All Nobel Prizes in Economic Sciences 1
The Nobel Prize in Economic Sciences (also known as Sveriges Riksbank Prize) in Memory of Alfred Nobel has been awarded 51 times to 84 Laureates between 1969 and 2019.
Economic Problems
Among all the issues of a society, economics is one of the most important ones in everyday life. Economics is of paramount importance in all aspects of a society (political, social, cultural, etc.), because the independence of society and its power to resist natural and social disasters, the glory and magnificence of a society against other societies, and its political stability depend on solving the economic problems and lacks in that society.
Also, the economy is highly sensitive, meaning that a timely decision on economic affairs can lead a society to prosperity, and on the contrary, an unconscionable decision can cause failure only in the economic dimension but also in many aspects of life.
Economic problems continue to be a massive challenge of our time. The issue of having a “good life” is more at stake than anything in the today world, even much greater than space travel or perhaps even the next revolutionary medical breakthrough.
Global inequality and unequal economic development, global poverty, the exhaustion of non-renewable resources, depletion of the environment and global warming, are some of the important systemic economy-related problems causing great anxiety across the world.
To deal with these problems needs some resources and most importantly effective ideas that will help us jump the wall of disagreement and distrust that divides us. If we succeed, history will remember our era with gratitude; if we fail, the potential losses are incalculable.
Nobel Prize
Second week in October is a promising and exciting time for those in the economics profession since they repeatedly about who is likely to win the coveted Nobel prize in Economics, more formally known as the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”.
Regarded as the most prestigious award for that field, Sveriges Riksbank Prize has been awarded 51 times to 84 Laureates between 1969 and 2019 for outstanding contributions to the field of economics.
Here in the following table you can find the names of 30 Laureates between 1969 and 1990:
|
Year |
Laureate(s) | Country |
Key contribution |
|
1969 |
Ragnar Frisch
|
Norway
The Netherlands |
Frisch–Waugh–Lovell theorem, Conjectural variation |
| 1970 | Paul A. Samuelson | USA |
Raising the general analytical and methodological level in economic science |
|
1971 |
Simon Kuznets | USA |
Gross domestic product, Capital formation, Kuznets cycle, Kuznets curve |
|
1972 |
|
UK USA |
Made fundamental contributions to the renewal of the general equilibrium theory. Work with welfare theory. Work in the theory of social choice |
|
1973 |
|
Russia | Creator of the input-output technique, a method that provides tools for a systematic analysis of the complicated inter-industry transactions in an economy. |
|
1974 |
Gunnar Myrdal
|
Sweden |
Research on the interrelations between economic, social and political processes |
|
1975 |
the Netherlands
Russia |
Renewed, generalized, and developed methods for analysis of the classical problem of economics as regards the optimum allocation of scarce resources. | |
| 1976 |
USA |
Contributions to consumption analysis and to monetary history and theory, including observations of the complexity of stabilization policy. |
|
| 1977 |
|
Sweden
UK |
Demonstrated the effects of economic policy on foreign trade theory. |
| 1978 | Herbert A. Simon | USA |
methodology of science, applied mathematical statistics, operations analysis, economics, and business administration His work is synthesized in a new theory of organizational decision-making. |
| 1979 | USA
Saint Lucia |
Developed two economic models which mark out the causes of poverty among the population of the developing countries, as well as the factors determining the unsatisfactory pace of development. |
|
| 1980 | USA | Analysis of the effects of macroeconomic policy by econometric model building. He also made important contributions in developing fore-casting techniques. | |
| 1981 | James Tobin | USA |
The theory of financial markets and their relation to consumption and investment decisions, production, employment and prices. |
| 1982 | USA |
Fundamental contributions to the study of market processes and the analysis of the structure of industries.
|
|
| 1983 | France |
Basic research work in the theory of general equilibrium.
|
|
| 1984 | UK |
Pioneering research around national accounting systems. |
|
| 1985 |
Italy |
for his pioneering analyses of saving and of financial markets |
|
| 1986 |
USA |
Contributions to the theory of political decision-making and public economics |
|
| 1987 | Robert M. Solow | USA |
Contributions to the theory of long-term macroeconomic growth.
|
|
1988 |
France |
Provided increasingly rigorous mathematical formulations of market equilibrium and the efficiency properties of markets. |
|
|
1989 |
Trygve Haavelmo | Norway |
Pioneering contributions to the foundation of econometrics, i.e., methods used to estimate and test quantitative economic relations. |
| 1990 | Harry M. Markowitz
|
USA
USA
USA |
Constructed a micro theory of portfolio management for individual wealth holders.
Important contributions in the field of corporate finance.
Developed a general theory for the pricing of financial assets. |
The rest will be published in the next blog posts.
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