Nobel Memorial Prize in Economic Sciences: Difference between revisions
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{{Short description|Award established in 1968 by Sveriges riksbank in memory of Alfred Nobel}}{{Distinguish|Nobel Prize}}{{For|the list of laureates|List of Nobel Memorial Prize laureates in Economic Sciences}} |
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#REDIRECT [[Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel]] |
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{{Infobox award |
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| name = Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel |
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| awarded_for = Outstanding contributions in Economics or Social Sciences |
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| presenter = [[Royal Swedish Academy of Sciences]] |
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| location = [[Stockholm]], [[Sweden]] |
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| reward = 11 million [[Swedish Krona|SEK]] (2023)<ref>{{cite web |title=The Nobel Prize amounts |url=https://www.nobelprize.org/prizes/about/the-nobel-prize-amounts/ |publisher=Nobelprize.org |access-date=2021-10-08 |archive-date=2018-07-20 |archive-url=https://web.archive.org/web/20180720111123/https://www.nobelprize.org/nobel_prizes/about/amounts/ |url-status=live}}</ref> |
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| year = 1969 |
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| holder = *[[Daron Acemoglu]] |
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*[[Simon Johnson (economist)|Simon Johnson]] |
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*[[James A. Robinson]] |
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| website = {{URL|https://nobelprize.org/prizes/economic-sciences/}} |
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| sponsor = [[Sveriges Riksbank]] |
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}} |
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'''The Nobel Memorial Prize in Economic Sciences''', officially the '''Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel'''<ref>{{cite web |title=Hart and Holmström awarded the Prize in Economic Sciences for 2017 |url=http://archive.riksbank.se/en/Web-archive/Published/Notices/2016/Hart-and-Holmstrom-awarded-the-Prize-in-Economic-Sciences-for-2016/index.html |publisher=Sveriges Riksbank |access-date=25 August 2018 |location=Stockholm |date=10 October 2016 |archive-date=25 August 2018 |archive-url=https://web.archive.org/web/20180825180008/http://archive.riksbank.se/en/Web-archive/Published/Notices/2016/Hart-and-Holmstrom-awarded-the-Prize-in-Economic-Sciences-for-2016/index.html |url-status=live}}</ref><ref>{{cite web |title=Prize in Economic Sciences |url=https://www.kva.se/en/priser/ekonomipriset |publisher=The Royal Swedish Academy of Sciences |access-date=25 August 2018 |location=Stockholm |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612163715/https://www.kva.se/en/priser/ekonomipriset |url-status=live}}</ref><ref>{{cite web |title=Beslut om titel på ekonomipriset [Resolution on the economics award's name] |url=http://archive.riksbank.se/sv/Webbarkiv/Publicerat/Nyheter/2006/Beslut-om-titel-pa-ekonomipriset/index.html |publisher=Sveriges Riksbank |access-date=20 August 2018 |location=Stockholm |language=sv |date=6 July 2006 |archive-date=20 August 2018 |archive-url=https://web.archive.org/web/20180820234949/http://archive.riksbank.se/sv/Webbarkiv/Publicerat/Nyheter/2006/Beslut-om-titel-pa-ekonomipriset/index.html |url-status=live}}</ref> ({{langx|sv|Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne}}), is an economics award funded by [[Sveriges Riksbank]]<ref>{{Cite web |title=Streams during Nobel Week 2023 |url=https://www.nobelprize.org/streams-during-nobel-week-2023/ |access-date=2023-11-21 |website=NobelPrize.org |date=3 November 2023 |language=en-US |archive-date=2023-11-21 |archive-url=https://web.archive.org/web/20231121130024/https://www.nobelprize.org/streams-during-nobel-week-2023/ |url-status=live}}</ref> and administered by the [[Nobel Foundation]]. |
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Although not one of the five [[Nobel Prize]]s established by [[Alfred Nobel|Alfred Nobel's]] will in 1895,<ref name=":1">{{cite web |title=Nomination and selection of economic sciences laureates |url=https://www.nobelprize.org/nomination/economic-sciences/ |url-status=live |archive-url=https://web.archive.org/web/20200510012450/https://www.nobelprize.org/nomination/economic-sciences/ |archive-date=10 May 2020 |access-date=5 November 2021 |website=NobelPrize.org |date=4 July 2018 |publisher=The Nobel Foundation |quote=Not a Nobel Prize[:] The prize in economic sciences is not a Nobel Prize. In 1968, Sveriges Riksbank (Sweden’s central bank) instituted 'The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel', and it has since been awarded by the Royal Swedish Academy of Sciences according to the same principles as for the Nobel Prizes that have been awarded since 1901. |location=Stockholm}}</ref> it is commonly referred to as the '''Nobel Prize in Economics''',<ref>{{cite book |first=John A. |last=Hird. |title=Power, Knowledge, and Politics |year=2005 |publisher=Georgetown University Press |isbn=978-1-58901-048-2 |page=33 |quote=the Bank of Sweden Prize in Economic Science in Memory of Alfred Nobel, commonly referred to as the 'Nobel Prize in Economics' |oclc=231997210 |series=American governance and public policy}}</ref> and is administered and referred to along with the Nobel Prizes by the Nobel Foundation.<ref>{{cite web |title=Organization Structure: Spreading Information About the Nobel Prize |url=https://www.nobelprize.org/nobel_organizations/org_structure.html |url-status=live |archive-url=https://web.archive.org/web/20170106040247/https://www.nobelprize.org/nobel_organizations/org_structure.html |archive-date=2017-01-06 |access-date=2014-11-26 |publisher=[[The Nobel Foundation]]}}</ref> Winners of the Prize in Economic Sciences are chosen in a similar manner as and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony.<ref name=":1" /><ref>{{Cite web |title=Winners of the Nobel Prize for Economics |url=https://www.britannica.com/topic/Winners-of-the-Nobel-Prize-for-Economics-1856936 |access-date=2021-09-16 |website=Encyclopedia Britannica |language=en |archive-date=2019-05-15 |archive-url=https://web.archive.org/web/20190515081012/https://www.britannica.com/topic/Winners-of-the-Nobel-Prize-for-Economics-1856936 |url-status=live}}</ref> |
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That the prize is not an original Nobel Prize has been a subject of controversy, with four of Nobel's relatives having formally distanced themselves from the Prize in Economic Sciences.<ref>{{Cite news |title=Alfred Nobels familie tar avstand fra økonomiprisen |work=Aftenposten |url=http://www.aftenposten.no/norge/Alfred-Nobels-familie-tar-avstand-fra-okonomiprisen-552817b.html |url-status=live |access-date=2017-04-21 |archive-url=https://web.archive.org/web/20170422132246/http://www.aftenposten.no/norge/Alfred-Nobels-familie-tar-avstand-fra-okonomiprisen-552817b.html |archive-date=2017-04-22}}</ref><ref>{{Cite web |date=2005-09-28 |title=Nobel descendant slams Economics prize - The Local |url=http://www.thelocal.se/20050928/2173 |access-date=2023-11-21 |archive-date=2015-06-24 |archive-url=https://web.archive.org/web/20150624041122/http://www.thelocal.se/20050928/2173 |url-status=bot: unknown}}</ref> |
