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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly known as the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. The prize is generally considered the most prestigious honor in economics.

Award process

Unlike the physics, chemistry, medicine, literature, and peace prizes, a prize for economics was never requested by Alfred Nobel in his will. The award was established some 70 years after his death by the Bank of Sweden on its 300th anniversary in 1968. The prize is awarded by the Royal Swedish Academy of Sciences in accordance with the same principles as those for the five Nobel Prizes. Nominations of about one hundred living persons are made each year by qualified nominators and are received by a five to eight member committee, which then submits its choice of winners to the Nobel Assembly for its final approval. As with the other prizes, no more than three people can share the prize for a given year and they must be living at the time the prize is awarded. The final award is presented in Stockholm, accompanied by a cash prize of 10 million Kronor (approximately 1 million euro).

The economics laureates receive their diploma and gold medal from the Monarch of Sweden at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature. The Nobel Peace Prize is awarded in Oslo, Norway. The amount of money awarded to the economics laureates is also equal to that of the Nobel Prizes.

In February 1995, it was decided that the economics prize be essentially defined as a prize in social sciences, opening the economics prize to great contributions in fields like political science, psychology, and sociology. Also, the Economics Prize Committee was changed to require two non-economists to decide the prize each year, whereas previously the prize committee had consisted of five economists.

Controversies and criticisms

The prestige of the prize derives in part from its association with the awards created by Alfred Nobel's will, an association which has often been a source of controversy. Among the most vocal critics of the economics prize is the Swedish human rights lawyer Peter Nobel, who is a great-grandnephew of Alfred Nobel. Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the prize should be abolished . In the case of at least the former, however, this objection was based on his opinion that the prize awarded to liberal economists Milton Friedman and Friedrich Hayek was undeserved - not that economics itself did not qualify as a science. Friedrich Hayek stated he would "have decidedly advised against it" if he had been asked about the establishment of the prize.

About the name

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Since the official name of the prize is in Swedish, the English name for the prize has varied throughout history. The Nobel Foundation has translated the name to the following:

• "Prize in Economic Science dedicated to the memory of Alfred Nobel" (1969-1970)
• "Prize in Economic Science" (1971)
• "Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" (1972)
• "Prize in Economic Science in Memory of Alfred Nobel" (1973-1977, 1983)
• "Alfred Nobel Memorial Prize in Economic Sciences" (1978-1982, 1984-1990)
• "Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel" (1991)
• "Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" (1992-2005)
• "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" (2006-2007)

Probably due to its long name, many people have referred to the economics award by several different names. During the Nobel Banquet, many laureates have chosen to not name the prize. Those that have, have referred to the prize as:

• "Alfred Nobel Memorial Prize for Economics" in 1969 by Jan Tinbergen
• "Alfred Nobel Memorial Awards in Economics" in 1970 by Paul A. Samuelson
• "Nobel Memorial Prize" in 1971 by Simon Kuznets and in 1994 by John C. Harsanyi
• "Nobel Memorial Prize for economic science" in 1974 by Friedrich August von Hayek
• "award for economics" in 1975 by Tjalling C. Koopmans
• "Prize in Economic Sciences in Memory of Alfred Nobel" in 1976 by Milton Friedman, in 1981 by James Tobin, and in 2006 by Edmund S. Phelps
• "Nobel Prize in Economics" in 1979 by Theodore W. Schultz and in 1995 by Robert E. Lucas Jr., as well as its French version "Prix Nobel d'Economie" in 1988 by Maurice Allais
• "Prize in Economic Science" in 1981 by Lawrence R. Klein

The press and other agencies have also called the prize:

• "Nobel Memorial Prize in Economics"
• "Nobel Memorial Prize in Economic Sciences"

The common name "Nobel Prize in Economics" has been the issue of a lawsuit. In 2004, a book publisher was sued for stating that Amartya Sen was a Nobel Prize winner in the Bengali translation of a book by Sen. The petitioner claimed that "There is no Nobel Prize for economics. So it is wrong to describe Sen as a Nobel Prize winner."

In popular culture

In the television series The West Wing, the fictional US president Josiah Bartlet is a Nobel laureate in economics.

Laureates

The following is a list of all laureates in economics.

