FACTOID # 3: South Carolina has the highest rate of violent crimes and aggravated assaults per capita among US states.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
   
 
WHAT'S NEW
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Encyclopedia > Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics. The award was instituted by the Bank of Sweden (the world's oldest central bank) at its 300th anniversary in 1968. Although it was not one of the awards established in the will of Alfred Nobel, the economics laureates receive their diploma and gold medal from the Swedish monarch at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature. The amount of money awarded to the economics laureates is also equal to that of the other prizes. Economics (from the Greek οίκος [oikos], family, household, estate, and νομος [nomos], custom, law, hence household management and management of the state) is a social science that studies the production, distribution, trade and consumption of goods and services. ... Sveriges Riksbank (Swedish National Bank) is the central bank of Sweden, sometimes called just the Bank of Sweden. ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... Alfred Nobel (help· info) (October 21, 1833, Stockholm, Sweden – December 10, 1896, Sanremo, Italy) was a Swedish chemist, engineer, pacifist, innovator, armaments manufacturer and the inventor of dynamite. ... Sweden is a constitutional monarchy with a representative democracy based on a parliamentary system. ... December 10 is the 344th day (345th in leap years) of the year in the Gregorian calendar. ... The Old town in Stockholm from the air (help· info) is the capital of Sweden, located on the east coast at the entrance of lake Mälaren. ... Sir Edward Appletons medal Photographs of Nobel Prize Medals. ... Hannes Alfvén, 1970 winner for work on astrophysical plasmas List of Nobel Prize laureates in Physics from 1901 to the present day. ... This is a list of Nobel Prize laureates in Chemistry from 1901 to the present day. ... List of Nobel Prize laureates in Physiology or Medicine from 1901 to the present day. ... The Nobel Prize in Literature is awarded annually to an author from any country who has, in the words of Alfred Nobel, produced the most outstanding work of an idealistic tendency. The work in this case generally refers to an authors work as a whole, not to any individual...


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. The prize is commonly referred to as the Nobel Prize in Economics or, more correctly, as the Nobel Memorial Prize in Economics.


In February 1995, it was decided that the economics prize be essentially defined as a prize in social sciences, opening the Nobel 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. An economist is an individual who studies, develops, and applies theories and concepts from economics, and writes about economic policy. ...

Contents


Award process

The economics laureates, like the Nobel laureates in chemistry and physics, are chosen by the Royal Swedish Academy of Sciences. 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. No more than three people can share the prize for a given year. The final award is made in Stockholm, and is accompanied by a prize (10 million Kronor, or roughly 1 million euros as of 2004). This is a list of Nobel Prize laureates in Chemistry from 1901 to the present day. ... Hannes Alfvén, 1970 winner for work on astrophysical plasmas List of Nobel Prize laureates in Physics from 1901 to the present day. ... The Royal Swedish Academy of Sciences or , founded in 1739 by King Frederick I, is one of the Royal Academies in Sweden. ... The krona (currency code SEK) has been the currency of Sweden since 1873. ...


Controversy

Controversy stems from a few questions:

  1. May its affiliation with the Nobel name, despite not being part of Alfred Nobel's bequest, be justified by the similarity of the award process?
  2. Have there been any systematic political biases?
  3. Is objective evaluation of candidates more difficult for a social science like economics, relative to physics, chemistry, medicine, literature or peace?
  4. Is it true that the most influential economists were awarded the prize in the 1970s and early 1980s, and that since then the available candidates in the field have been weaker and hence more controversial?

Among the most vocal critics of the economics prize is Peter Nobel who is a peripheral member of the Nobel family – his paternal grandfather's grandmother was one of the daughters of Alfred Nobel's elder brother Ludvig. Ludvig Nobel (1831-1888) was Alfred Bernhard Nobels second oldest brother. ...


Winners

1960s

Year Name Topics
1969 Ragnar Anton Kittil Frisch (Norway), Jan Tinbergen (Netherlands) for having developed and applied dynamic models for the analysis of economic processes

Ragnar Frisch. ... Jan Tinbergen Jan Tinbergen (The Hague, April 12, 1903 – June 9, 1994), Dutch economist, was awarded the first Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic...