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The award was established in 1968 by an [[Financial endowment|endowment]] "in perpetuity" from Sweden's central bank, [[Sveriges Riksbank]], to commemorate the bank's 300th anniversary.<ref name="EB-NP">{{cite web |title=Nobel Prize |publisher=[[Encyclopædia Britannica]] |year=2007 |url=https://www.britannica.com/topic/Nobel-Prize |access-date=29 November 2018 |archive-date=29 April 2015 |archive-url=https://web.archive.org/web/20150429230820/https://www.britannica.com/EBchecked/topic/416856/Nobel-Prize |url-status=live}}</ref><ref>{{cite web|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel|publisher=Sveriges Riksbank|url=http://www.riksbank.se/en/The-Riksbank/Economics-prize/|access-date=12 December 2012|quote=Sveriges Riksbank's Prize in Economic Sciences in Memory of Alfred Nobel was established with a donation to the Nobel Foundation in connection with the Riksbank's 300th anniversary in 1968|archive-date=5 March 2013|archive-url=https://web.archive.org/web/20130305075529/http://www.riksbank.se/en/The-Riksbank/Economics-prize/|url-status=dead}}</ref><ref>{{cite web |title=The Nobel Prize |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=7 November 2007 |quote=In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize}}</ref><ref name="bank-estab">{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org|archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=7 November 2007 |quote=In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize}}</ref> Laureates in the Prize in Economic Sciences are selected by the [[Royal Swedish Academy of Sciences]].<ref name="statutes-econ" /><ref name="nomaw">[http://www.kva.se/en/priser/ekonomipriset/ekonomipriset-nominering-och-utdelning "Nominating and awarding"] {{Webarchive|url=https://web.archive.org/web/20180112164700/http://www.kva.se/en/priser/ekonomipriset/ekonomipriset-nominering-och-utdelning |date=2018-01-12}}, in "Prize in Economic Sciences", ''[[Royal Swedish Academy of Sciences]]''. Retrieved 4 July 2017.</ref> It was first awarded in 1969 to Dutch economist [[Jan Tinbergen]] and Norwegian economist [[Ragnar Frisch]] "for having developed and applied dynamic models for the analysis of economic processes".<ref name="bank-estab" /><ref>[https://www.britannica.com/ebc/article-9380801 "Jan Tinbergen"] {{Webarchive|url=https://web.archive.org/web/20071203025802/https://www.britannica.com/ebc/article-9380801 |date=2007-12-03}} (2007), in ''[[Encyclopædia Britannica]]'', accessed November 16, 2007, from ''Encyclopædia Britannica Online'': <nowiki><http://www.britannica.com/eb/article-9380801></nowiki>.</ref><ref>[https://www.britannica.com/ebc/article-9364984 "Ragnar Frisch"] {{Webarchive|url=https://web.archive.org/web/20071202201407/https://www.britannica.com/ebc/article-9364984 |date=2007-12-02}} (2007), in ''[[Encyclopædia Britannica]]'', accessed 16 November 2007, from ''Encyclopædia Britannica Online'': <nowiki><http://www.britannica.com/eb/article-9364984r></nowiki>.</ref> |
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==Creation and funding== |
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An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the award and funds the monetary component of the award.<ref name="statutes-econ">{{cite web |title=Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968 |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org |access-date=16 November 2007 |quote=In celebration of the Tercentenary of [[Sveriges Riksbank]], the Bank has instituted a prize in economic sciences in memory of Alfred Nobel. ... The Prize shall be awarded annually to a person who has written a work on economic sciences of the eminent significance expressed in the will of Alfred Nobel drawn up on November 27, 1895. ... The Prize shall be awarded by the [[Royal Swedish Academy of Sciences|Royal Academy of Sciences]] in accordance with the rules governing the award of the Nobel Prizes instituted through his will. |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006}}</ref> |
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In 2022, the monetary portion of the Prize in Economic Sciences was 10 million [[Swedish krona|Swedish kronor]],<ref>{{cite web |title=The Prize in Economics Sciences 2022 |url=https://www.nobelprize.org/prizes/economic-sciences/2022/press-release/ |website=The Sveriges Riksbank in Economic Sciences in Memory of Alfred Nobel |publisher=Nobel Foundation |access-date=12 September 2023 |date=10 October 2022 |archive-date=12 October 2022 |archive-url=https://web.archive.org/web/20221012092548/https://www.nobelprize.org/prizes/economic-sciences/2022/press-release/ |url-status=live}}</ref> the same amount as the original Nobel Prizes.<ref>{{Cite web |url=https://www.nobelprize.org/nobel_prizes/about/amounts/ |title=The Nobel Prize Amounts |website=www.nobelprize.org |access-date=2023-04-26 |archive-date=2018-07-20 |archive-url=https://web.archive.org/web/20180720111123/https://www.nobelprize.org/nobel_prizes/about/amounts/ |url-status=live}}</ref><ref name="Lindbeck">[[Assar Lindbeck]], [https://web.archive.org/web/20060405023917/http://nobelprize.org/ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969–2006"], ''nobelprize.org'', April 18, 1999. Retrieved 11 November 2007.</ref><ref>[http://www.kva.se/en/pressrum/pressmeddelanden/ekonomipriset-2007 "The Prize in Economic Sciences 2007"] {{Webarchive|url=https://web.archive.org/web/20170810014852/http://www.kva.se/en/pressrum/pressmeddelanden/ekonomipriset-2007 |date=2017-08-10}}, press release, [[Royal Swedish Academy of Sciences]], October 15, 2007. Retrieved November 16, 2007. {{Cite web |url=http://www.kva.se/KVA_Root/eng/_news/detail.asp?NewsId=988 |title=Royal Swedish Academy of Sciences – www.kva.se |access-date=November 14, 2007 |archive-date=November 14, 2007 |archive-url=https://web.archive.org/web/20071114222806/http://www.kva.se/KVA_Root/eng/_news/detail.asp?NewsId=988 |url-status=bot: unknown}}</ref> Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. [[United States dollar|US$]]1 million; [[Euro|€]]0.7 million) for its administrative expenses associated with the award as well as 1 million Swedish kronor (until the end of 2008) to include information about the award on the Nobel Foundation's web site.<ref>{{cite web |title=Årsredovidning 2006 |publisher=[[Sveriges Riksbank]] |date=29 March 2007 |url=http://www.riksbank.se/Upload/Dokument_riksbank/Kat_publicerat/Rapporter/2007/arsred_popvers_06_sve.pdf#page=68 |format=PDF |access-date=15 September 2013 |quote=I posten ekonomipris ingår prissumman om 10 miljoner kronor samt administrationskostnader för detta pris om 6,5 miljoner kronor. Dessutom har bidrag givits till det interaktiva Internetmuseum som Nobelstiftelsen byggt upp. Bidraget avser täckande av kostnaden för information om ekonomipriset. Bidraget ska enligt avtal utbetalas årligen med 1 miljon kronor till och med 2008. |archive-date=13 March 2013 |archive-url=https://web.archive.org/web/20130313070844/http://www.riksbank.se/Upload/Dokument_riksbank/Kat_publicerat/Rapporter/2007/arsred_popvers_06_sve.pdf#page=68 |url-status=dead}}</ref> |
