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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called 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. Although it is awarded in accordance with same principles as
Nobel Prizes established in the
Will (law) of
Alfred Nobel, it is formally not a Nobel Prize.{{cite web]| url = http://nobelprize.org/nomination/economics/nominators.html| accessdate = 2007-10-18--> The award was initiated some 70 years after the death of Alfred Nobel by the
Sveriges Riksbank on its 300th anniversary in 1968, and first awarded in 1969. It is administered by the Nobel Foundation and the economics laureates are selected by the Nobel Committee. The laureates receive their diploma and gold medal from the Monarch of Sweden at the same
December 10 ceremony in
Stockholm as the laureates in
Nobel Prize in Physics,
Nobel Prize in Chemistry,
Nobel Prize in Physiology or Medicine, and
Nobel Prize in Literature. In comparison to the original Nobel Prizes, the only practical difference is that the Swedish Central Bank provides the cash award for the prize in economics.{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->
Award process
The prize is awarded by the Royal Swedish Academy of Sciences "in accordance with the rules governing the award of the Nobel Prizes instituted through his Nobel's will."{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->Every year in September, the Prize Committee, a five member committee elected by the the Royal Swedish Academy of Sciences, sends around 3000 invitations to professors, scientists, and other qualified nominators requesting proposals for candidates for the following year's prize.{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->{{cite web | title = Nomination and Selection of the Laureates in Economics
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nomination/economics/process.html
| accessdate = 2007-10-18
--> All proposals and their supporting evidence must be received before February 1.{{cite web | title = Nomination and Selection of the Laureates in Economics
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nomination/economics/process.html
| accessdate = 2007-10-18
--> Afterwards, the proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, then the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next economics laureate.{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->{{cite web | title = Nominating and awarding
| publisher = [Royal Swedish Academy of Sciences
| url = http://www.kva.se/KVA_Root/eng/awards/nobel/economy/nomination.asp?br=ns&ver=6up
| accessdate = 2007-10-18
-->{{cite web | title = Members
| publisher = [Royal Swedish Academy of Sciences
| url = http://www.kva.se/KVA_Root/eng/about/members/index.asp?br=ns&ver=6up
| accessdate = 2007-10-18
--> As with the Nobel Prizes, no more than three people can share the prize for a given year and they must be alive when the prize announcement is made in October. Similarly, information about the nominations is not publicly disclosed for 50 years.{{cite web | title = Nomination and Selection of the Laureates in Economics
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nomination/economics/process.html
| accessdate = 2007-10-18
-->
The economics laureates receive their diploma and gold medal from the Monarch of Sweden at the same December 10 ceremony in
Stockholm as the List of Nobel laureates in Nobel Prize in Physics,
Nobel Prize in Chemistry, Nobel Prize in Physiology or Medicine, and
Nobel Prize in Literature. The cash award for the economics laureates is equal to that of the Nobel Prizes, and has been 10 million
Swedish krona (Oct 2007: approximately 1 million Euro) since 2001.{{cite web | title = The Prize Amount
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobel_prizes/economics/amount.html
| accessdate = 2007-10-18
-->
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
There have been lawsuits and disputes over the legitimacy of the economics prize. Some critics argue that the prestige of the prize derives in part from its association with the Nobel Prizes, 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.
Some critics claim the prize has a bias towards Neoclassical economics. The laissez-faire
Chicago School of Economics has garnered eight Nobel prizes - more than any other university.
Assar Lindbeck was the chair of the selection committee from 1980-1994 and was on the committee since its inception in 1969. He has advocated drastic cutbacks in Sweden's welfare state, has criticised Sweden's attempt to have "capitalism with-out capitalists" and favours the introduction of a voucher system in education. He has also worked with
Michael Walker, Douglass North,
Gary Becker and Friedman in constructing an
Indices of Economic Freedom. This is claimed to create either a bias or an appearance of bias against candidates with an alternate view, such as Keynesian or Neo-Keynesian candidates. Even Friedman stated that Joan Robinson was 'blackballed' because of her espousal of Keynesianism.
