz, was among the first to examine development economics as a problem related directly to agriculture. Schultz was also instrumental in establishing econometrics as a tool for use in analyzing agricultural economics empirically; he noted in his landmark 1956 article that agricultural supply analysis is rooted in "shifting sand", implying that it was and is simply not being done correctly.
Nobel Prize controversies
However, the Nobel Committee did allow the creation of the Nobel Memorial Prize in Economics. Many people have opposed this expansion, including the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Alfred Nobel. In his speech at the 1974 Nobel banquet, awardee Friedrich Hayek stated that had he been consulted whether to establish an economics prize, he would "have decidedly advised against it" primarily because "the Nobel Prize confers on an individual an authority which in economics no man ought to possess... This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally."
James Meade
The two books took Meade a decade to complete, however according to him they still did not cover the entire field of international economic policy since he had given less attention to the issue of international aspects of economic growth or dynamic imbalance. Despite his words, Meade shared the Nobel Prize in Economics along with Bertil Ohlin in 1977.
William Nordhaus
Nordhaus was awarded the Nobel Memorial Prize in Economic Sciences in 2018. He shared the award with Paul Romer. In detailing its reasons for giving the prize to Nordhaus, the Royal Swedish Academy of Sciences specifically recognized his efforts to develop "an "integrated assessment model", i.e. a quantitative model that describes the global interplay between the economy and the climate. His model integrates theories and empirical results from physics, chemistry and economics. Nordhaus' model is now widely spread and is used to simulate how the economy and the climate co-evolve."
Christopher A. Pissarides
Sir Christopher Antoniou Pissarides (; ; born 20 February 1948) is a British-Cypriot economist. He is the School Professor of Economics & Political Science and Regius Professor of Economics at the London School of Economics, Professor of European Studies at the University of Cyprus and Chairman of the Council of National Economy of the Republic of Cyprus. His research focuses on topics of macroeconomics, notably labour, economic growth, and economic policy. In 2010, he was awarded the Nobel Prize in Economics, jointly with Peter A. Diamond and Dale Mortensen, "for their analysis of markets with theory of search frictions."
Economics
The Nobel Memorial Prize in Economic Sciences (commonly known as the Nobel Prize in Economics) is a prize awarded to economists each year for outstanding intellectual contributions in the field.
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr.
History of economic thought
In addition to his important work on the causes of famines, Sen's work in the field of development economics has had considerable influence in the formulation of the "Human Development Report", published by the United Nations Development Programme. This annual publication that ranks countries on a variety of economic and social indicators owes much to the contributions by Sen among other social choice theorists in the area of economic measurement of poverty and inequality. Sen was awarded the Nobel Prize in Economics in 1998.
Chicago school of economics
Eugene Fama (born 1939) is an American financial economist who was awarded the Nobel Prize in Economics in 2013 for his work on empirical asset pricing and is the seventh most highly cited economist of all time. He has spent all of his teaching career at the University of Chicago and is the originator of the efficient-market hypothesis, first defined in his 1965 article as market where "at any point in time, the actual price of a security will be a good estimate of its intrinsic value". The notion was further explored in his 1970 article, "Efficient Capital Markets: A Review of Theory and Empirical Work", which brought the notion of efficient markets into the forefront of modern economic theory, and his 1991 article, "Efficient Markets II". Whilst his 1965 Ph.D. thesis, "The Behavior of Stock Market Prices", showed that stock prices can be approximated by a random walk in the short-term; in later work he showed that insofar as stock prices are predictable in the long-term, it is largely due to rational time-varying risk premia which can be modelled using the Fama–French three-factor model (1993, 1996) or their updated five-factor model (2014). His work showing that the value premium can persist despite rational forecasts of future earnings and that the performance of actively managed funds is almost entirely due to chance or exposure to risk are all supportive of an efficient-markets view of the world.
Nikolaas Tinbergen
Born in The Hague, Netherlands, he was one of five children of Dirk Cornelis Tinbergen and his wife Jeannette van Eek. His brother, Jan Tinbergen, won the first Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1969. They are the only siblings to each win a Nobel Prize. Another brother, Luuk Tinbergen was also a noted biologist.
Erdős number
There are at least two winners of the Nobel Prize in Economics with an Erdős number of 2: Harry M. Markowitz (1990) and Leonid Kantorovich (1975). Other financial mathematicians with Erdős number of 2 include David Donoho, Marc Yor, Henry McKean, Daniel Stroock, and Joseph Keller.
