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List of Nobel Memorial Prize laureates in Economic Sciences

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The announcement of the 2008 Nobel Memorial Prize in Economic Sciences in Stockholm. The winner of the prize was Paul Krugman.

The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an award funded by Sveriges Riksbank and is annually awarded by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences.[1] The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.[2] Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years.[3] In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death.[4]

As of the awarding of the 2023 prize, 55 Prizes in Economic Sciences have been given to 93 individuals.[5] As of October 2023, the department of economics with the most affiliated laureates in economic sciences is the University of Chicago,[6][7] with 16 affiliated laureates. As of 2023, the institutions with the most PhD (or equivalent) graduates who went on to receive the prize are Harvard University and MIT (13 each), followed by the University of Chicago (10). As of 2023, the institutions with the most affiliated faculty at the time of the award are the University of Chicago (15), followed by MIT, Princeton University, and Harvard University (8 each).

Laureates[edit]

Year Portrait Laureate
(birth/death) 		Country Rationale PhD (or equivalent) alma mater Institution (most significant tenure/at time of receipt) Key contributions (non-exhaustive)
1969 Ragnar Frisch
(1895–1973) 		 Norway           "for having developed and applied dynamic models for the analysis of economic processes"[2] University of Oslo University of Oslo Frisch–Waugh–Lovell theorem, Conjectural variation
Jan Tinbergen
(1903–1994) 		 Netherlands Leiden University Erasmus University Econometrics, Policy instruments
1970 Paul Samuelson
(1915–2009) 		 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"[8] Harvard University Massachusetts Institute of Technology Revealed preference, Samuelson condition, Social Welfare Function, Efficient-market hypothesis, Turnpike theory, Balassa–Samuelson effect, Stolper–Samuelson theorem, Overlapping generations model
1971   Simon Kuznets
(1901–1985) 		 United States "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"[9] Columbia University Harvard University Gross domestic product, Capital formation, Kuznets cycle, Kuznets curve
1972 John Hicks
(1904–1989) 		 United Kingdom "for their pioneering contributions to general economic equilibrium theory and welfare theory"[10] University of Oxford University of Oxford IS–LM model, Hicksian demand function, substitution effect, income effect, Kaldor–Hicks efficiency
Kenneth Arrow
(1921–2017) 		 United States Columbia University Harvard University Fundamental theorems of welfare economics, Arrow's impossibility theorem, Arrow–Debreu model, Endogenous growth theory,
1973   Wassily Leontief
(1905–1999) 		Soviet Union
 United States 		"for the development of the input-output method and for its application to important economic problems"[11] University of Berlin Harvard University Input–output model, Leontief paradox
 1974 Gunnar Myrdal
(1898–1987) 		 Sweden "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"[12] Stockholm University Stockholm University Circular cumulative causation
Friedrich Hayek
(1899–1992) 		 Austria
 United Kingdom 		University of Vienna
Austrian business cycle theory, Economic calculation problem, Spontaneous order, Information economics
1975 Leonid Kantorovich
(1912–1986) 		Soviet Union "for their contributions to the theory of optimum allocation of resources"[13] Leningrad State University Novosibirsk State University Linear programming, Kantorovich theorem, Kantorovich inequality, Kantorovich metric
Tjalling Koopmans
(1910–1985) 		 Netherlands
 United States 		University of Leiden
Linear programming
1976 Milton Friedman
(1912–2006) 		 United States "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy"[14] Columbia University University of Chicago Monetarism, Permanent income hypothesis, Natural rate of unemployment, Sequential analysis, Helicopter money, Great Contraction, Friedman rule, Friedman–Savage utility function, Friedman test
1977 Bertil Ohlin
(1899–1979) 		 Sweden "for their pathbreaking contribution to the theory of international trade and international capital movements"[15] Stockholm University Stockholm School of Economics Heckscher–Ohlin model
James Meade
(1907–1995) 		 United Kingdom University of Cambridge University of Cambridge Nominal income target
1978 Herbert A. Simon
(1916–2001) 		 United States "for his pioneering research into the decision-making process within economic organizations"[16] University of Chicago Carnegie Mellon University Bounded rationality, satisficing, preferential attachment
