Nobel Prize Winners in Economics


1969: Ragnar Frisch (Norway) and Jan Tinbergen (Netherlands) - developed econometrics

1970: Paul Samuelson (MIT) - wrote Economics An Introductory Analysis

1971: Simon Kuznets (Harvard) - interpretation of economic growth; developed GNP; empiricist

1972: Sir John Hicks (Britain) and Kenneth Arrow (Harvard) - equilibrium theory and welfare theory

1973: Wassily Leontief (Harvard) - input/output technique

1974: Gunnar Myrdal (Sweden) and Friedrich von Hayek (Britain) - economic fluctuations; von Hayek

wrote The Road to Serfdom; