Nobel in Economics is not a Nobel Prize; understand

Popularly called the Nobel Prize in Economics and with the same prestige as those in other areas, the prize for economic sciences is the only one that was not part of the will of Alfred Nobel (1833-1896), a Swedish engineer and chemist, known for having invented dynamite and developed synthetic rubber and leather.

A year before he died, Nobel allocated 94% of his fortune of 31 million Swedish kronor (equivalent to more than R$ 1 billion today) to create an award that annually recognizes “the greatest benefit to humanity” in the areas of chemistry, physics, medicine, literature and peace.

Created in 1968 by the Central Bank of Sweden (Sveriges Riksbank), the economics prize is officially named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

It is awarded by the Royal Swedish Academy of Sciences, according to the same principles as the original Nobel Prizes, which have been awarded since 1901.

Application is by invitation only and, by regulation, the names of the nominees and other information about the nominations cannot be revealed until 50 years later.

Members of the Royal Swedish Academy of Sciences, the award committee, past laureates, Scandinavian academics and at least six other institutions selected each year and other scientists from whom the Academy of Sciences deems it appropriate to request may nominate for the economic Nobel. proposals.

The awardee is chosen by the Academy of Sciences, based on the recommendations of the Economic Sciences Prize Committee, composed of five members.

The prize is SEK 10 million, equivalent to R$4.74 million at current exchange rates, in addition to a medal designed by Swedish sculptor Gunvor Svensson-Lundqvist and a diploma.

Only two women have received the Nobel Prize in Economics.

Since the economics prize was awarded in 1969, only two women have been awarded.

Economist Esther Duflo, a researcher at MIT (Massachusetts Institute of Technology), in 2019 the laureate with her husband Abhijit Banerjee, also from MIT, and with Michael Kremer, from Harvard University. Ten years earlier, Elinor Ostrom of Indiana University had become the first woman to receive the award, shared with Oliver Williamson of the University of California at Berkeley.

Duflo was also the youngest recipient in the history of the Nobel Prize in Economics: she was 46 years old. American Leonid Hurwicz, one of three laureates in 2007, was the oldest to receive the award, at age 90.

American universities and economists are three-quarters of the 92 recipients from 1969 to 2022: 70 of those awarded the Nobel Prize in Economics were American researchers, some of them dual nationals. The second nation with the highest number of laureates is the United Kingdom, with 10 (some also have dual nationality), followed by France, with 4, and Norway, the Netherlands and Israel, with 3.

Two Swedes, two Indians and two Canadian-born Americans also received the Nobel Prize, including Card, one of the 2021 recipients. Russia, Finland, Poland, Austria, Germany, Italy, Hungary and Cyprus have an award-winning economist.

In the 52 editions of the economic award between 1969 and 2020, the prize was shared by two economists 20 times, and in seven years it had three awardees.

REMEMBER THE WINNERS OF THE ECONOMY AWARD

2022 – Ben Bernanke, Douglas Diamond and Philip Dybvig, for their research on banking and financial crises.

2021 – David Card (Canada and USA), Joshua D. Angrist (Israel and USA) and Guido W. Imbens (Netherlands); Card “for their empirical contributions to the economics of labor”, and Angrist and Imbens, “for their methodological contributions to the analysis of causal relationships”.

2020 – Paul Milgron and Robert Wilson (USA), “for improvements in auction theory and inventions of new auction formats”

2019 – Abhijit Banerjee (India and USA), Esther Duflo (France and USA) and Michael Kremer (USA), “for their experimental approach to alleviating global poverty”

2018 – William Nordhaus and Paul Romer (USA), for revealing factors that drive sustainable growth and the role of public policy in determining its impact

2017 – Richard H. Thaler (USA), for the study of behavior in decision making

2016 – Oliver Hart (UK and US) and Bengt Holmström (Finland), for studies in the field of contracts

2015 – Angus Deaton (UK and US), for studies on consumption, poverty and social well-being

2014 – Jean Tirole (France), due to research on the market power of large companies

2013 – Eugene Fama, Robert Shiller and Lars Peter Hansen (all from the US), for analysis studies on asset prices

2012 – Alvin Roth and Lloyd Shapley (both from the US), for work on how to optimize supply and demand

2011 – Thomas J. Sargent and Christopher A. Sims (both from the US), for research on causes and effects in macroeconomics

2010 – Christopher Pissarides (Cyprus) and Peter Diamond and Dale T. Mortensen (both from the US), for studies on market demands and the difficulty in meeting them

2009 – Elinor Ostrom and Oliver Williamson (USA), for demonstrating how properties can be used by user associations and for their theory on conflict resolution between corporations, respectively

2008 – Paul Krugman (USA), for analyzing patterns of trade and the location of economic activity

2007 – Leonid Hurwicz (Poland and USA), Eric S. Maskin and Roger B. Myerson (both from the USA), for applying the foundations of mechanism design theory