About the name
Since the official name of the prize is in Swedish, the English name for the prize has varied throughout its history. The Nobel Foundation has translated the name to the following:
{| class="wikitable"|-! Years! Official name in English|-| 1969-1970| Prize in Economic Science dedicated to the memory of Alfred Nobel{{cite web | first = Erik
| last = Lundberg
| title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech
| publisher = [Nobel Foundation
| date = [1969-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1969/press.html
| accessdate = 2007-10-17
-->{{cite web | first = Assar
| last = Lindbeck
| authorlink = Assar Lindbeck
| title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech
| publisher = [Nobel Foundation
| date = [1970-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/press.html
| accessdate = 2007-10-17
-->|-| 1971| Prize in Economic Science{{cite web | first = Bertil
| last = Ohlin
| authorlink = Bertil Ohlin
| title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech
| publisher = [Nobel Foundation
| date = [1971-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1971/press.html
| accessdate = 2007-10-17
-->|-| 1972| Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release
| publisher = [Nobel Foundation
| date = [1972-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1972/press.html
| accessdate = 2007-10-17
-->|-| 1973-1977, 1983| Prize in Economic Science in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release
| publisher = [Nobel Foundation
| date = [1973-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1973/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release
| publisher = [Nobel Foundation
| date = [1977-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1977/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release
| publisher = [Nobel Foundation
| date = [1983-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1983/press.html
| accessdate = 2007-10-17
-->|-| 1978-1982, 1984-1990| Alfred Nobel Memorial Prize in Economic Sciences{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release
| publisher = [Nobel Foundation
| date = [1978-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1978/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release
| publisher = [Nobel Foundation
| date = [1982-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1982/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release
| publisher = [Nobel Foundation
| date = [1984-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1984/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release
| publisher = [Nobel Foundation
| date = [1990-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1990/press.html
| accessdate = 2007-10-17
-->|-| 1991| Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release
| publisher = [Nobel Foundation
| date = [1991-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1991/press.html
| accessdate = 2007-10-17
-->|-| 1992-2005| Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release
| publisher = [Nobel Foundation
| date = [1992-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1992/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release
| publisher = [Nobel Foundation
| date = [2005-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2005/press.html
| accessdate = 2007-10-17
-->|-| 2006-2007| The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release
| publisher = [Nobel Foundation
| date = [2006-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2006/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release
| publisher = [Nobel Foundation
| date = [2007-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2007/press.html
| accessdate = 2007-10-17
-->|}
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:
{| class="wikitable"|-! Year: Laureate! Laureate's name for the prize|-| 1969: Jan Tinbergen{{cite web | first = Jan
| last = Tinbergen
| authorlink = Jan Tinbergen
| title = Jan Tinbergen: Banquet Speech
| publisher = [Nobel Foundation
| date = [1969-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1969/tinbergen-speech.html
| accessdate = 2007-10-16
-->| Alfred Nobel Memorial Prize for Economics|-| 1970: Paul A. Samuelson{{cite web | first = Paul A.
| last = Samuelson
| authorlink = Paul A. Samuelson
| title = Paul A. Samuelson: Banquet Speech
| publisher = [Nobel Foundation
| date = [1970-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-speech.html
| accessdate = 2007-10-16
-->| Alfred Nobel Memorial Awards in Economics|-| 1971:
Simon Kuznets,{{cite web | first = Simon
| last = Kuznets
| authorlink = Simon Kuznets
| title = Simon Kuznets: Banquet Speech
| publisher = [Nobel Foundation
| date = [1971-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-speech.html
| accessdate = 2007-10-16
-->
1994:
John C. Harsanyi{{cite web | first = John C.
| last = Harsanyi
| authorlink = John C. Harsanyi
| title = John C. Harsanyi: Banquet Speech
| publisher = [Nobel Foundation
| date = [1994-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1994/harsanyi-speech.html
| accessdate = 2007-10-16
-->| Nobel Memorial Prize|-| 1974: Friedrich August von Hayek{{cite web | first = Friedrich August
| last = von Hayek
| authorlink = Friedrich August von Hayek
| title = Friedrich August von Hayek: Banquet Speech
| publisher = [Nobel Foundation
| date = [1974-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-speech.html
| accessdate = 2007-10-16
-->| Nobel Memorial Prize for economic science|-| 1975:
Tjalling C. Koopmans{{cite web | first = Tjalling C.