1970s

Year Name Topics
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 (USA) 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 (United Kingdom), Kenneth Arrow (USA) for their pioneering contributions to general economic equilibrium theory and welfare theory
1973 Wassily Leontief (USA) for the development of the input-output method and for its application to important economic problems.
1974 Gunnar Myrdal (Sweden), Friedrich Hayek (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 (Soviet Union), Tjalling Koopmans (USA) for their contributions to the theory of optimum allocation of resources
1976 Milton Friedman (USA) for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.
1977 Bertil Ohlin (Sweden), James Meade (UK) for their pathbreaking contribution to the theory of international trade and international capital movements
1978 Herbert Simon (USA) for his pioneering research into the decision-making process within economic organizations
1979 Theodore Schultz (USA), Arthur Lewis (UK) for their pioneering research into economic development research with particular consideration of the problems of developing countries

Paul A. Samuelson (born May 15, 1915) is an American economist known for his work in many fields of economics. ... 1971 (MCMLXXI) was a common year starting on Friday (the link is to a full 1971 calendar). ... Simon Kuznets Simon Smith Kuznets (April 30, 1901 – July 8/9, 1985) was an economist who won the 1971 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic... 1972 (MCMLXXII) was a leap year starting on Saturday (the link is to a full 1972 calendar). ... Sir John Richard Hicks (April 8, 1904 – May 20, 1989) was one of the most important and influential economists of the twentieth century. ... Kenneth Arrow Kenneth Joseph Arrow (born August 23, 1921) is an American economist, winner of the Bank of Sweden Prize in Economic Sciences in 1972. ... 1973 (MCMLXXIII) was a common year starting on Monday (the link is to a full 1973 calendar). ... Wassily Leontief (August 5, 1906 – February 5, 1999), born at St. ... 1974 (MCMLXXIV) was a common year starting on Tuesday (the link is to a full 1974 calendar). ... Gunnar Myrdal (December 6, 1898 – May 17, 1987) was a Swedish economist and politician. ... Friedrich Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian economist and political philosopher, noted for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... 1975 (MCMLXXV) was a common year starting on Wednesday (the link is to a full 1975 calendar). ... Leonid Vitaliyevich Kantorovich (January 19, 1912 in Petersburg – April 7, 1986 in Moscow) was a Soviet/Russian mathematician and economist. ... Tjalling Charles Koopmans (August 28, 1910 – February 26, 1985) was the joint winner, with Leonid Kantorovich, of the 1975 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... 1976 (MCMLXXVI) was a leap year starting on Thursday (the link is to a full 1976 calendar). ... Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known for his work on macroeconomics, microeconomics, economic history, statistics, and for his advocacy of laissez-faire capitalism. ... For the album by Ash, see 1977 (album). ... Bertil Ohlin (April 23, 1899 – August 3, 1979), was a Swedish economist and winner of the 1977 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... James Edward Meade (June 23, 1907, Swanage, Dorset – December 22, 1995, Cambridge) was an English economist and winner of the 1977 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel jointly with the Norwegian Bertil Ohlin for their Pathbreaking contribution to the theory of international trade and... 1978 (MCMLXXVIII) was a common year starting on Sunday (the link is to a full 1978 calendar). ... Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was a researcher in the fields of cognitive psychology, computer science, public administration, economics and philosophy (sometimes described as a polymath). ... This page refers to the year 1979. ... Theodore Schultz, the 1979 winner (jointly with Arthur Lewis) of the Bank of Sweden Prize in the Economic Sciences (also known as the Nobel Prize in Economics) was born 1902 in the United States. ... Sir William Arthur Lewis (January 23, 1915 – June 15, 1991) was a British economist well known for his contributions in the field of economic development. ...