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===Relation to the Nobel Prizes=== |
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The Prize in Economic Sciences is not one of the Nobel Prizes endowed by [[Alfred Nobel]] in his will.<ref name="EB-NP" /><ref>{{cite news |last=Rampell |first=Catherine |title=2 From U.S. Win Nobel in Economics |url=https://www.nytimes.com/2012/10/16/business/economy/alvin-roth-and-lloyd-shapley-win-nobel-in-economic-science.html |access-date=3 November 2012 |newspaper=New York Times |date=15 October 2012 |archive-date=2 November 2012 |archive-url=https://web.archive.org/web/20121102201934/http://www.nytimes.com/2012/10/16/business/economy/alvin-roth-and-lloyd-shapley-win-nobel-in-economic-science.html |url-status=live}}</ref><ref name="selectionProcess">{{cite web |title=Nomination of the Laureates in Economics |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org |access-date=14 October 2012 |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006}}</ref> However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the original Nobel Prizes.<ref name=":1" /><ref name="statutes-econ" /><ref name="Lindbeck" /><ref>[http://www.kva.se/en/priser/ekonomipriset "Prize in Economic Sciences"] {{Webarchive|url=https://web.archive.org/web/20061008013935/http://www.kva.se/KVA_Root/eng/awards/nobel/economy/index.asp |date=2006-10-08}}, ''[[Royal Swedish Academy of Sciences]]''. Retrieved July 4, 2017. </ref> |
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Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony.<ref name="EB-NP" /> The Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will",<ref name="statutes-econ" /> which stipulate that the prize be awarded annually to "those who ... shall have conferred the greatest benefit on mankind".<ref>{{cite web |title=Excerpt from the Will of Alfred Nobel |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=7 November 2007}}</ref> |
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==Award nomination and selection process== |
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{{Main|Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel}} |
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[[File:Nobel2008Economics news conference1.jpg|thumb|Announcement of the Sveriges Riksbank Prize in Economic Sciences 2008]] |
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According to its official website, the Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and in Chemistry, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the [[Crafoord Prize]] and a number of other large prizes".<ref name="nomaw" /> |
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Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates."<ref name="statutes-econ" /><ref name="nomaw" /><ref>{{cite web |title=Nomination and Selection of the Laureates in Economics |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org|access-date=18 October 2007 |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006}}</ref> All proposals and their supporting evidence must be received before February 1.<ref name="selectionProcess" /> 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, the chairman of the committee casts the deciding vote.{{Cn|date=February 2024}} |
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Members of the Royal Swedish Academy of Sciences vote in mid-October to determine the next laureate or laureates of the Prize in Economics.<ref name="statutes-econ" /><ref name="nomaw" /><ref>{{cite web |title=Members |publisher=[[Royal Swedish Academy of Sciences]] |url=http://www.kva.se/KVA_Root/eng/about/members/index.asp?br=ns&ver=6up |access-date=18 October 2007 |url-status=dead |archive-url=https://web.archive.org/web/20080504225908/http://www.kva.se/KVA_Root/eng/about/members/index.asp?br=ns&ver=6up |archive-date=May 4, 2008}}</ref> As with the Nobel Prizes, no more than three people can share the prize for a given year; they must still be living at the time of the Prize announcement in October; and information about Prize nominations cannot be disclosed publicly for 50 years.<ref name="selectionProcess" /> |
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Like the Nobel laureates in [[Nobel Prize in Physics|physics]], [[Nobel Prize in Chemistry|chemistry]], [[Nobel Prize in Physiology or Medicine|physiology or medicine]], and [[Nobel Prize in Literature|literature]], each laureate in Economics receives a diploma, gold medal, and monetary grant award document from the [[Monarch of Sweden|King of Sweden]] at the annual Nobel Prize Award Ceremony in [[Stockholm]], on the anniversary of Nobel's death (December 10).<ref name="EB-NP" /><ref>{{cite web |title=The Nobel Prize Award Ceremonies and Banquets |publisher=[[The Nobel Foundation]] |url=http://nobelprize.org |access-date=7 November 2007 |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006}}</ref> |
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==Laureates== |
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{{main list|List of Nobel Memorial Prize laureates in Economic Sciences}} |
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The first prize in economics was awarded in 1969 to [[Ragnar Frisch]] and [[Jan Tinbergen]] "for having developed and applied dynamic models for the analysis of economic processes".<ref>{{cite web |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/|url-status=dead |archive-date=5 April 2006 |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969 |publisher=Nobel Foundation |access-date=28 October 2012}}</ref> Three women have received the prize: [[Elinor Ostrom]], who won in 2009, [[Esther Duflo]], who won in 2019,<ref>{{cite web |url=https://www.apnews.com/777efc95f30f41cc997ee47ce04c1c89 |title=3 economists who study poverty win Nobel Prize |last1=Wiseman |first1=Paul |last2=Ljubojevic |first2=Aleksandar |last3=LeBlanc |first3=Steve |date=14 October 2019 |website=apnews.com |publisher=Associated Press |access-date=3 November 2019 |archive-date=2 November 2019 |archive-url=https://web.archive.org/web/20191102193438/https://apnews.com/777efc95f30f41cc997ee47ce04c1c89 |url-status=live}}</ref> |
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and [[Claudia Goldin]], who won in 2023. Goldin was the first woman to win the award solo.<ref>{{Cite news|url=https://www.reuters.com/world/claudia-goldin-wins-2023-nobel-economics-prize-2023-10-09/|title=Nobel economics prize goes to Claudia Goldin|first1=Simon|last1=Johnson|first2=Johan|last2=Ahlander|newspaper=Reuters|date=October 9, 2023|via=www.reuters.com|access-date=2023-10-09|archive-date=2023-10-09|archive-url=https://web.archive.org/web/20231009153018/https://www.reuters.com/world/claudia-goldin-wins-2023-nobel-economics-prize-2023-10-09/|url-status=live}}</ref> |
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===Awards to non-economists=== |
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In February 1995, following acrimony within the selection committee pertaining to the awarding of the 1994 Prize in Economics to [[John Forbes Nash]], the Prize in Economics was redefined as a prize in social sciences. This made it available to researchers in such topics as political science, psychology, and sociology.<ref name="nasarmind372">[[#refNasarmind|Nasar, ''A Beautiful Mind'']], p. 372.</ref><ref name="notnoble">{{Cite news |last=Brittan |first=Samuel |author-link=Samuel Brittan |title=The not so noble Nobel Prize |newspaper=[[Financial Times]] |date=19 December 2003 |url=http://www.samuelbrittan.co.uk/text172_p.html |access-date=26 November 2009 |archive-date=30 June 2009 |archive-url=https://web.archive.org/web/20090630015308/http://www.samuelbrittan.co.uk/text172_p.html |url-status=live}}</ref> |