| last = Koopmans
| authorlink = Tjalling C. Koopmans
| title = Tjalling C. Koopmans: Banquet Speech
| publisher = [Nobel Foundation
| date = [1975-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1975/koopmans-speech.html
| accessdate = 2007-10-16
-->| award for economics|-| 1976:
Milton Friedman,{{cite web | first = Milton
| last = Friedman
| authorlink = Milton Friedman
| title = Milton Friedman: Banquet Speech
| publisher = [Nobel Foundation
| date = [1976-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1976/friedman-speech.html
| accessdate = 2007-10-16
-->
1981:
James Tobin{{cite web | first = James
| last = Tobin
| authorlink = James Tobin
| title = James Tobin: Banquet Speech
| publisher = [Nobel Foundation
| date = [1981-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1981/tobin-speech.html
| accessdate = 2007-10-16
-->,
2006: Edmund S. Phelps{{cite web | first = Edmund S.
| last = Phelps
| authorlink = Edmund S. Phelps
| title = Edmund S. Phelps: Banquet Speech
| publisher = [Nobel Foundation
| date = [2006-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2006/phelps-speech.html
| accessdate = 2007-10-16
-->| Prize in Economic Sciences in Memory of Alfred Nobel|-| 1979: Theodore W. Schultz,{{cite web | first = Theodore W.
| last = Schultz
| authorlink = Theodore W. Schultz
| title = Theodore W. Schultz: Banquet Speech
| publisher = [Nobel Foundation
| date = [1979-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1979/schultz-speech.html
| accessdate = 2007-10-16
-->
1995: Robert E. Lucas,{{cite web | first = Robert E.
| last = Lucas Jr.
| authorlink = Robert E. Lucas
| title = Robert E. Lucas Jr.: Banquet Speech
| publisher = [Nobel Foundation
| date = [1995-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1995/lucas-speech.html
| accessdate = 2007-10-16
-->| Nobel Prize in Economics|-| 1988:
Maurice Allais{{cite web | first = Maurice
| last = Allais
| authorlink = Maurice Allais
| title = Maurice Allais: Banquet Speech
| publisher = [Nobel Foundation
| date = [1988-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1988/allais-speech.html
| accessdate = 2007-10-16
-->| Prix Nobel d'Economie (French for Nobel Prize in Economics)|-| 1981: Lawrence R. Klein{{cite web | first = Lawrence R.
| last = Klein
| authorlink = Lawrence R. Klein
| title = Lawrence R. Klein: Banquet Speech
| publisher = [Nobel Foundation
| date = [1980-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1980/klein-speech.html
| accessdate = 2007-10-16
-->| Prize in Economic Science|}
The press and other agencies have also called the prize:
- "Nobel Memorial Prize in Economics"
{{cite news | first = Neil
| last = Tickner
| title = University of Maryland Economist Wins Nobel Memorial Prize in Economics
| publisher = [University of Maryland
| date = [2005-10-10
| url = http://www.newsdesk.umd.edu/sociss/release.cfm?ArticleID=1145
| accessdate = 2007-10-16
-->{{cite web | title = The 2003 Nobel Memorial Prize in Economics: Analyzing Data with Irregular Trends and Volatility
| publisher = [National Science Foundation
| date = [2004-12-23
| url = http://www.nsf.gov/discoveries/disc_summ.jsp?cntn_id=100645
| accessdate = 2007-10-16
-->
- "Nobel Memorial Prize in Economic Sciences"
{{cite news | author = Associated Press
| authorlink = Associated Press
| title = Recent winners of the Nobel Memorial Prize in economics
| publisher = [Star Tribune
| date = [2007-10-15
| url = http://www.startribune.com/484/story/1485045.html
| accessdate = 2007-10-16
-->
In popular culture
In the television series The West Wing (TV series), the fictional US president Josiah Bartlet is a Nobel laureate in economics.