1980s

Year Name Topics
1980 Lawrence Klein (USA) for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies
1981 James Tobin (USA) for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices
1982 George Stigler (USA) for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation
1983 Gerard Debreu (USA) for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium
1984 Richard Stone (UK) 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 (USA) for his pioneering analyses of saving and of financial markets
1986 James Buchanan Jr. (USA) for his development of the contractual and constitutional bases for the theory of economic and political decision-making
1987 Robert Solow (USA) 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

Lawrence Robert Klein (born September 14, 1920) is an American economist. ... 1981 (MCMLXXXI) was a common year starting on Thursday of the Gregorian calendar. ... James Tobin (March 5, 1918 – March 11, 2002) was a United States economist. ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... 1983 (MCMLXXXIII) was a common year starting on Saturday of the Gregorian calendar. ... Gerard Debreu was a naturalized US citizen from France Gerard Debreu (July 4, 1921 – December 31, 2004) was a French-born American economist who won the 1983 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ... Sir John Richard Nicholas Stone (August 30, 1913 – December 6, 1991) was an eminent British economist who in 1984 received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for developing an accounting model that could be used to track economic activities on a national and... This article is about the year. ... Franco Modigliani (June 18, 1918 – September 25, 2003) was an Italian-American economist at the MIT Sloan School of Management, and winner of The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1985. ... 1986 (MCMLXXXVI) was a common year starting on Wednesday of the Gregorian calendar. ... For the president of this name, see James Buchanan. ... 1987 (MCMLXXXVII) was a common year starting on Thursday of the Gregorian calendar. ... Robert Merton Solow (born August 23, 1924) is an American economist particularly known for his work on the theory of economic growth. ... 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ... Maurice Allais (born May 31, 1911) was the 1988 winner of The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his pioneering contributions to the theory of markets and efficient utilization of resources. ... 1989 (MCMLXXXIX) was a common year starting on Sunday of the Gregorian calendar. ... Trygve Magnus Haavelmo (13 December 1911 – 26 July 1999), born in Skedsmo, Norway, was an influential economist with main research interests centered on the fields of econometrics and economics theory. ...

1990s

Year Name Topics
1990 Harry Markowitz (USA), Merton Miller (USA), William Sharpe (USA) for their pioneering work in the theory of financial economics
1991 Ronald Coase (UK) 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 (USA) for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour
1993 Robert Fogel (USA), Douglass North (USA) 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 (USA), John Forbes Nash (USA), Reinhard Selten (Germany) for their pioneering analysis of equilibria in the theory of non-cooperative games
1995 Robert Lucas Jr. (USA) 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 (UK), William Vickrey (USA) for their fundamental contributions to the economic theory of incentives under asymmetric information
1997 Robert Carhart Merton (USA), Myron Scholes (USA) 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

Harry Max Markowitz (born August 24, 1927) is an influential economist at City University of New York and winner of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1990. ... Merton Howard Miller (May 16, 1923 - June 3, 2000) won the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1990, along with Harry Markowitz and William Sharpe. ... William Forsyth Sharpe (born June 16, 1934) is Professor of Finance, Emeritus at Stanford Universitys Graduate School of Business and the winner of the 1990 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... 1991 (MCMXCI) was a common year starting on Tuesday of the Gregorian calendar. ... Ronald Coase (born December 29, 1910) is a British economist. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... Gary Stanley Becker (born December 2, 1930) is an American economist. ... 1993 (MCMXCIII) was a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ... Robert William Fogel (born July 1, 1926) is an American economic historian and scientist, and Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel winner in 1993 (with Douglass North). ... Douglass Cecil North (born November 5, 1920) is co-recipient of the 1993 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ... John Charles Harsanyi (May 29, 1920 – August 9, 2000) was a Hungarian-American business and economics professor who contributed to the study of game theory in mathematics by developing the analysis of games of incomplete information. ... John Forbes Nash Jr. ... Reinhard Selten (born October 5, 1930) is a German economist. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... Robert Emerson Lucas, Jr. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... James Alexander Mirrlees (born July 5, 1936, Minnigaff, Scotland) is a Scottish economist and winner of the 1996 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... William Vickrey (June 21, 1914, Victoria, British Columbia - October 11, 1996, New York State) was a Columbia University professor, who was awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ... This article is about the economist. ... Myron S. Scholes (born July 1, 1941) is one of the authors of the famous Black-Scholes equation. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... Amartya Sen Amartya Kumar Sen (born November 3, 1933) is an Indian economist and Nobel laureate best known for his work on famine, human development theory, welfare economics, the underlying mechanisms of poverty, and political liberalism. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... Robert Alexander Mundell (born October 24, 1932) is a Canadian economist who graduated from the University of British Columbia in Vancouver. ...

