Economics Nobel Prize Winners

March 9, 2010Economistsby KeithTimimi


In 1968 Sveriges Riksbank the Sweden's central bank introduced Nobel Prize in Economics Science in memory of Alfred Nobel. The first prize in econimics science was awarded to Ragnar Frisch and Jan Tinbergen in the year 1969.


Nobel Prize Winners (Laureates) in Economics


Here is a list of the winners of the Nobel Prize in Economic Sciences since 1970:


  • 1970 Paul, A, Samuelson (U.S.), for efforts to raise the level of scientific analysis in economic theory.  


  • 1971 Simon Kuznets (U.S.), for developing concept of using a country's gross national product to determine its economic growth.

  • 1972 Kenneth J. Arrow (U.S.) and Sir John R. Hicks (UK), for theories that help to assess business risk and government     economic and welfare policies.
  • 1973 Wassily Leontief (U.S.), for devising the input-output technique to determine how different sectors of an economic,     social and institutional phenomena.


  • 1974 Gunnar Myrdal (Sweden) and Friedrich A. von Hayek (UK), for pioneering analysis of the interdependence of economic,     social and institutional phenomena.

  • 1975 Leonid V. Kantorovich (USSR) and Tjalling C. Koopmans (U.S.), for work on the theory of optimum allocation of     resources.

  • 1976 Milton Friedman (U.S.), for work in consumption analysis and monetary history and theory, and for demonstration of     complexity of stabilization policy

  • 1977 Bertil Ohlin (Sweden) and James E. Meade (UK), for contributions to theory of international trade and international     capital movements.

  • 1978 Herbert A. Simon (U.S.), for research into the decision-making process within economic organizations.

  • 1979 Sir Arthur Lewis (UK) and Theodore Schultz (U.S.), for work on economic problems of developing nations.

  • 1980 Lawrence R. Klein (U.S.), for developing models for forecasting economic trends and shaping policies to deal with them.

  • 1981 James Tobin (U.S.), for analyses of financial markets and their influence on spending and saving by families and     businesses

  • 1982 George J. Stigler (U.S.), for work on government regulation in the economy and the functioning of industry

  • 1983 Gerard Debreu (U.S.), in recognition of his work on the basic economic problem of how prices operate to balance what     producers supply with what buyers want

  • 1984 Sir Richard Stone (UK), for his work to develop the systems widely used to measure the performance of national     economics

  • 1985 Franco Modigliani (U.S.), for his pioneering work in analyzing the behavior of household savers and the functioning of     financial markets

  • 1986 James M. Buchanan (U.S.), for his development of new methods for analyzing economic and political decision-making.

  • 1987 Robert M. Solo (U.S.), for seminal contributions to the theory of economic growth.

  • 1988 Maurice Allais (France), for his pioneering development of theories to better understand market behavior and the     efficient use of resources

  • 1989 Trygve Haavelmo (Norway), for his pioneering work in methods for testing economic theories.

  • 1990 Harry M. Markowitz, William F. Sharpe, and Merton H. Miller (all U.S.), whose work provided new tools for weighing the     risks and rewards of different investments and for valuing corporate stocks and bonds

  • 1991 Ronald Coase (U.S.), for his pioneering work in how property rights and the cost of doing business affect the economy.

  • 1992 Gary S. Becker (U.S.), for "having extended the domain of economic theory to aspects of human behavior which had     previously been dealt with-if at all-by other social science disciplines"

  • 1993 Robert W. Fogel and Douglass C. North (both U.S.), for their work in economic history

  • 1994 John F. Nash, John C. Harsanyi (both U.S.), and Reinhard Selten (Germany), for their pioneering work in game theory

  • 1995 Robert E. Lucas, Jr. (U.S.), for having and the greatest influence on macroeconomic research since 1970

  • 1996 James A. Mirrlees (UK) and William Vickrey (U.S.), for their fundamental contributions to the economic theory of     incentives

  • 1997 Robert C. Merton and Myron S. Scholes (both U.S.), for developing a formula that determines the value to stock options     and other derivatives.

  • 1998 Amarty Sen (India), for his contributions to welfare economics

  • 1999 Robert A, Mundel (Canada), for his work on monetary dynamics and optimum currency areas

  • 2000 James J. Heckman and Daniel L. McFadden (both U.S.), for developing methods used in statistical analysis of individual     and household behavior

  • 2001 George A. Akerlof, A. Michael Spence, and Joseph E. Stiglitz (all U.S.), for market analyses with asymmetric     information

  • 2002 Daniel Kahneman (U.S.), for having integrated insights from psychological research into economic science; Vernon L.     Smith (U.S.), for having established laboratory experiments as a toolin empirical economic analysis.

  • 2003 Robert.F.Engle (US) and Clive W.J.Granger (UK) for developing the statistical tools for stock prices.

  • 2004 Finn. E. Kydland (Norway) and Edward C. Prescott (US) for their contribution in macro economics.

  • 2005 Robert Auman and Thomas Schillong for their contribution to Game Theory.

  • 2006 Edmund S. Phelps (USA), for his analysis of intertemporal tradeoffs in macroeconomic policy".

  • 2007 Leonid Hurwicz, Eric S Maskin, and Roger B. Myerson for having laid the foundations of mechanism design theory.


  • 2008 Paul Krugman (USA), for his work on international trade and the benefits trade brings to local communities.

  • 2009 Elinor Ostrom (USA) for her work on economic governance, particularly in managing Commons, and Oliver E. Williamson (USA) for his work on the economics and economic boundaries of firms and companies

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