Philosophy, politics and economics
The first institution to offer degrees in PPE was the University of Oxford in the 1920s. This particular course has produced a significant number of notable graduates such as Aung San Suu Kyi, Burmese politician, State Counsellor of Myanmar, Nobel Peace Prize winner; Christopher Hitchens, the British–American author, polemicist, debater, and journalist; Philippa Foot a British philosopher; Harold Wilson, Edward Heath and David Cameron, former Prime Ministers of the United Kingdom; Hugh Gaitskell, William Hague and Ed Miliband, former Leaders of the Opposition; former Prime Minister of Pakistan Benazir Bhutto and current Prime Minister of Pakistan Imran Khan, and Malcolm Fraser, Bob Hawke and Tony Abbott, former Prime Ministers of Australia. The course received fresh attention in 2017, when Nobel Peace Prize winner Malala Yousafzai earned a place.
Trevor Swan
Swan is widely regarded as the greatest economic theorist that Australia has produced, and as one of the finest economists not to receive a Nobel Memorial Prize in Economic Sciences. There were two independent pioneers of Neoclassical Growth Theory: Robert Solow and Trevor Swan. Solow published "A Contribution to the Theory of Economic Growth" in the February issue of the QJE in 1956, and Trevor Swan published "Economic Growth and Capital Accumulation" in the "Economic Record", subsequent to Solow in December 1956. Swan's contribution has been overshadowed by Solow, who was awarded the Nobel Memorial Prize in 1987 for his contributions to economic growth.
Budget theory
The term “constitutional economics” was used by American economist – James M. Buchanan – as a name for a new academic sub-discipline that in 1986 brought him the Nobel Prize in Economic Sciences for his “development of the contractual and constitutional bases for the theory of economic and political decision-making.” Buchanan rejects “any organic conception of the state as superior in wisdom, to the individuals who are its members.” This philosophical position is, in fact, the very subject matter of constitutional economics. Buchanan believes that a constitution, intended for use by at least several generations of citizens, must be able to adjust itself for pragmatic economic decisions and to balance interests of the state and society against those of individuals and their constitutional rights to personal freedom and private happiness.
Chicago school of economics
Robert Lucas (born 1937), who won the Nobel Prize in 1995, has dedicated his life to unwinding Keynesianism. His major contribution is the argument that macroeconomics should not be seen as a separate mode of thought from microeconomics, and that analysis in both should be built on the same foundations. Lucas's works cover several topics in macroeconomics, included economic growth, asset pricing, and monetary Economics.
Henry Schultz
Led by his belief that economics needs rigorous quantitative study to become a science, Henry Schultz was one of the founders of mathematical and statistical economics. His research was centered around a large program dedicated to the theory and estimation of private demand for goods functions, a project which started in the early 1920s, during his studies at the University of Chicago, and was completed shortly before his death with the publication of his book, "The Theory and Measurement of Demand".Schultz was the doctoral thesis advisor for several students at Chicago, notably 1978 Nobel Prize in Economics winner Herbert A. Simon and future Cowles Commission director Theodore O. Yntema. Schultz also influenced Milton Friedman, who was his student and, for a year, his research assistant.
Economist
The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics. The prize winners are announced in October every year. They receive their awards (a prize amount, a gold medal and a diploma) on December 10, the anniversary of Alfred Nobel's death.
History of economic thought
In 1962 American economists James M. Buchanan (1919–2013) and Gordon Tullock (1922–2014) published "The Calculus of Consent", which revived Public Choice Theory by differentiating politics (the rules of the game) from public policy (the strategies to adopt within the rules), founding Constitutional Economics, the economic analysis of constitutional law. Buchanan was awarded the 1986 Nobel Economics Prize.
Financial econometrics
The Nobel Memorial Prize in Economic Sciences has been awarded for significant contribution to financial econometrics; in 2003 to Robert F. Engle "for methods of analyzing economic time series with time-varying volatility" and Clive Granger "for methods of analyzing economic time series with common trends" and in 2013 to Eugene Fama, Lars Peter Hansen and Robert J. Shiller "for their empirical analysis of asset prices". Other highly influential researchers include Torben G. Andersen, Tim Bollerslev and Neil Shephard.