2000s

Year Name Topics
2000 James Heckman (USA),
Daniel McFadden (USA)
for his development of theory and methods for analyzing selective samples
for his development of theory and methods for analyzing discrete choice
2001 George A. Akerlof (USA), Michael Spence (USA), Joseph E. Stiglitz (USA) for their analyses of markets with asymmetric information.
2002 Daniel Kahneman (Israel/USA),
Vernon L. Smith (USA)
for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty
for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms
2003 Robert F. Engle (USA), Clive W. J. Granger (UK) for methods of analyzing economic time series with time-varying volatility or common trends
2004 Finn E. Kydland (Norway), Edward C. Prescott (USA) for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles
2005 Robert J. Aumann (Israel/USA), Thomas Schelling (USA) for having enhanced our understanding of conflict and cooperation through game-theory analysis

James Heckman (born April 19, 1944) is an economist at the University of Chicago. ... Daniel L. McFadden (born July 29, 1937) is an econometrician who won (jointly with James Heckman) the 2000 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his development of theory and methods for analyzing discrete choice. He is currently the E. Morris Cox Professor of... 2001: A Space Odyssey. ... George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of California, Berkeley. ... Michael Spence is a winner of Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. ... Joseph E. Stiglitz Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of the John Bates Clark Medal (1979) and The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2001). ... For the Cusco album, see 2002 (album). ... Daniel Kahneman Daniel Kahneman (born March 5, 1934 in Tel Aviv, in the then British Mandate of Palestine, now in Israel), is a key pioneer and theorist of behavioral finance, which integrates economics and cognitive science to explain seemingly irrational risk management behavior in human beings. ... This article needs to be cleaned up to conform to a higher standard of quality. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Robert F. Engle (born 1942) received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2003, sharing the award with Clive Granger, for methods of analyzing economic time series with time-varying volatility (ARCH). He got his Ph. ... Sir Clive Granger (born 1934) is an USA. Along with Robert Engle of New York University he shared the 2003 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... It has been designated the: International Year of Rice (by the United Nations) International Year to Commemorate the Struggle against Slavery and its Abolition (by UNESCO) 2004 World Health Day topic was Road Safety (by World Health Organization) Year of the Monkey (by the Chinese calendar) See the world in... Finn E. Kydland (born 1943) is a Norwegian economist. ... Prescott Photo Edward C. Prescott, born 26 December 1940 in Glens Falls, New York, received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2004, sharing the award with Finn E. Kydland, for their contributions to dynamic macroeconomics: the time consistency of economic policy and... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... Israel Robert John Aumann (born June 8, 1930, Frankfurt am Main, Germany) is an Israeli mathematician and a member of the United States National Academy of Sciences. ... Thomas Schelling Thomas Crombie Schelling (born 14 April 1921) is an American economist and professor of foreign affairs, national security, nuclear strategy, and arms control at the University of Maryland, College Park School of Public Policy. ... Game theory is a branch of applied mathematics that studies strategic situations where players choose different actions in an attempt to maximize their returns. ...

External links

Nobel Prizes
Chemistry | Economics | Literature | Peace | Physics | Physiology or Medicine

  Results from FactBites:
 
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel - Wikipedia, the free encyclopedia (1190 words)
The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics.
Although it was not one of the awards established in the will of Alfred Nobel, the economics laureates receive their diploma and gold medal from the Swedish monarch at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature.
Among the most vocal critics of the economics prize is Peter Nobel who is a peripheral member of the Nobel family – his paternal grandfather's grandmother was one of the daughters of Alfred Nobel's elder brother Ludvig.
  More results at FactBites »

 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m