As of the awarding of the 2014 prize, 46 Nobel Memorial Prizes in Economic Sciences have been given to 75 individuals.[5] Up to 2007, nine awards had been given for contributions to the field of macroeconomics, more than any other category.[6] The institution with the most affiliated Nobel laureates in Economics is the University of Chicago, which has 28 affiliated laureates.[7]
Year |
Laureate |
Country |
Rationale |
1969 |
![Uio frisch 2006 0025.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/a/a1/Uio_frisch_2006_0025.jpg/75px-Uio_frisch_2006_0025.jpg) |
Ragnar Frisch |
Norway |
"for having developed and applied dynamic models for the analysis of economic processes"[2] |
![Jan Tinbergen 1982.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/97/Jan_Tinbergen_1982.jpg/75px-Jan_Tinbergen_1982.jpg) |
Jan Tinbergen |
Netherlands |
1970 |
![Paul Samuelson.gif](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Paul_Samuelson.gif/75px-Paul_Samuelson.gif) |
Paul Samuelson |
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] |
1971 |
|
Simon Kuznets |
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] |
1972 |
![John Sutton (1).jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/7/78/John_Sutton_%281%29.jpg/75px-John_Sutton_%281%29.jpg) |
John Hicks |
United Kingdom |
"for their pioneering contributions to general economic equilibrium theory and welfare theory."[10] |
![Kenneth Arrow, Stanford University.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Kenneth_Arrow%2C_Stanford_University.jpg/75px-Kenneth_Arrow%2C_Stanford_University.jpg) |
Kenneth Arrow |
United States |
1973 |
|
Wassily Leontief |
Soviet Union
United States |
"for the development of the input-output method and for its application to important economic problems"[11] |
1974 |
![Gunnar Myrdal - Sveriges styresmän.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Gunnar_Myrdal_-_Sveriges_styresm%C3%A4n.jpg/75px-Gunnar_Myrdal_-_Sveriges_styresm%C3%A4n.jpg) |
Gunnar Myrdal |
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] |
![Friedrich Hayek portrait.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Friedrich_Hayek_portrait.jpg/75px-Friedrich_Hayek_portrait.jpg) |
Friedrich Hayek |
Austria
United Kingdom |
1975 |
![Leonid Kantorovich 1975.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Leonid_Kantorovich_1975.jpg/75px-Leonid_Kantorovich_1975.jpg) |
Leonid Kantorovich |
Soviet Union |
"for their contributions to the theory of optimum allocation of resources"[13] |
![TjallingKoopmans1967.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/5/51/TjallingKoopmans1967.jpg/75px-TjallingKoopmans1967.jpg) |
Tjalling Koopmans |
Netherlands
United States |
1976 |
![Portrait of Milton Friedman.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/20/Portrait_of_Milton_Friedman.jpg/75px-Portrait_of_Milton_Friedman.jpg) |
Milton Friedman |
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] |
1977 |
![Bertil Ohlin.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/3/34/Bertil_Ohlin.jpg/75px-Bertil_Ohlin.jpg) |
Bertil Ohlin |
Sweden |
"for their pathbreaking contribution to the theory of international trade and international capital movements"[15] |
![James Meade Nobel.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/1b/James_Meade_Nobel.jpg/75px-James_Meade_Nobel.jpg) |
James Meade |
United Kingdom |
1978 |
![Herbert simon red complete.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Herbert_simon_red_complete.jpg/75px-Herbert_simon_red_complete.jpg) |
Herbert A. Simon |
United States |
"for his pioneering research into the decision-making process within economic organizations"[16] |
1979 |
|
Theodore Schultz |
United States |
"for their pioneering research into economic development research with particular consideration of the problems of developing countries."[17] |
|
Arthur Lewis |
Saint Lucia
United Kingdom |
1980 |
|
Lawrence Klein |
United States |
"for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"[18] |
1981 |