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Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee. The members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics.<ref>{{cite web |title=The Economics Prize Committee |publisher=[[Nobel Foundation]] |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=8 January 2008}}</ref> |
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In 1978, [[Herbert A. Simon]], whose [[PhD]] was in [[political science]], became the first non-economist to win the prize,<ref>{{cite press release |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978 |url=https://www.nobelprize.org/prizes/economic-sciences/1978/press-release/ |website=NobelPrize.org |access-date=15 April 2024 |archive-url=https://web.archive.org/web/20230926020100/https://www.nobelprize.org/prizes/economic-sciences/1978/press-release/ |archive-date=26 September 2023 |url-status=live}}</ref> for his work in the fields of economics and organizational decision making. [[Elinor Ostrom]], also a political scientist, won the prize in 2009. Similarly, [[Daniel Kahneman]], a professor of psychology and public affairs at [[Princeton University]], won the prize for work in the field of [[behavioral economics]].<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002 |url=https://www.nobelprize.org/prizes/economic-sciences/2002/press-release/ |website=NobelPrize.org |access-date=15 April 2024 |archive-url=https://web.archive.org/web/20240410162121/https://www.nobelprize.org/prizes/economic-sciences/2002/press-release/ |archive-date=10 April 2024 |language=en |url-status=live}}</ref> |
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==Controversies and criticisms== |
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=== Misuse of the Nobel name === |
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Some critics argue that the prestige of the Prize in Economic Sciences derives in part from its association with the Nobel Prizes, an association that has often been a source of controversy. Among them is the Swedish human rights lawyer [[Peter Nobel]], a great-grandnephew of [[Alfred Nobel]].<ref name=":0">{{cite news |url=http://www.thelocal.se/20050928/2173|title=Nobel descendant slams Economics prize |date=28 September 2005|work=thelocalsweden |url-status=live |archive-url=https://web.archive.org/web/20071014012248/http://www.thelocal.se/2173/20050928/ |archive-date=October 14, 2007 |access-date=3 March 2016}}</ref> |
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Nobel accuses the awarding institution of misusing his family's name, and states that no member of the Nobel family has ever had the intention of establishing a prize in economics.<ref>{{Cite news |url=http://www.aftenposten.no/norge/Alfred-Nobels-familie-tar-avstand-fra-okonomiprisen-552817b.html |title=Alfred Nobels familie tar avstand fra økonomiprisen |work=Aftenposten |access-date=2017-04-21 |archive-date=2017-04-22 |archive-url=https://web.archive.org/web/20170422132246/http://www.aftenposten.no/norge/Alfred-Nobels-familie-tar-avstand-fra-okonomiprisen-552817b.html |url-status=live}}</ref> He explained that "Nobel despised people who cared more about profits than society's well-being", saying that "There is nothing to indicate that he would have wanted such a prize", and that the association with the Nobel prizes is "a PR coup by economists to improve their reputation".<ref name=":0" /> |
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=== Accusations of bias === |
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Critics cite the apparent snub of [[Joan Robinson]] as evidence of the [[Committee for the Prize in Economic Sciences in Memory of Alfred Nobel|committee]]'s bias towards [[mainstream economics]],<ref>{{cite news |first=Sylvia |last=Nasar |title=The Sometimes Dismal Nobel Prize in Economics |url=https://www.nytimes.com/2001/10/13/business/13PRIZ.html |work=[[The New York Times]] |date=13 October 2001 |access-date=13 September 2011 |quote=[Ms. Robinson] did not win the prize because [the committee] feared that she would either refuse it or, worse, use the Nobel limelight to attack mainstream economics. |archive-date=14 May 2013 |archive-url=https://web.archive.org/web/20130514101026/http://www.nytimes.com/2001/10/13/business/13PRIZ.html |url-status=live}}</ref><ref>{{cite news |first=Alex |last=Millmow |title=An IgNobel Scandal |url=http://www.paecon.net/PAEReview/wholeissues/issue13.htm |publisher=Post-Autistic Economics Review |date=2 May 2002 |access-date=18 October 2007 |archive-date=14 April 2016 |archive-url=https://web.archive.org/web/20160414024732/http://www.paecon.net/PAEReview/wholeissues/issue13.htm |url-status=live}}</ref> though [[heterodox economics|heterodox economists]] like [[Friedrich Hayek]] ([[Austrian School]]) and [[Ronald Coase]] (associated with [[new institutional economics]]) have won.{{dubious|date=August 2019}} |
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=== Undue authority === |
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In his speech at the 1974 Nobel Prize banquet, [[Friedrich Hayek]] stated that had he been consulted on the establishment of a Nobel Prize in economics, he would have "decidedly advised against it",<ref name="notnoble" /><ref name="hayekbanquet">{{cite web |first=Friedrich |last=von Hayek |author-link=Friedrich von Hayek |title=Friedrich von Hayek: Banquet Speech |publisher=[[Nobel Foundation]] |date=10 December 1974 |url=https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-speech.html |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=27 November 2009}}</ref> primarily because "The Nobel Prize confers on an individual an authority which in economics no man ought to possess. This does not matter in the [[natural sciences]]. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally."<ref name="hayekbanquet" /> Nevertheless, Hayek accepted the award. |
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=== Controversial prizewinners === |
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==== Friedrich Hayek ==== |
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According to [[Samuel Brittan]] of the ''[[Financial Times]]'', both the former Swedish [[Minister for Finance (Sweden)|minister for finance]], [[Kjell-Olof Feldt]], and the former Swedish minister for commerce, [[Gunnar Myrdal]], wanted the prize abolished, with "Myrdal rather less graciously want[ing] the prize abolished because it had been given to such reactionaries as Hayek (and afterwards [[Milton Friedman]])."<ref name="notnoble" /> Relatedly, it has been noted that several members of the [[Committee for the Prize in Economic Sciences in Memory of Alfred Nobel|awarding committee]] have been affiliated with the [[Mont Pelerin Society]].<ref>{{cite book |last1=Offer |first1=Avner |title=The Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn |last2=Söderberg |first2=Gabriel |date=2016 |publisher=Princeton University Press |edition=1st |pages=104–105}}</ref> |