Laureates
The following is a list of all laureates in economics.
{| class="wikitable"|- bgcolor="#cccccc"!Year!Name!Country!Topics|-| 1969| style="width:20%" | Ragnar Anton Kittil Frisch
Jan Tinbergen| | 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
[Kenneth Arrow and welfare theory|-|1973| [Wassily Leontief
[Friedrich Hayek and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena|-| 1975| [Leonid KantorovichTjalling Koopmans of resources|-| 1976| [Milton Friedman analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy|-| 1977| [Bertil Ohlin
James Meade and international [Capital (economics) movements|-| 1978|
Herbert Simon process within economic organizations|-| 1979| [Theodore SchultzArthur Lewis (economist)|
| for their pioneering research into economic development research with particular consideration of the problems of developing countries.]| | for the creation of
econometry models and the application to the analysis of economic fluctuations and economic policies|-| 1981| James Tobins and their relations to expenditure decisions, employment, production and prices|-| 1982| [George Stigler|-| 1983| [Gérard Debreu.|-| 1984| [Richard Stones and hence greatly improved the basis for empirical economic analysis|-| 1985| [Franco Modigliani and of [financial markets]| | for his development of the contract and
constitution bases for the theory of economic and political
decision-making| | for his contributions to the theory of [economic growth| | for his pioneering contributions to the theory of markets and [Capacity utilization|-| 1989| Trygve Haavelmos and his analyses of simultaneous economic structures|-| 1990| [Harry Markowitz
Merton Miller
William Forsyth Sharpe|-| 1991| [Ronald Coases and [property rights for the institutional structure and functioning of the economy]| | for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour]
Douglass North by applying economic theory and quantitative methods in order to explain economic and institutional change|-| 1994| [John HarsanyiJohn Forbes NashReinhard Selten|-| 1995| [Robert Lucas, Jr., and thereby having transformed [Model (macroeconomics) and deepened our understanding of economic policy|-| 1996| James Mirrlees
William Vickrey
[Myron Scholess|-| 1998| [Amartya Sen to welfare economics|-| 1999| [Robert Mundell and [fiscal policy under different exchange rate regimes and his analysis of optimum currency areas]| | for his development of theory and methods for analyzing selective samples|-|
Daniel McFadden|-| 2001| [George AkerlofMichael SpenceJoseph E. Stiglitz.|-|rowspan = 2 | 2002| [Daniel Kahneman| | 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 with time-varying volatility or common trends|-| 2004| [Finn E. KydlandEdward C. Prescotts|-| 2005| [Robert Aumann (ישראל אומן)
Thomas Schelling analysis|-| 2006| [Edmund Phelps policy|-| 2007| [Leonid Hurwicz, Eric Maskin, Roger Myerson| | for having laid the foundations of
mechanism design|}
References
External links
- Laureates at the Nobel Foundation
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called 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. Although it is awarded in accordance with same principles as
Nobel Prizes established in the Will (law) of
Alfred Nobel, it is formally not a Nobel Prize.{{cite web]| url = http://nobelprize.org/nomination/economics/nominators.html| accessdate = 2007-10-18--> The award was initiated some 70 years after the death of Alfred Nobel by the Sveriges Riksbank on its 300th anniversary in 1968, and first awarded in 1969. It is administered by the
Nobel Foundation and the economics laureates are selected by the Nobel Committee. The laureates receive their diploma and gold medal from the
Monarch of Sweden at the same
December 10 ceremony in
Stockholm as the laureates in Nobel Prize in Physics, Nobel Prize in Chemistry, Nobel Prize in Physiology or Medicine, and Nobel Prize in Literature. In comparison to the original Nobel Prizes, the only practical difference is that the Swedish Central Bank provides the cash award for the prize in economics.{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->