![James Tobin.png](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/11/James_Tobin.png/75px-James_Tobin.png) |
James Tobin |
United States |
"for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"[19] |
1982 |
|
George Stigler |
United States |
"for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation"[20] |
1983 |
![Debreu, Gérard (1921-2004).jpeg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Debreu%2C_G%C3%A9rard_%281921-2004%29.jpeg/75px-Debreu%2C_G%C3%A9rard_%281921-2004%29.jpeg) |
Gérard Debreu |
France |
"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium"[21] |
1984 |
|
Richard Stone |
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] |
1985 |
![Franco Modigliani.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/5/53/Franco_Modigliani.jpg/75px-Franco_Modigliani.jpg) |
Franco Modigliani |
Italy |
"for his pioneering analyses of saving and of financial markets"[23] |
1986 |
![James Buchanan by Atlas network.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/11/James_Buchanan_by_Atlas_network.jpg/75px-James_Buchanan_by_Atlas_network.jpg) |
James M. Buchanan |
United States |
"for his development of the contractual and constitutional bases for the theory of economic and political decision-making"[24] |
1987 |
![Robert Solow by Olaf Storbeck.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/95/Robert_Solow_by_Olaf_Storbeck.jpg/75px-Robert_Solow_by_Olaf_Storbeck.jpg) |
Robert Solow |
United States |
"for his contributions to the theory of economic growth"[25] |
1988 |
![ALLAIS PN Maurice-24x30-2001b.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/12/ALLAIS_PN_Maurice-24x30-2001b.jpg/75px-ALLAIS_PN_Maurice-24x30-2001b.jpg) |
Maurice Allais |
France |
"for his pioneering contributions to the theory of markets and efficient utilization of resources"[26] |
1989 |
![Trygve Haavelmo.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/25/Trygve_Haavelmo.jpg/75px-Trygve_Haavelmo.jpg) |
Trygve Haavelmo |
Norway |
"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"[27] |
1990 |
|
Harry Markowitz |
United States |
"for their pioneering work in the theory of financial economics"[28] |
|
Merton Miller |
![William sharpe 2007.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/1a/William_sharpe_2007.jpg/75px-William_sharpe_2007.jpg) |
William F. Sharpe |
1991 |
![Coase scan 10 edited.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Coase_scan_10_edited.jpg/75px-Coase_scan_10_edited.jpg) |
Ronald Coase |
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] |
1992 |
![GaryBecker-May24-2008.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/3/3f/GaryBecker-May24-2008.jpg/75px-GaryBecker-May24-2008.jpg) |
Gary Becker |
United States |
"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour"[30] |
1993 |
![Robert William Fogel.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Robert_William_Fogel.jpg/75px-Robert_William_Fogel.jpg) |
Robert Fogel |
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] |
![Douglass North.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Douglass_North.jpg/75px-Douglass_North.jpg) |
Douglass North |
1994 |
|
John Harsanyi |
United States |
"for their pioneering analysis of equilibria in the theory of non-cooperative games."[32] |
![John f nash 20061102 3.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/91/John_f_nash_20061102_3.jpg/75px-John_f_nash_20061102_3.jpg) |
John Forbes Nash |
![Reinhard Selten2.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/0/05/Reinhard_Selten2.jpg/75px-Reinhard_Selten2.jpg) |
Reinhard Selten |
Germany |
1995 |
|
Robert Lucas, Jr. |
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] |
1996 |
|
James Mirrlees |
United Kingdom |
"for their fundamental contributions to the economic theory of incentives under asymmetric information"[34] |
|
William Vickrey |
Canada
United States |
1997 |
![Robert C. Merton.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Robert_C._Merton.jpg/75px-Robert_C._Merton.jpg) |
Robert C. Merton |
United States |