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==== Milton Friedman ==== |
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Milton Friedman was awarded the 1976 prize in part for his work on [[monetarism]]. Awarding the prize to Friedman caused international protests.<ref>{{cite book |first=Burton |last=Feldman |title=The Nobel Prize: A History of Genius, Controversy, and Prestige|chapter=Chapter 9: The Economics Memorial Prize |publisher=[[Arcade Publishing]] |year=2000 |location=New York |page=[https://archive.org/details/nobelprizehistor00feld/page/350 350] |isbn=1-55970-537-X |chapter-url=https://archive.org/details/nobelprizehistor00feld/page/350}}</ref> Friedman was accused of supporting the military dictatorship in [[Chile]] because of the relation of [[Chicago Boys|economists of the University of Chicago to Pinochet]], and a controversial six-day trip<ref>{{cite news |title=General Augusto Pinochet |author=O'Shaughnessy, Hugh |date=11 December 2006 |url=https://www.independent.co.uk/news/obituaries/general-augusto-pinochet-427998.html |work=The Independent |access-date=6 September 2017 |archive-date=15 May 2011 |archive-url=https://web.archive.org/web/20110515074418/http://www.independent.co.uk/news/obituaries/general-augusto-pinochet-427998.html |url-status=live}}</ref> he took to Chile during March 1975 (less than two years after the coup that ended with [[Death of Salvador Allende|the suicide of its democratically elected President Salvador Allende]]). Friedman himself answered that he never was an adviser to the dictatorship, but only gave some lectures and seminars on inflation and met with officials, including [[Augusto Pinochet]], in Chile.<ref>{{cite journal |url=http://www.hoover.org/publications/digest/3540561.html |title=Two Lucky People: One Week in Stockholm |last1=Friedman |first1=Milton |last2=Friedman |first2=Rose D. |journal=Hoover Digest: Research and Opinion on Public Policy |volume=1998 |issue=4 |access-date=2008-03-25 |archive-date=2008-03-14 |archive-url=https://web.archive.org/web/20080314035202/http://www.hoover.org/publications/digest/3540561.html |url-status=dead}}</ref> |
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Four Nobel Prize laureates{{spaced ndash}}[[George Wald]], [[Linus Pauling]], [[David Baltimore]] and [[Salvador Luria]]{{spaced ndash}}wrote letters in October 1976 to ''[[The New York Times]]'' protesting Friedman's award.<ref>{{cite news |last1=Wald |first1=George |author-link=George Wald |last2=Pauling |first2=Linus |author2-link=Linus Pauling |date=24 October 1976 |title=Letters to the Editor: The Laureate |url=https://www.nytimes.com/1976/10/24/archives/letters-to-the-editor.html |work=[[The New York Times]] |page=166}}</ref><ref>{{cite news |last1=Baltimore |first1=David |author-link=David Baltimore |last2=Luria |first2=S. E. |author2-link=Salvador Luria |date=24 October 1976 |title=Letters to the Editor: The Laureate |url=https://www.nytimes.com/1976/10/24/archives/letters-to-the-editor.html |work=[[The New York Times]] |page=166}}</ref> |
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==== Robert Aumann ==== |
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The 2005 prize to [[Robert Aumann]] was criticized by the European press<ref>{{cite web |date=11 December 2005 |title=EJP | News | Western Europe | Anti-Israel protests against Nobel prize award |url=http://www.ejpress.org/article/4556 |url-status=dead |archive-url=https://web.archive.org/web/20101215202811/http://www.ejpress.org/article/4556 |archive-date=15 December 2010 |access-date=5 February 2010 |publisher=Ejpress.org}}</ref> for his alleged use of game theory to justify his stance against the dismantling of [[International law and Israeli settlements|illegal]] [[Israeli settlements]] in [[Palestinian territories|occupied Palestine]]. |
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==== Paul Krugman ==== |
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[[Paul Krugman]]'s commentary has attracted both widespread praise and criticism.<ref name=economist>{{Citation |title = The one-handed economist |newspaper = [[The Economist]] |date = November 13, 2003 |url = https://www.economist.com/node/2208841 |access-date = 2011-08-10 |archive-url = https://web.archive.org/web/20111017173915/http://www.economist.com/node/2208841 |archive-date = October 17, 2011 |url-status = live }}</ref> |
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=== Expansion of scope === |
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The 1994 prize to mathematician [[John Forbes Nash]] caused controversy within the selection committee.<ref>[[#refNasarmind|Nasar, ''A Beautiful Mind'']], pp. 356–373.</ref><ref>{{cite magazine |url=https://content.time.com/time/specials/packages/article/0,28804,2096389_2096388_2096382,00.html |title=Top 10 Nobel Prize Controversies: John Forbes Nash |date=October 7, 2011 |magazine=Time |access-date=October 12, 2015 |last1=Phillips |first1=Jak |archive-date=October 12, 2015 |archive-url=https://web.archive.org/web/20151012060115/http://content.time.com/time/specials/packages/article/0,28804,2096389_2096388_2096382,00.html |url-status=live}}</ref> This resulted in a change to the rules governing the committee during 1994: The prize's scope was redefined as one of social sciences, and Prize Committee members were limited to serve for three years.<ref name="nasarmind372" /> |
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==Alternative names== |
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The award's official Swedish name is ''Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne''. The Nobel Foundation's translations of the Swedish name into English have varied since 1969: |
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{|class="wikitable" |
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|- |
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! Years |
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! English translations |
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|- |
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| 1969–1970 |
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| Prize in Economic Science dedicated to the memory of Alfred Nobel<ref>{{cite web |first=Erik |last=Lundberg |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech |publisher=[[Nobel Foundation]] |date=10 December 1969 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web |first=Assar |last=Lindbeck |author-link=Assar Lindbeck |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech |publisher=[[Nobel Foundation]] |date=10 December 1970 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1971 |
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| Prize in Economic Science<ref>{{cite web |first=Bertil |last=Ohlin |author-link=Bertil Ohlin |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech |publisher=[[Nobel Foundation]] |date=10 December 1971 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1972 |
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| Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release |publisher=[[Nobel Foundation]] |date=25 October 1972 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1973–1975 |