Award process
The prize is awarded by the
Royal Swedish Academy of Sciences "in accordance with the rules governing the award of the Nobel Prizes instituted through his Nobel's will."{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->Every year in September, the Prize Committee, a five member committee elected by the the Royal Swedish Academy of Sciences, sends around 3000 invitations to professors, scientists, and other qualified nominators requesting proposals for candidates for the following year's prize.{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->{{cite web | title = Nomination and Selection of the Laureates in Economics
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nomination/economics/process.html
| accessdate = 2007-10-18
--> All proposals and their supporting evidence must be received before February 1.{{cite web | title = Nomination and Selection of the Laureates in Economics
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nomination/economics/process.html
| accessdate = 2007-10-18
--> Afterwards, the proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, then the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next economics laureate.{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobelfoundation/statutes-eco.html
| accessdate = 2007-10-18
-->{{cite web | title = Nominating and awarding
| publisher = [Royal Swedish Academy of Sciences
| url = http://www.kva.se/KVA_Root/eng/awards/nobel/economy/nomination.asp?br=ns&ver=6up
| accessdate = 2007-10-18
-->{{cite web | title = Members
| publisher = [Royal Swedish Academy of Sciences
| url = http://www.kva.se/KVA_Root/eng/about/members/index.asp?br=ns&ver=6up
| accessdate = 2007-10-18
--> As with the Nobel Prizes, no more than three people can share the prize for a given year and they must be alive when the prize announcement is made in October. Similarly, information about the nominations is not publicly disclosed for 50 years.{{cite web | title = Nomination and Selection of the Laureates in Economics
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nomination/economics/process.html
| accessdate = 2007-10-18
-->
The economics laureates receive their diploma and gold medal from the Monarch of Sweden at the same December 10 ceremony in
Stockholm as the List of Nobel laureates in
Nobel Prize in Physics,
Nobel Prize in Chemistry,
Nobel Prize in Physiology or Medicine, and Nobel Prize in Literature. The cash award for the economics laureates is equal to that of the Nobel Prizes, and has been 10 million
Swedish krona (Oct 2007: approximately 1 million
Euro) since 2001.{{cite web | title = The Prize Amount
| publisher = [The Nobel Foundation
| url = http://nobelprize.org/nobel_prizes/economics/amount.html
| accessdate = 2007-10-18
-->
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
There have been lawsuits and disputes over the legitimacy of the economics prize. Some critics argue that the prestige of the prize derives in part from its association with the
Nobel Prizes, 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.
Some critics claim the prize has a bias towards
Neoclassical economics. The laissez-faire Chicago School of Economics has garnered eight Nobel prizes - more than any other university.
Assar Lindbeck was the chair of the selection committee from 1980-1994 and was on the committee since its inception in 1969. He has advocated drastic cutbacks in Sweden's welfare state, has criticised Sweden's attempt to have "capitalism with-out capitalists" and favours the introduction of a voucher system in education. He has also worked with
Michael Walker,
Douglass North,
Gary Becker and Friedman in constructing an
Indices of Economic Freedom. This is claimed to create either a bias or an appearance of bias against candidates with an alternate view, such as Keynesian or Neo-Keynesian candidates. Even Friedman stated that Joan Robinson was 'blackballed' because of her espousal of Keynesianism.
