NOBEL PRIZE IN ECONOMIC SCIENCES: An award given annually since 1969 to an economist or scholar in recognition of a major contribution to the study of economics. It was established by the Bank of Sweden and is annually awarded by the Royal Swedish Academy of Sciences in Stockholm. The official name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It is the only Nobel Prize awarded for a social science. The first Nobel Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.The Nobel Prize in Economic Sciences is the most prestigious award that can be bestowed upon an economist. Many aspire, few receive. It is not one of the original Nobel Prizes established by the Nobel Foundation in 1901 (Physics, Chemistry, Medicine, Literature, and Peace). In fact, it is not technically considered a "Nobel Prize." It was instituted by the Bank of Sweden in 1968 and has since been awarded through the Nobel Committee of the Royal Swedish Academy of Sciences. The award is announced each October, with official ceremonies taking place in December. What it Takes to WinThe Nobel Prize in Economic Sciences is awarded in recognition of a major contribution to economics. Some of the contributions seem obscure and somewhat esoteric to the untrained. For example, Ragnar Frisch and Jan Tinbergen were jointly awarded the first Noble Prize in 1969 for developing dynamic models of economic processes. Others, however, seem to make more sense. Gary Becker was awarded the Noble Prize in 1992 for extending microeconomics to a wide range of human behavior.To be considered for the Nobel Prize, a person must be nominated by a relative select group that includes past Nobel Prize winners, members of the Royal Swedish Academy of Sciences, members of the Nobel Prize committee of the Bank of Sweden, and a few other distinguished, notable people. Nominations are received by the selection committee in January. All nominations and deliberations are kept secret. The Prize is then announced in October, with the official awards ceremony in December. Awards are generally made to scholars based either on a lifetime of significant contributions in several areas or the strength of a single monumental contribution. Milton Friedman, for example, was cited for his work in monetary history, monetary theory, consumption analysis, and stabilization policy. John Nash, in contrast, was cited for his development of game theory analysis. A Growing ListSince 1969, over 50 scholars have been awarded the Noble Prize in Economic Science. As already noted, Ragnar Frisch and Jan Tinbergen were the first recipients in 1969. Other notables on the list of Laureates are: Paul Samuelson (1970), Simon Kuznets (1971), John R. Hicks and Kenneth J. Arrow (1972), Milton Friedman (1976), James Tobin (1981), George J. Stigler (1982), James M. Buchanan Jr. (1986), Robert M. Solow (1987), Ronald H. Coase (1991), Gary S. Becker (1992), Robert E. Lucas Jr. (1995), Robert A. Mundell (1999), and Daniel Kahneman and Vernon L. Smith (2002).Here is a complete list:
Check Out These Related Terms... | economist | economic thinking | economic science | economic analysis | rational behavior | Or For A Little Background... | economics | scarcity | scientific method | macroeconomics | microeconomics | And For Further Study... | seven economic rules | three questions of allocation | political views | economic goals | scarcity | Recommended Citation: NOBEL PRIZE IN ECONOMIC SCIENCES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: December 16, 2025]. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