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| Prize in Economic Science in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release |publisher=[[Nobel Foundation]] |date=18 October 1973 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/|url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1975: Press Release |publisher=[[Nobel Foundation]] |date=14 October 1975 |url=http://nobelprize.org|archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1976–1977 |
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| Prize in Economic Sciences in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976: Press Release |publisher=[[Nobel Foundation]] |date=14 October 1976 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release |publisher=[[Nobel Foundation]] |date=14 October 1977 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1978–1981 |
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| Alfred Nobel Memorial Prize in Economic Sciences<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release |publisher=[[Nobel Foundation]] |date=16 October 1978 |url=http://nobelprize.org|archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1981: Press Release |publisher=[[Nobel Foundation]] |date=13 October 1981 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1982 |
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| Alfred Nobel Memorial Prize in Economic Science<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release |publisher=[[Nobel Foundation]] |date=20 October 1982 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1983 |
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| Prize in Economic Sciences in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release |publisher=[[Nobel Foundation]] |date=17 October 1983 |url=http://nobelprize.org|archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1984–1990 |
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| Alfred Nobel Memorial Prize in Economic Sciences<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release |publisher=[[Nobel Foundation]] |date=18 October 1984 |url=http://nobelprize.org|archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release |publisher=[[Nobel Foundation]] |date=16 October 1990 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1991 |
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| Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release |publisher=[[Nobel Foundation]] |date=15 October 1991 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 1992–2005 |
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| Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release |publisher=[[Nobel Foundation]] |date=13 October 1992 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release |publisher=[[Nobel Foundation]] |date=10 October 2005 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|- |
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| 2006–present |
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| The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel<ref>{{cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release |publisher=[[Nobel Foundation]] |date=9 October 2006 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref><ref>{{cite web|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release |publisher=[[Nobel Foundation]] |date=15 October 2007 |url=http://nobelprize.org |archive-url=https://web.archive.org/web/20060405023917/http://nobelprize.org/ |url-status=dead |archive-date=5 April 2006 |access-date=17 October 2007}}</ref> |
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|} |
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==See also== |
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* [[List of economics awards]] |
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* [[List of Nobel laureates by country]] |
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* [[List of prizes known as the Nobel of a field]] |
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* [[List of prizes named after people]] |
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== Citations == |
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{{reflist}} |
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== General references == |
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* {{cite book |last=Nasar |first=Sylvia |author-link=Sylvia Nasar |title=[[A Beautiful Mind (book)|A Beautiful Mind]] |publisher=Simon & Schuster |year=1998| location=New York |isbn=0-684-81906-6 |ref=refNasarmind}} |
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==External links== |
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{{Commons category}} |
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{{Wikiquote}} |
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{{Spoken Wikipedia|Nobel_Memorial_Prize_in_Economic_Sciences_Recorded_by_Dimitri_O_Ledenyov_and_Viktor_O_Ledenyov.ogg|date=2016-02-15}} |
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* [https://www.riksbank.se/en-gb/about-the-riksbank/the-tasks-of-the-riksbank/research/economics-prize/ The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel] on Sveriges Riksbank's web site. |
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* [https://www.kva.se/en/priser/ekonomipriset The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel] on the web site of the Royal Swedish Academy of Sciences. |
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* [https://www.nobelprize.org/prizes/economic-sciences/ The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel] on the [[Nobel Foundation]]'s web site. |
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* [https://ideas.repec.org/nobel.html IDEAS/RePEc]. |
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* [https://www.ubs.com/microsites/nobel-perspectives/en.html Nobel Perspectives website] – documentary interviews with past laureates of the Nobel Prize for Economics. |
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{{Nobel laureates in economics}} |
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{{Nobel Prizes}} |
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{{Financial economics awards}} |
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[[Category:Nobel Memorial Prize in Economic Sciences| ]] |
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[[Category:1969 establishments in Sweden]] |
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[[Category:1969 in economic history]] |
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[[Category:Nobel Prize|*Economics]] |
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[[Category:Awards established in 1969]] |
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[[Category:Awards of the Royal Swedish Academy of Sciences|Economics]] |
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[[Category:Economics awards]] |
Latest revision as of 05:16, 5 December 2024
Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | |
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Awarded for | Outstanding contributions in Economics or Social Sciences |
Sponsored by | Sveriges Riksbank |
Location | Stockholm, Sweden |
Presented by | Royal Swedish Academy of Sciences |
Reward(s) | 11 million SEK (2023)[1] |
First awarded | 1969 |
Currently held by | |
Website | nobelprize |
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[2][3][4] (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award funded by Sveriges Riksbank[5] and administered by the Nobel Foundation.