Year	Name	Country	Topics
1969	Ragnar Frisch Jan Tinbergen	Norway  Netherlands	for having developed and applied dynamic models for the analysis of economic processes
1970	Paul Samuelson	United States	for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science
1971	Simon Kuznets	United States	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
1972	John Hicks Kenneth Arrow	United Kingdom  United States	for their pioneering contributions to general economic equilibrium theory and welfare theory
1973	Wassily Leontief	United States	for the development of the input-output method and for its application to important economic problems.
1974	Gunnar Myrdal Friedrich Hayek	Sweden  United Kingdom/ Austria	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
1975	Leonid Kantorovich Tjalling Koopmans	Soviet Union  United States	for their contributions to the theory of optimum allocation of resources
1976	Milton Friedman	United States	for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy
1977	Bertil Ohlin James Meade	Sweden  United Kingdom	for their pathbreaking contribution to the theory of international trade and international capital movements
1978	Herbert Simon	United States	for his pioneering research into the decision-making process within economic organizations
1979	Theodore Schultz Arthur Lewis	United States  United Kingdom	for their pioneering research into economic development research with particular consideration of the problems of developing countries.
1980	Lawrence Klein	United States	for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies
1981	James Tobin	United States	for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices
1982	George Stigler	United States	for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation
1983	Gérard Debreu	United States	for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium.
1984	Richard Stone	United Kingdom	for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis
1985	Franco Modigliani	Italy	for his pioneering analyses of saving and of financial markets
1986	James M. Buchanan	United States	for his development of the contractual and constitutional bases for the theory of economic and political decision-making
1987	Robert Solow	United States	for his contributions to the theory of economic growth
1988	Maurice Allais	France	for his pioneering contributions to the theory of markets and efficient utilization of resources
1989	Trygve Haavelmo	Norway	for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures
1990	Harry Markowitz Merton Miller William Forsyth Sharpe	United States	for their pioneering work in the theory of financial economics
1991	Ronald Coase	United Kingdom	for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy
1992	Gary Becker	United States	for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour
1993	Robert Fogel Douglass North	United States	for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change
1994	John Harsanyi John Forbes Nash Reinhard Selten	United States  United States  Germany	for their pioneering analysis of equilibria in the theory of non-cooperative games
1995	Robert Lucas, Jr.	United States	for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy
1996	James Mirrlees William Vickrey	United Kingdom  United States	for their fundamental contributions to the economic theory of incentives under asymmetric information
1997	Robert C. Merton Myron Scholes	United States  Canada	for a new method to determine the value of derivatives
1998	Amartya Sen	India	for his contributions to welfare economics
1999	Robert Mundell	Canada	for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas
2000	James Heckman	United States	for his development of theory and methods for analyzing selective samples
	Daniel McFadden	United States	for his development of theory and methods for analyzing discrete choice
2001	George Akerlof Michael Spence Joseph E. Stiglitz	United States	for their analyses of markets with asymmetric information.
2002	Daniel Kahneman	United States/ Israel	for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty
	Vernon L. Smith	United States	for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms
2003	Robert F. Engle Clive Granger	United States  United Kingdom	for methods of analyzing economic time series with time-varying volatility or common trends
2004	Finn E. Kydland Edward C. Prescott	Norway  United States	for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles
2005	Robert Aumann (ישראל אומן) Thomas Schelling	Israel/ United States  United States	for having enhanced our understanding of conflict and cooperation through game-theory analysis
2006	Edmund Phelps	United States	for his analysis of intertemporal tradeoffs in macroeconomic policy
2007	Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson	United States	for having laid the foundations of mechanism design theory

References

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3. Samuel Brittan (19 December 2003). "The not so noble Nobel Prize". The Financial Times. Retrieved 2007-08-31.
4. Lundberg, Erik (1969-12-10). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech". Nobel Foundation. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
5. Lindbeck, Assar (1970-12-10). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech". Nobel Foundation. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
6. Ohlin, Bertil (1971-12-10). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech". Nobel Foundation. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
7. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release". Nobel Foundation. 1972-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
8. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release". Nobel Foundation. 1973-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
9. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release". Nobel Foundation. 1977-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
10. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release". Nobel Foundation. 1983-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
11. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release". Nobel Foundation. 1978-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
12. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release". Nobel Foundation. 1982-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
13. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release". Nobel Foundation. 1984-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
14. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release". Nobel Foundation. 1990-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
15. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release". Nobel Foundation. 1991-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
16. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release". Nobel Foundation. 1992-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
17. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release". Nobel Foundation. 2005-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
18. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release". Nobel Foundation. 2006-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
19. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release". Nobel Foundation. 2007-12-10. Retrieved 2007-10-17. {{cite web}}: Check date values in: |date= (help)
20. Tinbergen, Jan (1969-12-10). "Jan Tinbergen: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
21. Samuelson, Paul A. (1970-12-10). "Paul A. Samuelson: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
22. Kuznets, Simon (1971-12-10). "Simon Kuznets: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
23. Harsanyi, John C. (1994-12-10). "John C. Harsanyi: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
24. von Hayek, Friedrich August (1974-12-10). "Friedrich August von Hayek: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
25. Koopmans, Tjalling C. (1975-12-10). "Tjalling C. Koopmans: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
26. Friedman, Milton (1976-12-10). "Milton Friedman: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
27. Tobin, James (1981-12-10). "James Tobin: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
28. Phelps, Edmund S. (2006-12-10). "Edmund S. Phelps: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
29. Schultz, Theodore W. (1979-12-10). "Theodore W. Schultz: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
30. Lucas Jr., Robert E. (1995-12-10). "Robert E. Lucas Jr.: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
31. Allais, Maurice (1988-12-10). "Maurice Allais: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
32. Klein, Lawrence R. (1980-12-10). "Lawrence R. Klein: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
33. Tickner, Neil (2005-10-10). "University of Maryland Economist Wins Nobel Memorial Prize in Economics". University of Maryland. Retrieved 2007-10-16. {{cite news}}: Check date values in: |date= (help)
34. "The 2003 Nobel Memorial Prize in Economics: Analyzing Data with Irregular Trends and Volatility". National Science Foundation. 2004-12-23. Retrieved 2007-10-16. {{cite web}}: Check date values in: |date= (help)
35. Associated Press (2007-10-15). "Recent winners of the Nobel Memorial Prize in economics". Star Tribune. Retrieved 2007-10-16. {{cite news}}: Check date values in: |date= (help)
36. IANS (2004-10-08). "Amartya Sen's Nobel challenged in court". newindpress.com. Retrieved 2007-10-16. {{cite news}}: Check date values in: |date= (help)
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38. "All Laureates in Economics". the Nobel Foundation. 2007. Retrieved 2007-09-25.