About the name
Since the official name of the prize is in Swedish, the English name for the prize has varied throughout its history. The Nobel Foundation has translated the name to the following:
{| class="wikitable"|-! Years! Official name in English|-| 1969-1970| Prize in Economic Science dedicated to the memory of Alfred Nobel{{cite web | first = Erik
| last = Lundberg
| title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech
| publisher = [Nobel Foundation
| date = [1969-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1969/press.html
| accessdate = 2007-10-17
-->{{cite web | first = Assar
| last = Lindbeck
| authorlink = Assar Lindbeck
| title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech
| publisher = [Nobel Foundation
| date = [1970-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/press.html
| accessdate = 2007-10-17
-->|-| 1971| Prize in Economic Science{{cite web | first = Bertil
| last = Ohlin
| authorlink = Bertil Ohlin
| title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech
| publisher = [Nobel Foundation
| date = [1971-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1971/press.html
| accessdate = 2007-10-17
-->|-| 1972| Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release
| publisher = [Nobel Foundation
| date = [1972-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1972/press.html
| accessdate = 2007-10-17
-->|-| 1973-1977, 1983| Prize in Economic Science in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release
| publisher = [Nobel Foundation
| date = [1973-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1973/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release
| publisher = [Nobel Foundation
| date = [1977-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1977/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release
| publisher = [Nobel Foundation
| date = [1983-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1983/press.html
| accessdate = 2007-10-17
-->|-| 1978-1982, 1984-1990| Alfred Nobel Memorial Prize in Economic Sciences{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release
| publisher = [Nobel Foundation
| date = [1978-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1978/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release
| publisher = [Nobel Foundation
| date = [1982-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1982/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release
| publisher = [Nobel Foundation
| date = [1984-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1984/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release
| publisher = [Nobel Foundation
| date = [1990-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1990/press.html
| accessdate = 2007-10-17
-->|-| 1991| Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release
| publisher = [Nobel Foundation
| date = [1991-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1991/press.html
| accessdate = 2007-10-17
-->|-| 1992-2005| Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release
| publisher = [Nobel Foundation
| date = [1992-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1992/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release
| publisher = [Nobel Foundation
| date = [2005-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2005/press.html
| accessdate = 2007-10-17
-->|-| 2006-2007| The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release
| publisher = [Nobel Foundation
| date = [2006-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2006/press.html
| accessdate = 2007-10-17
-->{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release
| publisher = [Nobel Foundation
| date = [2007-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2007/press.html
| accessdate = 2007-10-17
-->|}
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:
{| class="wikitable"|-! Year: Laureate! Laureate's name for the prize|-| 1969:
Jan Tinbergen{{cite web | first = Jan
| last = Tinbergen
| authorlink = Jan Tinbergen
| title = Jan Tinbergen: Banquet Speech
| publisher = [Nobel Foundation
| date = [1969-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1969/tinbergen-speech.html
| accessdate = 2007-10-16
-->| Alfred Nobel Memorial Prize for Economics|-| 1970:
Paul A. Samuelson{{cite web | first = Paul A.
| last = Samuelson
| authorlink = Paul A. Samuelson
| title = Paul A. Samuelson: Banquet Speech
| publisher = [Nobel Foundation
| date = [1970-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-speech.html
| accessdate = 2007-10-16
-->| Alfred Nobel Memorial Awards in Economics|-| 1971: Simon Kuznets,{{cite web | first = Simon
| last = Kuznets
| authorlink = Simon Kuznets
| title = Simon Kuznets: Banquet Speech
| publisher = [Nobel Foundation
| date = [1971-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-speech.html
| accessdate = 2007-10-16
-->
1994:
John C. Harsanyi{{cite web | first = John C.
| last = Harsanyi
| authorlink = John C. Harsanyi
| title = John C. Harsanyi: Banquet Speech
| publisher = [Nobel Foundation
| date = [1994-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1994/harsanyi-speech.html
| accessdate = 2007-10-16
-->| Nobel Memorial Prize|-| 1974:
Friedrich August von Hayek{{cite web | first = Friedrich August
| last = von Hayek
| authorlink = Friedrich August von Hayek
| title = Friedrich August von Hayek: Banquet Speech
| publisher = [Nobel Foundation
| date = [1974-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-speech.html
| accessdate = 2007-10-16
-->| Nobel Memorial Prize for economic science|-| 1975: Tjalling C. Koopmans{{cite web | first = Tjalling C.
| last = Koopmans
| authorlink = Tjalling C. Koopmans
| title = Tjalling C. Koopmans: Banquet Speech
| publisher = [Nobel Foundation
| date = [1975-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1975/koopmans-speech.html
| accessdate = 2007-10-16
-->| award for economics|-| 1976:
Milton Friedman,{{cite web | first = Milton
| last = Friedman
| authorlink = Milton Friedman
| title = Milton Friedman: Banquet Speech
| publisher = [Nobel Foundation
| date = [1976-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1976/friedman-speech.html
| accessdate = 2007-10-16
-->
1981: James Tobin{{cite web | first = James
| last = Tobin
| authorlink = James Tobin
| title = James Tobin: Banquet Speech
| publisher = [Nobel Foundation
| date = [1981-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1981/tobin-speech.html
| accessdate = 2007-10-16
-->,
2006: Edmund S. Phelps{{cite web | first = Edmund S.