 1979 Theodore Schultz
(1902–1998) 		 United States "for their pioneering research into economic development research with particular consideration of the problems of developing countries"[17] University of Wisconsin-Madison University of Chicago Human Capital Theory
Arthur Lewis
(1915–1991) 		 Saint Lucia
 United Kingdom 		London School of Economics Princeton University Lewis model, Lewis turning point
1980 Lawrence Klein
(1920–2013) 		 United States "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"[18] Massachusetts Institute of Technology University of Pennsylvania Macroeconomic forecasting (LINK project)
1981 James Tobin
(1918–2002) 		 United States "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"[19] Harvard University Yale University Tobin tax, Tobit model, Tobin's q, Baumol–Tobin model
1982 George Stigler
(1911–1991) 		 United States "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation"[20] University of Chicago University of Chicago Regulatory capture
1983 Gérard Debreu
(1921–2004) 		 France "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium"[21] University of Paris University of California, Berkeley Arrow–Debreu model, Sonnenschein–Mantel–Debreu theorem
1984 Richard Stone
(1913–1991) 		 United Kingdom "for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis"[22] University of Cambridge University of Cambridge National accounts
1985 Franco Modigliani
(1918–2003) 		 Italy "for his pioneering analyses of saving and of financial markets"[23] The New School for Social Research Massachusetts Institute of Technology Modigliani–Miller theorem, Life-cycle hypothesis
1986 James M. Buchanan
(1919–2013) 		 United States "for his development of the contractual and constitutional bases for the theory of economic and political decision-making"[24] University of Chicago George Mason University Constitutional economics
1987 Robert Solow
(1924–2023) 		 United States "for his contributions to the theory of economic growth"[25] Harvard University Massachusetts Institute of Technology Solow–Swan model
1988 Maurice Allais
(1911–2010) 		 France "for his pioneering contributions to the theory of markets and efficient utilization of resources"[26] École Polytechnique
OLG model, Allais paradox, Golden Rule savings rate
1989 Trygve Haavelmo
(1911–1999) 		 Norway "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"[27] University of Oslo University of Oslo Balanced budget multiplier
1990 Harry Markowitz
(1927–2023) 		 United States "for their pioneering work in the theory of financial economics"[28] University of Chicago City University of New York Modern portfolio theory, Markowitz model, Efficient frontier
Merton Miller
(1923–2000) 		Johns Hopkins University
Modigliani–Miller theorem
William F. Sharpe
(b. 1934) 		University of California, Los Angeles Stanford University Sharpe Ratio, Binomial options pricing model, Returns-based style analysis
1991 Ronald Coase
(1910–2013) 		 United Kingdom "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy"[29] London School of Economics
Transaction costs, Coase theorem, Coase conjecture
1992 Gary Becker
(1930–2014) 		 United States "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour"[30] University of Chicago University of Chicago Human Capital Theory
1993 Robert Fogel
(1926–2013) 		 United States "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"[31] Johns Hopkins University University of Chicago Cliometrics
Douglass North
(1920–2015) 		University of California, Berkeley Washington University in St. Louis
 1994 John Harsanyi
(1920–2000) 		 Hungary
 United States 		"for their pioneering analysis of equilibria in the theory of non-cooperative games"[32] Stanford University University of California, Berkeley Bayesian game, Preference utilitarianism, Equilibrium selection
John Forbes Nash
(1928–2015) 		 United States Princeton University Princeton University Nash equilibrium, Nash embedding theorem, Nash functions, Nash–Moser theorem
Reinhard Selten
(1930–2016) 		 Germany Goethe University Frankfurt University of Bonn Experimental economics
1995 Robert Lucas, Jr.
(1937–2023) 		 United States "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy"[33] University of Chicago University of Chicago Rational expectations, Lucas critique, Lucas paradox, Lucas aggregate supply function, Uzawa–Lucas model
1996 James Mirrlees
(1936–2018) 		 United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric information"[34] University of Cambridge
Optimal labor income taxation
William Vickrey
(1914–1996) 		 Canada
 United States 		Columbia University Columbia University Vickrey auction, Revenue equivalence, Congestion pricing