2006 – Edmund S. Phelps (USA), “for his analysis of intertemporal tradeoffs in macroeconomic policy”

2005 – Robert J. Aumann (Israel and USA) and Thomas C. Schelling (USA), for studies on conflict and cooperation in negotiations through the analysis of game theory

2004 – Finn E. Kydland (Norway) and Edward C. Prescott (USA), for research on the development of dynamic macroeconomics theory and their studies of business cycles

2003 – Robert F. Engle 3rd (USA) and Clive WJ Granger (UK), “for methods of economic time series analysis”

2002 – Daniel Kahneman (USA and Israel) and Vernon L. Smith (USA), “for having integrated insights from psychological research into economic science, especially in relation to human judgment and decision making under uncertainty”, in the case of Kahneman, and ” for having established laboratory experiments as a tool for empirical economic analysis, especially in the study of alternative market mechanisms”, in the case of Smith

2001 – George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz (all from the US), “for their analysis of markets with asymmetric information”

2000 – James J. Heckman (USA) and Daniel L. McFadden (USA), “for their development of theory and methods for analyzing” selective samples in the case of Heckman and discrete choice in the case of McFadden

1999 – Robert A. Mundell (Canada), “for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimal currency areas”

1998 – Amartya Sen (India), “for his contributions to the welfare economy”

1997 – Robert C. Merton and Myron S. Scholes (both from the US), “for a new method for determining the value of derivatives”

1996 – James A. Mirrlees (UK) and William Vickrey (US), “for their fundamental contributions to the economic theory of incentives under asymmetric information”

1995 – Robert E. Lucas Jr. (USA), “for having developed and applied the rational expectations hypothesis, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy”

1994 – John C. Harsanyi (USA), John F. Nash Jr. (USA) and Reinhard Selten (Germany), “for their pioneering analysis of equilibria in non-cooperative game theory”

1993 – Robert W. Fogel and Douglass C. North (USA), “for having renewed research in economic history by applying economic theory and quantitative methods to explain economic and institutional change”

1992 – Gary S. Becker (USA), “for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including off-market behavior”

1991 – Ronald H. Coase (UK), “for his discovery and clarification of the importance of transaction costs and property rights to the institutional structure and functioning of the economy”

nineteen ninety – Harry M. Markowitz, Merton H. Miller and William F. Sharpe (USA), “for their pioneering work in the theory of financial economics”

1989 – Trygve Haavelmo (Norway), “for his clarification of the foundations of the probability theory of econometrics and his analyzes of simultaneous economic structures”

1988 – Maurice Allais (France), “for his pioneering contributions to the theory of markets and efficient use of resources”

1987 – Robert M. Solow (USA), “for his contributions to the theory of economic growth”

1986 – James M. Buchanan Jr. (USA) – “for his development of the contractual and constitutional bases for the theory of economic and political decision-making”

1985 – Franco Modigliani (Italy and USA), “for his pioneering analyzes of savings and financial markets”

1984 – Richard Stone (United Kingdom), “for having made fundamental contributions to the development of systems of national accounts and thereby greatly improving the basis for empirical economic analysis”

1983 – Gerard Debreu (France and USA), “for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium”

1982 – George J. Stigler (USA), “for his seminal studies of industrial structures, the functioning of markets, and the causes and effects of public regulation”

1981 – James Tobin (USA), “for his analysis of financial markets and their relationship to expenditure, employment, production and pricing decisions”

1980 – Lawrence R. Klein (USA), “for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies”

1979 – Theodore W. Schultz (USA) and Sir Arthur Lewis (Saint Lucia/UK), “for their pioneering research in economic development research, with particular regard to the problems of developing countries”

1978 – Herbert A. Simon (USA), “for his pioneering research on the decision-making process in economic organizations”

1977 – Bertil Ohlin (Sweden) and James E. Meade (UK), “for their innovative contribution to the theory of international trade and international capital movements”

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”

1975 – Leonid Vitaliyevoch Kantorovich (Russia) and Tjalling C. Koopmans (|Netherlands and USA), “for their contributions to the theory of optimal resource allocation”

1974 – Gunnar Myrdal (Sweden) and Friedrich August von Hayek (Austria and UK), “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”

1973 – Wassily Leontief (USA), “for the development of the input-output method and its application to important economic problems”

1972 – John R. Hicks (UK) and Kenneth J. Arrow (US), “for their pioneering contributions to general economic equilibrium theory and welfare theory”

1971 – Simon Kuznets (USA), “for his empirically founded interpretation of economic growth that has led to a new and in-depth view of the economic and social structure and development process”

1970 – Paul A. Samuelson (USA), “for the scientific work through which he developed a static and dynamic economic theory and actively contributed to raising the level of analysis in economic science”

1969 – Ragnar Frisch (Norway) and Jan Tinbergen (Netherlands), “for having developed and applied dynamic models for the analysis of economic processes”