External links

• Laureates at the Nobel Foundation

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Nobel Memorial Prize (not one of the original Nobel Prizes).

v t e Laureates of the Sveriges Riksbank Prize in Economic Sciences
1969–1975	1969: Ragnar Frisch / Jan Tinbergen 1970: Paul A. Samuelson 1971: Simon Kuznets 1972: John R. Hicks / Kenneth J. Arrow 1973: Wassily Leontief 1974: Gunnar Myrdal / Friedrich August von Hayek 1975: Leonid Vitaliyevich Kantorovich / Tjalling C. Koopmans
1976–2000	1976: Milton Friedman 1977: Bertil Ohlin / James E. Meade 1978: Herbert A. Simon 1979: Theodore W. Schultz / Sir Arthur Lewis 1980: Lawrence R. Klein 1981: James Tobin 1982: George J. Stigler 1983: Gérard Debreu 1984: Richard Stone 1985: Franco Modigliani 1986: James M. Buchanan Jr. 1987: Robert M. Solow 1988: Maurice Allais 1989: Trygve Haavelmo 1990: Harry M. Markowitz / Merton H. Miller / William F. Sharpe 1991: Ronald H. Coase 1992: Gary S. Becker 1993: Robert W. Fogel / Douglass C. North 1994: John C. Harsanyi / John F. Nash Jr. / Reinhard Selten 1995: Robert E. Lucas Jr. 1996: James A. Mirrlees / William Vickrey 1997: Robert C. Merton / Myron S. Scholes 1998: Amartya Sen 1999: Robert A. Mundell 2000: James J. Heckman / Daniel L. McFadden
2001–present	2001: George A. Akerlof / A. Michael Spence / Joseph E. Stiglitz 2002: Daniel Kahneman / Vernon L. Smith 2003: Robert F. Engle III / Clive W.J. Granger 2004: Finn E. Kydland / Edward C. Prescott 2005: Robert J. Aumann / Thomas C. Schelling 2006: Edmund S. Phelps 2007: Leonid Hurwicz / Eric S. Maskin / Roger B. Myerson 2008: Paul Krugman 2009: Elinor Ostrom / Oliver E. Williamson 2010: Peter A. Diamond / Dale T. Mortensen / Christopher A. Pissarides 2011: Thomas J. Sargent / Christopher A. Sims 2012: Alvin E. Roth / Lloyd S. Shapley 2013: Eugene F. Fama / Lars Peter Hansen / Robert J. Shiller 2014: Jean Tirole 2015: Angus Deaton 2016: Oliver Hart / Bengt Holmström 2017: Richard H. Thaler 2018: William Nordhaus / Paul Romer 2019: Abhijit Banerjee / Esther Duflo / Michael Kremer 2020: Paul Milgrom / Robert B. Wilson 2021: David Card / Joshua Angrist / Guido Imbens 2022: Ben Bernanke / Douglas Diamond / Philip H. Dybvig 2023: Claudia Goldin 2024: Daron Acemoglu / Simon Johnson / James A. Robinson

• Nobel Memorial Prizes
• Royal Swedish Academy of Sciences
• Economics prizes, medals, and awards