1997 Robert C. Merton
(b. 1944) 		 United States "for a new method to determine the value of derivatives"[35] Massachusetts Institute of Technology Massachusetts Institute of Technology Black–Scholes–Merton model, ICAPM, Merton's portfolio problem
Myron Scholes
(b. 1941) 		 Canada
 United States 		University of Chicago Stanford University Black–Scholes–Merton model
1998 Amartya Sen
(b. 1933) 		 India "for his contributions to welfare economics"[36] University of Cambridge
Human development theory, Capability approach
1999 Robert Mundell
(1932–2021) 		 Canada "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"[37] Massachusetts Institute of Technology Columbia University Optimum currency area, Supply-side economics, Mundell–Fleming model, Mundell–Tobin effect
2000 James Heckman
(b. 1944) 		 United States "for his development of theory and methods for analyzing selective samples"[38] Princeton University University of Chicago Heckman correction
Daniel McFadden
(b. 1937) 		"for his development of theory and methods for analyzing discrete choice"[38] University of Minnesota
Discrete choice models
2001 George Akerlof
(b. 1940) 		 United States "for their analyses of markets with information asymmetry"[39] Massachusetts Institute of Technology
Adverse selection (The Market for Lemons), Efficiency wage, Identity economics
Michael Spence
(b. 1943) 		Harvard University Harvard University Signalling theory
Joseph Stiglitz
(b. 1943) 		Massachusetts Institute of Technology
Screening theory, Henry George theorem, Shapiro–Stiglitz theory
2002 Daniel Kahneman
(1934–2024) 		 Israel
 United States 		"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[40] University of California, Berkeley
Behavioral economics, Prospect theory, loss aversion, cognitive biases
Vernon L. Smith
(b. 1927) 		 United States "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"[40] Harvard University University of Arizona Experimental economics, Combinatorial auction
2003 Robert F. Engle
(b. 1942) 		 United States "for methods of analyzing economic time series with time-varying volatility (ARCH)"[41] Cornell University University of California, San Diego ARCH
Clive Granger
(1934–2009) 		 United Kingdom "for methods of analyzing economic time series with common trends (cointegration)"[41] University of Nottingham University of California, San Diego Cointegration, Granger causality
2004 Finn E. Kydland
(b. 1943) 		 Norway "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles"[42] Carnegie Mellon University University of California, Santa Barbara RBC theory, Dynamic inconsistency in monetary policy
Edward C. Prescott
(1940–2022) 		 United States Carnegie Mellon University
Hodrick-Prescott filter
2005 Robert J. Aumann
(b. 1930) 		 United States
 Israel 		"for having enhanced our understanding of conflict and cooperation through game-theory analysis"[43] Massachusetts Institute of Technology Hebrew University of Jerusalem Correlated equilibrium, Aumann's agreement theorem
Thomas C. Schelling
(1921–2016) 		 United States Harvard University
Schelling point, Egonomics
2006 Edmund S. Phelps
(b. 1933) 		 United States "for his analysis of intertemporal tradeoffs in macroeconomic policy"[44] Yale University Columbia University Golden Rule savings rate, Natural rate of unemployment, Statistical discrimination
2007 Leonid Hurwicz
(1917–2008) 		 Poland
 United States 		"for having laid the foundations of mechanism design theory"[45] London School of Economics
Mechanism design
Eric S. Maskin
(b. 1950) 		 United States Harvard University Harvard University
Roger Myerson
(b. 1951) 		Harvard University Northwestern University
2008 Paul Krugman
(b. 1953) 		 United States "for his analysis of trade patterns and location of economic activity"[46] Massachusetts Institute of Technology Princeton University New trade theory, New Economic Geography, Home market effect
2009 Elinor Ostrom
(1933–2012) 		 United States "for her analysis of economic governance, especially the commons"[47] University of California, Los Angeles Indiana University Institutional Analysis and Development framework
Oliver E. Williamson
(1932–2020) 		"for his analysis of economic governance, especially the boundaries of the firm"[47] Carnegie Mellon University
New institutional economics
2010 Peter A. Diamond
(b. 1940) 		 United States "for their analysis of markets with search frictions"[48] Massachusetts Institute of Technology Massachusetts Institute of Technology Diamond–Mirrlees efficiency theorem, Diamond coconut model
Dale T. Mortensen
(1939–2014) 		Carnegie Mellon University Northwestern University Matching theory
Christopher A. Pissarides
(b. 1948) 		 Cyprus