"for a new method to determine the value of derivatives."[35] |
![Myron Scholes 2008 in Lindau.png](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Myron_Scholes_2008_in_Lindau.png/75px-Myron_Scholes_2008_in_Lindau.png) |
Myron Scholes |
Canada
United States |
1998 |
![Amartya Sen 20071128 cologne.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Amartya_Sen_20071128_cologne.jpg/75px-Amartya_Sen_20071128_cologne.jpg) |
Amartya Sen |
India |
"for his contributions to welfare economics"[36] |
1999 |
![Rmundell.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/8/89/Rmundell.jpg/75px-Rmundell.jpg) |
Robert Mundell |
Canada |
"for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"[37] |
2000 |
![James Heckman.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/6/60/James_Heckman.jpg/75px-James_Heckman.jpg) |
James Heckman |
United States |
"for his development of theory and methods for analyzing selective samples"[38] |
![McFadden.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/b/b4/McFadden.jpg/75px-McFadden.jpg) |
Daniel McFadden |
United States |
"for his development of theory and methods for analyzing discrete choice"[38] |
2001 |
![George Akerlof.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/18/George_Akerlof.jpg/75px-George_Akerlof.jpg) |
George Akerlof |
United States |
"for their analyses of markets with asymmetric information"[39] |
![A Michael Spence.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/a/a6/A_Michael_Spence.jpg/75px-A_Michael_Spence.jpg) |
Michael Spence |
![Joseph Stiglitz.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/26/Joseph_Stiglitz.jpg/75px-Joseph_Stiglitz.jpg) |
Joseph E. Stiglitz |
2002 |
![Daniel KAHNEMAN.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Daniel_KAHNEMAN.jpg/75px-Daniel_KAHNEMAN.jpg) |
Daniel Kahneman |
Israel
United States |
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[40] |
![VernonSmith2.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/90/VernonSmith2.jpg/75px-VernonSmith2.jpg) |
Vernon L. Smith |
United States |
"for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"[40] |
2003 |
![Robert F. Engle.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/e/e4/Robert_F._Engle.jpg/75px-Robert_F._Engle.jpg) |
Robert F. Engle |
United States |
"for methods of analyzing economic time series with time-varying volatility (ARCH)"[41] |
![Clive Granger by Olaf Storbeck.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Clive_Granger_by_Olaf_Storbeck.jpg/75px-Clive_Granger_by_Olaf_Storbeck.jpg) |
Clive Granger |
United Kingdom |
"for methods of analyzing economic time series with common trends (cointegration)"[41] |
2004 |
![Kydland.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/e/e8/Kydland.jpg/75px-Kydland.jpg) |
Finn E. Kydland |
Norway |
"for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."[42] |
![Edward C. Prescott.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Edward_C._Prescott.jpg/75px-Edward_C._Prescott.jpg) |
Edward C. Prescott |
United States |
2005 |
![Robert Aumann 2010.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/b/be/Robert_Aumann_2010.jpg/75px-Robert_Aumann_2010.jpg) |
Robert J. Aumann |
United States
Israel |
"for having enhanced our understanding of conflict and cooperation through game-theory analysis."[43] |
![Thomas Schelling.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/6/63/Thomas_Schelling.jpg/75px-Thomas_Schelling.jpg) |
Thomas C. Schelling |
United States |
2006 |
![Edmund Phelps 2008-01-23.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Edmund_Phelps_2008-01-23.jpg/75px-Edmund_Phelps_2008-01-23.jpg) |
Edmund S. Phelps |
United States |
"for his analysis of intertemporal tradeoffs in macroeconomic policy"[44] |
2007 |
![Leonid Hurwicz.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Leonid_Hurwicz.jpg/75px-Leonid_Hurwicz.jpg) |
Leonid Hurwicz |
Poland
United States |
"for having laid the foundations of mechanism design theory"[45] |
![Eric Maskin at UCI.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/20/Eric_Maskin_at_UCI.jpg/75px-Eric_Maskin_at_UCI.jpg) |
