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Nobel Memorial Prize In Economics

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 of Alfred Nobel, it is formally not a Nobel Prize.[1] The award was initiated some 70 years after the death of Alfred Nobel by the Swedish Central Bank 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 Swedish monarch at the same December 10 ceremony in Stockholm as the laureates in physics, chemistry, physiology or medicine, and 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.[2]

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 [Alfred Nobel's] will."[2] 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.[2][5] All proposals and their supporting evidence must be received before February 1.[5] 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.[2][8][9] 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.[5]

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 cash award for the economics laureates is equal to that of the Nobel Prizes, and has been 10 million Swedish kronor (Oct 2007: approximately 1 million Euro) since 2001.[11]

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.[12] Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the prize should be abolished.[13] 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.[13]

Some critics claim the prize has a bias towards Neoclassical economics.[14][15] 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,[16] has criticised Sweden's attempt to have "capitalism with-out capitalists"[17] 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 Economic Freedom Index. 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.[18]

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:

Years Official name in English
1969-1970Prize in Economic Science dedicated to the memory of Alfred Nobel[19][20]
1971Prize in Economic Science[21]
1972Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[22]
1973-1977, 1983Prize in Economic Science in Memory of Alfred Nobel[23][24][25]
1978-1982, 1984-1990Alfred Nobel Memorial Prize in Economic Sciences[26][27][28][29]
1991Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel[30]
1992-2005Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[31][32]
2006-2007The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[33][34]


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:

Year: Laureate Laureate's name for the prize
1969: Jan Tinbergen[35]Alfred Nobel Memorial Prize for Economics
1970: Paul A. Samuelson[36]Alfred Nobel Memorial Awards in Economics
1971: Simon Kuznets,[37]
1994: John C. Harsanyi[38]		Nobel Memorial Prize
1974: Friedrich August von Hayek[39]Nobel Memorial Prize for economic science
1975: Tjalling C. Koopmans[40]award for economics
1976: Milton Friedman,[41]
1981: James Tobin[42],
2006: Edmund S. Phelps[43]		Prize in Economic Sciences in Memory of Alfred Nobel
1979: Theodore W. Schultz,[44]
1995: Robert E. Lucas Jr.,[45]		Nobel Prize in Economics
1988: Maurice Allais[46]Prix Nobel d'Economie (French for Nobel Prize in Economics)
1981: Lawrence R. Klein[47]Prize in Economic Science


The press and other agencies have also called the prize: Associated Press. "Recent winners of the Nobel Memorial Prize in economics", Star Tribune, 2007-10-15. Retrieved on 2007-10-16. 
51. ^ All Laureates in Economics. the Nobel Foundation (2007). Retrieved on 2007-09-25.

External links

Nobel Prizes
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Prize in memory of Alfred Nobel: Economics
 •  • [ e]
Nobel Memorial Prize in Economics Laureates
1969-1975
Frisch / Tinbergen (1969) • Samuelson (1970) • Kuznets (1971) • Hicks / Arrow (1972) • Leontief (1973) • Myrdal / Hayek (1974) • Kantorovich / Koopmans (1975)
1976-2000
Friedman (1976) • Ohlin / Meade (1977) • Simon (1978) • Schultz / Lewis (1979) • Klein (1980) • Tobin (1981) • Stigler (1982) • Debreu (1983) • Stone (1984) • Modigliani (1985) • Buchanan (1986) • Solow (1987) • Allais (1988) • Haavelmo (1989) • Markowitz / Miller / Sharpe (1990) • Coase (1991) • Becker (1992) • Fogel / North (1993) • Harsanyi / Nash / Selten (1994) • Lucas (1995) • Mirrlees / Vickrey (1996) • Merton / Scholes (1997) • Sen (1998) • Mundell (1999) • Heckman / McFadden (2000)
2001-2025
Akerlof / Spence / Stiglitz (2001) • Kahneman / Smith (2002) • Engle / Granger (2003) • Kydland / Prescott (2004) • Aumann / Schelling (2005) • Phelps (2006)
Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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Winners of the Nobel Prize are scientists, writers and peacemakers who have been awarded in their field of endeavour, and who are known collectively as either Nobel laureates or Nobel Prize winners.
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Nobel Prize in Physics (Swedish: Nobelpriset i fysik) is awarded once a year by the Royal Swedish Academy of Sciences. It is one of the six Nobel Prizes. The first prize was awarded in 1901.
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Nobel Prize in Chemistry (Swedish: Nobelpriset i kemi) is awarded once a year by the Royal Swedish Academy of Sciences. It is one of the six Nobel Prizes. The first prize was awarded in 1901.
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George Richards Minot, ';
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1935 Hans Spemann, '' German Empire "for his discovery of the organizer effect in embryonic development"[32]
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Nobel Prize in Literature (Swedish: Nobelpriset i litteratur) is awarded annually to an author from any country who has, in the words from the will of Alfred Nobel, produced "the most outstanding work of an idealistic tendency" (original Swedish:
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