Although not one of the five Nobel Prizes established by Alfred Nobel's will in 1895,[6] it is commonly referred to as the Nobel Prize in Economics,[7] and is administered and referred to along with the Nobel Prizes by the Nobel Foundation.[8] Winners of the Prize in Economic Sciences are chosen in a similar manner as and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony.[6][9]
That the prize is not an original Nobel Prize has been a subject of controversy, with four of Nobel's relatives having formally distanced themselves from the Prize in Economic Sciences.[10][11]
The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary.[12][13][14][15] Laureates in the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences.[16][17] It was first awarded in 1969 to Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes".[15][18][19]
Creation and funding
[edit]An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the award and funds the monetary component of the award.[16]
In 2022, the monetary portion of the Prize in Economic Sciences was 10 million Swedish kronor,[20] the same amount as the original Nobel Prizes.[21][22][23] Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; €0.7 million) for its administrative expenses associated with the award as well as 1 million Swedish kronor (until the end of 2008) to include information about the award on the Nobel Foundation's web site.[24]
Relation to the Nobel Prizes
[edit]The Prize in Economic Sciences is not one of the Nobel Prizes endowed by Alfred Nobel in his will.[12][25][26] However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the original Nobel Prizes.[6][16][22][27]
Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony.[12] The Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will",[16] which stipulate that the prize be awarded annually to "those who ... shall have conferred the greatest benefit on mankind".[28]
Award nomination and selection process
[edit]According to its official website, the Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and in Chemistry, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the Crafoord Prize and a number of other large prizes".[17]
Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates."[16][17][29] All proposals and their supporting evidence must be received before February 1.[26] 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, the chairman of the committee casts the deciding vote.[citation needed]
Members of the Royal Swedish Academy of Sciences vote in mid-October to determine the next laureate or laureates of the Prize in Economics.[16][17][30] As with the Nobel Prizes, no more than three people can share the prize for a given year; they must still be living at the time of the Prize announcement in October; and information about Prize nominations cannot be disclosed publicly for 50 years.[26]
Like the Nobel laureates in physics, chemistry, physiology or medicine, and literature, each laureate in Economics receives a diploma, gold medal, and monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on the anniversary of Nobel's death (December 10).[12][31]
Laureates
[edit]The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes".[32] Three women have received the prize: Elinor Ostrom, who won in 2009, Esther Duflo, who won in 2019,[33] and Claudia Goldin, who won in 2023. Goldin was the first woman to win the award solo.[34]
Awards to non-economists
[edit]In February 1995, following acrimony within the selection committee pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social sciences. This made it available to researchers in such topics as political science, psychology, and sociology.[35][36]
Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee. The members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics.[37]
In 1978, Herbert A. Simon, whose PhD was in political science, became the first non-economist to win the prize,[38] for his work in the fields of economics and organizational decision making. Elinor Ostrom, also a political scientist, won the prize in 2009. Similarly, Daniel Kahneman, a professor of psychology and public affairs at Princeton University, won the prize for work in the field of behavioral economics.[39]
Controversies and criticisms
[edit]Misuse of the Nobel name
[edit]Some critics argue that the prestige of the Prize in Economic Sciences derives in part from its association with the Nobel Prizes, an association that has often been a source of controversy. Among them is the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Alfred Nobel.[40]
Nobel accuses the awarding institution of misusing his family's name, and states that no member of the Nobel family has ever had the intention of establishing a prize in economics.[41] He explained that "Nobel despised people who cared more about profits than society's well-being", saying that "There is nothing to indicate that he would have wanted such a prize", and that the association with the Nobel prizes is "a PR coup by economists to improve their reputation".[40]
Accusations of bias
[edit]Critics cite the apparent snub of Joan Robinson as evidence of the committee's bias towards mainstream economics,[42][43] though heterodox economists like Friedrich Hayek (Austrian School) and Ronald Coase (associated with new institutional economics) have won.[dubious – discuss]
Undue authority
[edit]In his speech at the 1974 Nobel Prize banquet, Friedrich Hayek stated that had he been consulted on the establishment of a Nobel Prize in economics, he would have "decidedly advised against it",[36][44] primarily because "The Nobel Prize confers on an individual an authority which in economics no man ought to possess. This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally."[44] Nevertheless, Hayek accepted the award.
Controversial prizewinners
[edit]Friedrich Hayek
[edit]According to Samuel Brittan of the Financial Times, both the former Swedish minister for finance, Kjell-Olof Feldt, and the former Swedish minister for commerce, Gunnar Myrdal, wanted the prize abolished, with "Myrdal rather less graciously want[ing] the prize abolished because it had been given to such reactionaries as Hayek (and afterwards Milton Friedman)."[36] Relatedly, it has been noted that several members of the awarding committee have been affiliated with the Mont Pelerin Society.[45]
Milton Friedman
[edit]Milton Friedman was awarded the 1976 prize in part for his work on monetarism. Awarding the prize to Friedman caused international protests.[46] Friedman was accused of supporting the military dictatorship in Chile because of the relation of economists of the University of Chicago to Pinochet, and a controversial six-day trip[47] he took to Chile during March 1975 (less than two years after the coup that ended with the suicide of its democratically elected President Salvador Allende). Friedman himself answered that he never was an adviser to the dictatorship, but only gave some lectures and seminars on inflation and met with officials, including Augusto Pinochet, in Chile.[48]
Four Nobel Prize laureates – George Wald, Linus Pauling, David Baltimore and Salvador Luria – wrote letters in October 1976 to The New York Times protesting Friedman's award.[49][50]
Robert Aumann
[edit]The 2005 prize to Robert Aumann was criticized by the European press[51] for his alleged use of game theory to justify his stance against the dismantling of illegal Israeli settlements in occupied Palestine.
Paul Krugman
[edit]Paul Krugman's commentary has attracted both widespread praise and criticism.[52]
Expansion of scope
[edit]The 1994 prize to mathematician John Forbes Nash caused controversy within the selection committee.[53][54] This resulted in a change to the rules governing the committee during 1994: The prize's scope was redefined as one of social sciences, and Prize Committee members were limited to serve for three years.[35]
Alternative names
[edit]The award's official Swedish name is Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. The Nobel Foundation's translations of the Swedish name into English have varied since 1969:
Years | English translations |
---|---|
1969–1970 | Prize in Economic Science dedicated to the memory of Alfred Nobel[55][56] |
1971 | Prize in Economic Science[57] |
1972 | Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[58] |
1973–1975 | Prize in Economic Science in Memory of Alfred Nobel[59][60] |
1976–1977 | Prize in Economic Sciences in Memory of Alfred Nobel[61][62] |
1978–1981 | Alfred Nobel Memorial Prize in Economic Sciences[63][64] |
1982 | Alfred Nobel Memorial Prize in Economic Science[65] |
1983 | Prize in Economic Sciences in Memory of Alfred Nobel[66] |
1984–1990 | Alfred Nobel Memorial Prize in Economic Sciences[67][68] |
1991 | Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel[69] |
1992–2005 | Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[70][71] |
2006–present | The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[72][73] |
See also
[edit]- List of economics awards
- List of Nobel laureates by country
- List of prizes known as the Nobel of a field
- List of prizes named after people
Citations
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- ^ "Hart and Holmström awarded the Prize in Economic Sciences for 2017". Stockholm: Sveriges Riksbank. 10 October 2016. Archived from the original on 25 August 2018. Retrieved 25 August 2018.