Eric S. Maskin |
United States |
![Myerson roger b print.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Myerson_roger_b_print.jpg/75px-Myerson_roger_b_print.jpg) |
Roger B. Myerson |
2008 |
![Paul Krugman-press conference Dec 07th, 2008-8.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/4/48/Paul_Krugman-press_conference_Dec_07th%2C_2008-8.jpg/75px-Paul_Krugman-press_conference_Dec_07th%2C_2008-8.jpg) |
Paul Krugman |
United States |
"for his analysis of trade patterns and location of economic activity"[46] |
2009 |
![Nobel Prize 2009-Press Conference KVA-30.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/6/65/Nobel_Prize_2009-Press_Conference_KVA-30.jpg/75px-Nobel_Prize_2009-Press_Conference_KVA-30.jpg) |
Elinor Ostrom |
United States |
"for her analysis of economic governance, especially the commons"[47] |
![Nobel Prize 2009-Press Conference KVA-42.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/3/34/Nobel_Prize_2009-Press_Conference_KVA-42.jpg/75px-Nobel_Prize_2009-Press_Conference_KVA-42.jpg) |
Oliver E. Williamson |
"for his analysis of economic governance, especially the boundaries of the firm"[47] |
2010 |
![Peter Diamond cropped.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/9b/Peter_Diamond_cropped.jpg/75px-Peter_Diamond_cropped.jpg) |
Peter A. Diamond |
United States |
"for their analysis of markets with search frictions"[48] |
![Dale Mortensen.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Dale_Mortensen.jpg/75px-Dale_Mortensen.jpg) |
Dale T. Mortensen |
![Christopher Pissarides.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Christopher_Pissarides.jpg/75px-Christopher_Pissarides.jpg) |
Christopher A. Pissarides |
Cyprus |
2011 |
![Nobel Prize 2011-Press Conference KVA-DSC 7770.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/4/45/Nobel_Prize_2011-Press_Conference_KVA-DSC_7770.jpg/75px-Nobel_Prize_2011-Press_Conference_KVA-DSC_7770.jpg) |
Thomas J. Sargent |
United States |
"for their empirical research on cause and effect in the macroeconomy"[49] |
![Nobel Prize 2011-Press Conference KVA-DSC 7720.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/5/55/Nobel_Prize_2011-Press_Conference_KVA-DSC_7720.jpg/75px-Nobel_Prize_2011-Press_Conference_KVA-DSC_7720.jpg) |
Christopher A. Sims |
2012 |
![Al Roth, Sydney Ideas lecture 2012d.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/21/Al_Roth%2C_Sydney_Ideas_lecture_2012d.jpg/75px-Al_Roth%2C_Sydney_Ideas_lecture_2012d.jpg) |
Alvin E. Roth |
United States |
"for the theory of stable allocations and the practice of market design."[50] |
![Shapley, Lloyd (1980) crop.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Shapley%2C_Lloyd_%281980%29_crop.jpg/75px-Shapley%2C_Lloyd_%281980%29_crop.jpg) |
Lloyd S. Shapley |
2013 |
![Eugene Fama at Nobel Prize, 2013.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Eugene_Fama_at_Nobel_Prize%2C_2013.jpg/75px-Eugene_Fama_at_Nobel_Prize%2C_2013.jpg) |
Eugene F. Fama |
United States |
"for their empirical analysis of asset prices."[51] |
![Lars Peter Hansen photo in 2007.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Lars_Peter_Hansen_photo_in_2007.jpg/75px-Lars_Peter_Hansen_photo_in_2007.jpg) |
Lars Peter Hansen |
![Robert Shiller - World Economic Forum Annual Meeting 2012.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/1/13/Robert_Shiller_-_World_Economic_Forum_Annual_Meeting_2012.jpg/75px-Robert_Shiller_-_World_Economic_Forum_Annual_Meeting_2012.jpg) |
Robert J. Shiller |
2014 |
![Jean Tirole.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/9/93/Jean_Tirole.jpg/75px-Jean_Tirole.jpg) |
Jean Tirole |
France |
"for his analysis of market power and regulation".[52] |
2015 |
![Angus Deaton 0182.jpg](https://web.archive.org/web/20160418163239im_/https://upload.wikimedia.org/wikipedia/commons/thumb/7/77/Angus_Deaton_0182.jpg/75px-Angus_Deaton_0182.jpg) |
Angus Deaton |
United Kingdom
United States |
"for his analysis of consumption, poverty, and welfare".[53] |