| last = Phelps
| authorlink = Edmund S. Phelps
| title = Edmund S. Phelps: Banquet Speech
| publisher = [Nobel Foundation
| date = [2006-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/2006/phelps-speech.html
| accessdate = 2007-10-16
-->| Prize in Economic Sciences in Memory of Alfred Nobel|-| 1979: Theodore W. Schultz,{{cite web | first = Theodore W.
| last = Schultz
| authorlink = Theodore W. Schultz
| title = Theodore W. Schultz: Banquet Speech
| publisher = [Nobel Foundation
| date = [1979-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1979/schultz-speech.html
| accessdate = 2007-10-16
-->
1995:
Robert E. Lucas,{{cite web | first = Robert E.
| last = Lucas Jr.
| authorlink = Robert E. Lucas
| title = Robert E. Lucas Jr.: Banquet Speech
| publisher = [Nobel Foundation
| date = [1995-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1995/lucas-speech.html
| accessdate = 2007-10-16
-->| Nobel Prize in Economics|-| 1988:
Maurice Allais{{cite web | first = Maurice
| last = Allais
| authorlink = Maurice Allais
| title = Maurice Allais: Banquet Speech
| publisher = [Nobel Foundation
| date = [1988-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1988/allais-speech.html
| accessdate = 2007-10-16
-->| Prix Nobel d'Economie (French for Nobel Prize in Economics)|-| 1981: Lawrence R. Klein{{cite web | first = Lawrence R.
| last = Klein
| authorlink = Lawrence R. Klein
| title = Lawrence R. Klein: Banquet Speech
| publisher = [Nobel Foundation
| date = [1980-12-10
| url = http://nobelprize.org/nobel_prizes/economics/laureates/1980/klein-speech.html
| accessdate = 2007-10-16
-->| Prize in Economic Science|}
The press and other agencies have also called the prize:
- "Nobel Memorial Prize in Economics"
{{cite news | first = Neil
| last = Tickner
| title = University of Maryland Economist Wins Nobel Memorial Prize in Economics
| publisher = [University of Maryland
| date = [2005-10-10
| url = http://www.newsdesk.umd.edu/sociss/release.cfm?ArticleID=1145
| accessdate = 2007-10-16
-->{{cite web | title = The 2003 Nobel Memorial Prize in Economics: Analyzing Data with Irregular Trends and Volatility
| publisher = [National Science Foundation
| date = [2004-12-23
| url = http://www.nsf.gov/discoveries/disc_summ.jsp?cntn_id=100645
| accessdate = 2007-10-16
-->
- "Nobel Memorial Prize in Economic Sciences"
{{cite news | author = Associated Press
| authorlink = Associated Press
| title = Recent winners of the Nobel Memorial Prize in economics
| publisher = [Star Tribune
| date = [2007-10-15
| url = http://www.startribune.com/484/story/1485045.html
| accessdate = 2007-10-16
-->
In popular culture
In the television series The West Wing (TV series), the fictional US president
Josiah Bartlet is a Nobel laureate in economics.
Laureates
The following is a list of all laureates in economics.