- ^ "Prize in Economic Sciences". Stockholm: The Royal Swedish Academy of Sciences. Archived from the original on 12 June 2018. Retrieved 25 August 2018.
- ^ "Beslut om titel på ekonomipriset [Resolution on the economics award's name]" (in Swedish). Stockholm: Sveriges Riksbank. 6 July 2006. Archived from the original on 20 August 2018. Retrieved 20 August 2018.
- ^ "Streams during Nobel Week 2023". NobelPrize.org. 3 November 2023. Archived from the original on 2023-11-21. Retrieved 2023-11-21.
- ^ a b c "Nomination and selection of economic sciences laureates". NobelPrize.org. Stockholm: The Nobel Foundation. 4 July 2018. Archived from the original on 10 May 2020. Retrieved 5 November 2021.
Not a Nobel Prize[:] The prize in economic sciences is not a Nobel Prize. In 1968, Sveriges Riksbank (Sweden's central bank) instituted 'The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel', and it has since been awarded by the Royal Swedish Academy of Sciences according to the same principles as for the Nobel Prizes that have been awarded since 1901.
- ^ Hird., John A. (2005). Power, Knowledge, and Politics. American governance and public policy. Georgetown University Press. p. 33. ISBN 978-1-58901-048-2. OCLC 231997210.
the Bank of Sweden Prize in Economic Science in Memory of Alfred Nobel, commonly referred to as the 'Nobel Prize in Economics'
- ^ "Organization Structure: Spreading Information About the Nobel Prize". The Nobel Foundation. Archived from the original on 2017-01-06. Retrieved 2014-11-26.
- ^ "Winners of the Nobel Prize for Economics". Encyclopedia Britannica. Archived from the original on 2019-05-15. Retrieved 2021-09-16.
- ^ "Alfred Nobels familie tar avstand fra økonomiprisen". Aftenposten. Archived from the original on 2017-04-22. Retrieved 2017-04-21.
- ^ "Nobel descendant slams Economics prize - The Local". 2005-09-28. Archived from the original on 2015-06-24. Retrieved 2023-11-21.
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- ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". Sveriges Riksbank. Archived from the original on 5 March 2013. Retrieved 12 December 2012.
Sveriges Riksbank's Prize in Economic Sciences in Memory of Alfred Nobel was established with a donation to the Nobel Foundation in connection with the Riksbank's 300th anniversary in 1968
- ^ "The Nobel Prize". The Nobel Foundation. Archived from the original on 5 April 2006. Retrieved 7 November 2007.
In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize
- ^ a b "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". The Nobel Foundation. Archived from the original on 5 April 2006. Retrieved 7 November 2007.
In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize
- ^ a b c d e f "Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968". The Nobel Foundation. Archived from the original on 5 April 2006. Retrieved 16 November 2007.
In celebration of the Tercentenary of Sveriges Riksbank, the Bank has instituted a prize in economic sciences in memory of Alfred Nobel. ... The Prize shall be awarded annually to a person who has written a work on economic sciences of the eminent significance expressed in the will of Alfred Nobel drawn up on November 27, 1895. ... The Prize shall be awarded by the Royal Academy of Sciences in accordance with the rules governing the award of the Nobel Prizes instituted through his will.
- ^ a b c d "Nominating and awarding" Archived 2018-01-12 at the Wayback Machine, in "Prize in Economic Sciences", Royal Swedish Academy of Sciences. Retrieved 4 July 2017.
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- ^ "The Prize in Economics Sciences 2022". The Sveriges Riksbank in Economic Sciences in Memory of Alfred Nobel. Nobel Foundation. 10 October 2022. Archived from the original on 12 October 2022. Retrieved 12 September 2023.
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- ^ a b Assar Lindbeck, "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969–2006", nobelprize.org, April 18, 1999. Retrieved 11 November 2007.
- ^ "The Prize in Economic Sciences 2007" Archived 2017-08-10 at the Wayback Machine, press release, Royal Swedish Academy of Sciences, October 15, 2007. Retrieved November 16, 2007. "Royal Swedish Academy of Sciences – www.kva.se". Archived from the original on November 14, 2007. Retrieved November 14, 2007.
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I posten ekonomipris ingår prissumman om 10 miljoner kronor samt administrationskostnader för detta pris om 6,5 miljoner kronor. Dessutom har bidrag givits till det interaktiva Internetmuseum som Nobelstiftelsen byggt upp. Bidraget avser täckande av kostnaden för information om ekonomipriset. Bidraget ska enligt avtal utbetalas årligen med 1 miljon kronor till och med 2008.
- ^ Rampell, Catherine (15 October 2012). "2 From U.S. Win Nobel in Economics". New York Times. Archived from the original on 2 November 2012. Retrieved 3 November 2012.
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- ^ "Excerpt from the Will of Alfred Nobel". The Nobel Foundation. Archived from the original on 5 April 2006. Retrieved 7 November 2007.
- ^ "Nomination and Selection of the Laureates in Economics". The Nobel Foundation. Archived from the original on 5 April 2006. Retrieved 18 October 2007.
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- ^ a b Nasar, A Beautiful Mind, p. 372.
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[Ms. Robinson] did not win the prize because [the committee] feared that she would either refuse it or, worse, use the Nobel limelight to attack mainstream economics.
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General references
[edit]- Nasar, Sylvia (1998). A Beautiful Mind. New York: Simon & Schuster. ISBN 0-684-81906-6.
External links
[edit]- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on Sveriges Riksbank's web site.
- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on the web site of the Royal Swedish Academy of Sciences.
- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on the Nobel Foundation's web site.
- IDEAS/RePEc.
- Nobel Perspectives website – documentary interviews with past laureates of the Nobel Prize for Economics.