 United Kingdom 		London School of Economics London School of Economics Matching theory
2011 Thomas J. Sargent
(b. 1943) 		 United States "for their empirical research on cause and effect in the macroeconomy"[49] Harvard University
Policy-ineffectiveness proposition
Christopher A. Sims
(b. 1942) 		Harvard University Princeton University Vector autoregression in macroeconomics, Fiscal theory of the price level, Rational inattention
2012 Alvin E. Roth
(b. 1951) 		 United States "for the theory of stable allocations and the practice of market design"[50] Stanford University
Stable marriage problem, Repugnancy costs
Lloyd S. Shapley
(1923–2016) 		Princeton University University of California, Los Angeles Shapley value, stochastic game, Potential game, Shapley–Shubik power index, Bondareva–Shapley theorem, Gale–Shapley algorithm, Shapley–Folkman lemma
2013 Eugene F. Fama
(b. 1939) 		 United States "for their empirical analysis of asset prices"[51] University of Chicago University of Chicago Fama–French three-factor model, Weak, semi-strong, and strong efficient-market hypothesis
Lars Peter Hansen
(b. 1952) 		University of Minnesota University of Chicago Generalized method of moments
Robert J. Shiller
(b. 1946) 		Massachusetts Institute of Technology Yale University Case–Shiller index, CAPE Index
2014 Jean Tirole
(b. 1953) 		 France "for his analysis of market power and regulation"[52] Massachusetts Institute of Technology
Markov perfect equilibrium, Two-sided market
2015 Angus Deaton
(b. 1945) 		 United Kingdom
 United States 		"for his analysis of consumption, poverty, and welfare"[53] University of Cambridge Princeton University Almost ideal demand system, Pseudo panels, Household surveys in developing countries
2016 Oliver Hart
(b. 1948) 		 United Kingdom
 United States 		"for their contributions to contract theory"[54] Princeton University Harvard University Moral Hazard, Incomplete contracts
Bengt Holmström
(b. 1949) 		 Finland Stanford University Massachusetts Institute of Technology Informativeness Principle
2017 Richard Thaler
(b. 1945) 		 United States "for his contributions to behavioural economics"[55] University of Rochester
Nudge Theory, Mental Accounting, Choice Architecture
2018 William Nordhaus
(b. 1941) 		 United States         "for integrating climate change into long-run macroeconomic analysis"[56] Massachusetts Institute of Technology Yale University DICE model
Paul Romer
(b. 1955) 		"for integrating technological innovations into long-run macroeconomic analysis" University of Chicago New York University Incorporation of R&D to the Endogenous growth theory
2019 Abhijit Banerjee
(b. 1961) 		 India "for their experimental approach to alleviating global poverty"[57] Harvard University Massachusetts Institute of Technology Use of RCTs in development economics
Esther Duflo
(b. 1972) 		 France
 United States 		Massachusetts Institute of Technology Massachusetts Institute of Technology
Michael Kremer
(b. 1964) 		 United States Harvard University Harvard University
2020 Paul Milgrom
(b. 1948) 		 United States "for improvements to auction theory and inventions of new auction formats"[58] Stanford University Stanford University Simultaneous multiple round auctions (SMRA), No-trade theorem, Market design, Reputation effects (game theory), supermodular games, monotone comparative statics, Linkage principle, Deferred-acceptance auction
Robert B. Wilson
(b. 1937) 		Harvard University Stanford University Simultaneous multiple round auctions (SMRA), Common value auction, Reputation effects (game theory), Wilson doctrine
2021 David Card
(b. 1956) 		 Canada
 United States 		"for his empirical contributions to labour economics"[59] Princeton University University of California, Berkeley Natural experiments on labour economics (incl. Difference in differences)
Joshua Angrist
(b. 1960) 		 United States
 Israel 		"for their methodological contributions to the analysis of causal relationships"[59] Princeton University Massachusetts Institute of Technology Local average treatment effect, natural experiments to estimate causal links
Guido Imbens
(b. 1963) 		 United States
 Netherlands 		Brown University Stanford University
2022 Ben Bernanke
(b. 1953) 		 United States "for research on banks and financial crises"[60] Massachusetts Institute of Technology
Analysis of the Great Depression
Douglas Diamond
(b. 1953) 		Yale University University of Chicago Diamond–Dybvig model
Philip H. Dybvig
(b. 1955) 		Yale University Washington University in St. Louis
2023 Claudia Goldin
(b. 1946) 		 United States "for having advanced our understanding of women's labour market outcomes"[61] University of Chicago Harvard University Analysis of historical experience of women in the economy