{| class="wikitable"|- bgcolor="#cccccc"!Year!Name!Country!Topics|-| 1969| style="width:20%" |
Ragnar Anton Kittil FrischJan Tinbergen| | 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
[Kenneth Arrow and welfare theory|-|1973| [Wassily Leontief
[Friedrich Hayek and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena|-| 1975| [Leonid KantorovichTjalling Koopmans of resources|-| 1976| [Milton Friedman analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy|-| 1977| [Bertil OhlinJames Meade and international [Capital (economics) movements|-| 1978|
Herbert Simon process within economic organizations|-| 1979| [Theodore SchultzArthur Lewis (economist)|
| for their pioneering research into economic development research with particular consideration of the problems of developing countries.]| | for the creation of econometry models and the application to the analysis of economic fluctuations and economic policies|-| 1981| James Tobins and their relations to expenditure decisions, employment, production and prices|-| 1982| [George Stigler|-| 1983| [Gérard Debreu.|-| 1984| [Richard Stones and hence greatly improved the basis for empirical economic analysis|-| 1985| [Franco Modigliani and of [financial markets]| | for his development of the contract and constitution bases for the theory of economic and political
decision-making| | for his contributions to the theory of [economic growth| | for his pioneering contributions to the theory of markets and [Capacity utilization|-| 1989| Trygve Haavelmos and his analyses of simultaneous economic structures|-| 1990| [Harry Markowitz
Merton MillerWilliam Forsyth Sharpe|-| 1991| [Ronald Coases and [property rights for the institutional structure and functioning of the economy]| | for having extended the domain of microeconomic analysis to a wide range of
human behaviour and interaction, including non-market behaviour]
Douglass North by applying economic theory and quantitative methods in order to explain economic and institutional change|-| 1994| [John HarsanyiJohn Forbes Nash
Reinhard Selten|-| 1995| [Robert Lucas, Jr., and thereby having transformed [Model (macroeconomics) and deepened our understanding of economic policy|-| 1996| James Mirrlees
William Vickrey
[Myron Scholess|-| 1998| [Amartya Sen to welfare economics|-| 1999| [Robert Mundell and [fiscal policy under different exchange rate regimes and his analysis of optimum currency areas]| | for his development of theory and methods for analyzing selective samples|-|
Daniel McFadden|-| 2001| [George AkerlofMichael SpenceJoseph E. Stiglitz.|-|rowspan = 2 | 2002| [Daniel Kahneman| | for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms|-| 2003| [Robert F. EngleClive Granger with time-varying volatility or common trends|-| 2004| [Finn E. Kydland
Edward C. Prescotts|-| 2005| [Robert Aumann (ישראל אומן)
Thomas Schelling analysis|-| 2006| [Edmund Phelps policy|-| 2007| [Leonid Hurwicz,
Eric Maskin,
Roger Myerson| | for having laid the foundations of
mechanism design|}
References
External links
- Laureates at the Nobel Foundation
Nobel Memorial Prize in Economic Sciences - Wikipedia, the free ...
The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ...
Economics 2006
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006
The Sveriges Riksbank Prize in Economic Sciences in Memory of ...
Nobelprize.org, Official Website of the Nobel Foundation ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
New Nobel prize winner in economic sciences named - News archive ...
New Nobel prize winner in economic sciences named. Page contents > Press cuttings. This year's new economics Nobel laureate was announced today (Monday 9 October) as Edmund Phelps ...
Nobel Memorial Prize in Economic Sciences definition of Nobel Memorial ...
Nobel Memorial Prize in Economic Sciences: see Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel under Nobel Prize Bank of Sweden Prize in Economic Sciences in ...
Nobel Prize - Wikipedia, the free encyclopedia
The Nobel Prize (Swedish: Nobelpriset) was established in Alfred Nobel 's will in 1895, and it was first awarded in Peace, Literature, Chemistry, Physiology or Medicine, and ...
Did you know - Amartya Sen won the Nobel Memorial Prize in Economic ...
Did you know - Amartya Sen won the Nobel Memorial Prize in Economic Sciences in 1998
Winners of the Bank of Sweden Prize in Economic Sciences in Memory of ...
A comprehensive list of Nobel Prize Laureates in Economics, at the Nobel Prize Internet Archive. Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2007-1969
Nobel Prize winners - About LSE - Press and Information Office - LSE
2007: Leonid Hurwicz, Nobel Prize in Economic Sciences (jointly) 2001: George Akerlof, Nobel Prize in Economic Sciences (jointly) 1999: Robert Mundell, Nobel Prize in Economic ...
George M. Frankfurter, "The 2002 Nobel Prize in Economics"
Global Economic News . www.paecon.net ... Nobel Prize in Economics . G EORGE M. F RANKFURTER . Not to lag behind the hard sciences, the Nobel Committee for Economics, in October 2002 ...