List of Nobel laureates affiliated with Washington University in St. Louis
The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Karolinska Institute, and the Norwegian Nobel Committee to individuals who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. Another prize, the Nobel Memorial Prize in Economic Sciences, was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributors to the field of economics. Each prize is awarded by a separate committee; the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics, the Karolinska Institute awards the Prize in Physiology or Medicine, and the Norwegian Nobel Committee awards the Prize in Peace. Each recipient receives a medal, a diploma and a cash prize that has varied throughout the years. In 1901, the winners of the first Nobel Prizes were given 150,782 SEK, which is equal to 7,731,004 SEK in December 2007. In 2008, the winners were awarded a prize amount of 10,000,000 SEK. The awards are presented in Stockholm in an annual ceremony on December 10, the anniversary of Nobel's death.
List of Nobel laureates affiliated with Imperial College London
The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Karolinska Institute, and the Norwegian Nobel Committee to individuals who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. Another prize, the Nobel Memorial Prize in Economic Sciences, was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributors to the field of economics. Each prize is awarded by a separate committee: the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics, the Karolinska Institute awards the Prize in Physiology or Medicine, and the Norwegian Nobel Committee awards the Prize in Peace. Each recipient receives a medal, a diploma and a cash prize that has varied throughout the years. In 1901, the winners of the first Nobel Prizes were given 150,782 SEK, which is equal to 7,731,004 SEK in December 2007. In 2008, the winners were awarded a prize amount of 10,000,000 SEK. The awards are presented in Stockholm in an annual ceremony on December 10, the anniversary of Nobel's death.
Nobel Prize controversies
After his death in 1896, the will of Swedish industrialist Alfred Nobel established the Nobel Prizes. Nobel's will specified that annual prizes are to be awarded for service to humanity in the fields of physics, chemistry, physiology or medicine, literature, and peace. Similarly, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is awarded along with the Nobel Prizes. Since the first award in 1901, the prizes have occasionally engendered criticism and controversy.
Stanley Engerman
Stanley Lewis Engerman (born March 14, 1936) is an economist and economic historian at the University of Rochester. He received his Ph.D. in economics in 1962 from Johns Hopkins University. Engerman is known for his quantitative historical work along with Nobel Prize–winning economist Robert Fogel. His first major book, co-authored with Robert Fogel in 1974, was "." This significant work, winner of the Bancroft Prize in American history, challenged readers to think critically about the economics of slavery. Engerman has also published over 100 articles and has authored, co-authored or edited 16 book-length studies.
Tepper School of Business
In the 1950s and 1960s, the Tepper School of Business led the intellectual movement known as the Carnegie School, a freshwater economics approach which emphasized behavioral, decision-making, and quantitative methods. As an example, the school has produced nine Nobel Prize winners in Economics: Robert Lucas, Jr., Merton Miller, Franco Modigliani, Herbert A. Simon, Oliver E. Williamson, Edward Prescott, Finn Kydland, Dale Mortensen, and Lars Peter Hansen. Lucas was awarded the prize for developing and applying the theory of rational expectations, an econometric hypothesis that directly challenged Keynesian orthodoxy. Modigliani's prize recognized his life-cycle hypothesis, which attempts to explain the level of saving in the economy. Modigliani proposed that consumers would aim for a stable level of income throughout their lifetime, for example by saving during their working years and spending during their retirement. Miller's prize was awarded in recognition of his contributions to corporate finance. The results of his research—in collaboration with Franco Modigliani—are now taught in every business school in the country. Simon's prize was given for his development of the idea of bounded rationality in economics, described as "pioneering research into the decision-making process within economic organizations". In 2004, Kydland and Prescott received the Nobel Prize for "their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles".
Josiah Willard Gibbs
Gibbs also had an indirect influence on mathematical economics. He supervised the thesis of Irving Fisher, who received the first Ph.D. in economics from Yale in 1891. In that work, published in 1892 as "Mathematical Investigations in the Theory of Value and Prices", Fisher drew a direct analogy between Gibbsian equilibrium in physical and chemical systems, and the general equilibrium of markets, and he used Gibbs's vectorial notation. Gibbs's protegé Edwin Bidwell Wilson became, in turn, a mentor to leading American economist and Nobel Laureate Paul Samuelson. In 1947, Samuelson published "Foundations of Economic Analysis", based on his doctoral dissertation, in which he used as epigraph a remark attributed to Gibbs: "Mathematics is a language." Samuelson later explained that in his understanding of prices his "debts were not primarily to Pareto or Slutsky, but to the great thermodynamicist, Willard Gibbs of Yale."