List of Economic Nobel laureates by PhD (or equivalent) alma mater[edit]

Logo Institution Country Number of laureates
Harvard University  United States 13 (1970, 1981, 1987, 2001, 2002, 2005, 2007, 2007, 2011, 2011, 2019, 2019, 2020)
Paul Samuelson, James Tobin, Robert Solow, Michael Spence, Vernon L. Smith, Thomas C. Schelling, Roger Myerson, Eric S. Maskin, Thomas J. Sargent, Christopher A. Sims, Abhijit Banerjee, Michael Kremer, Robert B. Wilson
Massachusetts Institute of Technology  United States 13 (1980, 1997, 1999, 2001, 2001, 2005, 2008, 2010, 2013, 2014, 2018, 2019, 2022)
Lawrence Klein, Robert C. Merton, Robert Mundell, Joseph Stiglitz, George Akerlof, Robert J. Aumann, Paul Krugman, Peter A. Diamond, Robert J. Shiller, Jean Tirole, William Nordhaus, Esther Duflo, Ben Bernanke
University of Chicago  United States 10 (1978, 1982, 1986, 1990, 1992.1995, 1997, 2013, 2018, 2023)
Herbert A. Simon, George Stigler, James M. Buchanan, Harry Markowitz, Gary Becker, Robert Lucas, Jr., Myron Scholes, Eugene F. Fama, Paul Romer, Claudia Goldin
Princeton University  United States 6 (1994, 2000, 2012, 2016, 2021, 2021)
John Forbes Nash, James Heckman, Lloyd S. Shapley, Oliver Hart, David Card, Joshua Angrist
University of Cambridge  United Kingdom 5 (1977, 1984, 1996, 1998, 2015)
James Meade, Richard Stone, James Mirrlees, Amartya Sen, Angus Deaton
Carnegie Mellon University  United States 4 (2004, 2004, 2009, 2010)
Finn E. Kydland, Edward C. Prescott, Dale T. Mortensen
Columbia University  United States 4 (1971, 1972, 1976, 1996)
William Vickrey, Milton Friedman, Kenneth Arrow, Simon Kuznets
London School of Economics  United Kingdom 4 (1979, 1992, 2007, 2010)
C. A. Pissarides, L. Hurwicz, R. Coase, W. A. Lewis
Stanford University  United States 4 (1994, 2012, 2016, 2020)
Paul Milgrom, Bengt Holmström, Alvin E. Roth, John Harsanyi
Yale University  United States 3 (2006, 2022, 2022)
Edmund S. Phelps, Douglas Diamond, Philip H. Dybvig
Johns Hopkins University  United States 2 (1990, 1993)
Merton Miller, Robert Fogel
Leiden University  Netherlands 2 (1969, 1975)
Jan Tinbergen, Tjalling Koopmans
Stockholm University  Sweden 2 (1974, 1977)
Gunnar Myrdal, Bertil Ohlin
University of California, Berkeley  United States 2 (1993, 2002)
Douglass North, Daniel Kahneman
University of California, Los Angeles  United States 2 (1990, 2009)
William F. Sharpe, Elinor Ostrom
University of Minnesota  United States 2 (2000, 2013)
Daniel McFadden, Lars Peter Hansen
University of Oslo  Norway 2 (1969, 1989)
Ragnar Frisch, Trygve Haavelmo
Brown University  United States 1 (2021)
Guido Imbens
Cornell University  United States 1 (2003)
Robert F. Engle
École Polytechnique  France 1 (1988)
Maurice Allais
Goethe University Frankfurt  Germany 1 (1994)
Reinhard Selten
Leningrad State University  Soviet Union 1 (1975)
Leonid Kantorovich
The New School for Social Research  United States 1 (1985)
Franco Modigliani
University of Berlin  Germany 1 (1973)
Wassily Leontief
University of Nottingham  United Kingdom 1 (2003)
Clive Granger
University of Oxford  United Kingdom 1 (1972)
John Hicks
University of Paris  France 1 (1983)
Gérard Debreu
University of Rochester  United States 1 (2017)
Richard Thaler
University of Vienna  Austria 1 (1974)
Friedrich Hayek
University of Wisconsin-Madison  United States 1 (1979)
Theodore Schultz

List of Economic Nobel laureates by country[edit]

Country Number of laureates
 United States 68
 European Union 19
 United Kingdom 11
 Canada 4
 France 4
 Israel 3
 Netherlands 3
 Norway 3
 India 2
 Soviet Union 2
 Sweden 2
 Austria 1
 Cyprus 1
 Finland 1
 Germany 1
 Hungary 1
 Italy 1
 Poland 1
 Saint Lucia 1

See also[edit]

References[edit]

Citations[edit]

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Sources[edit]

External links[edit]

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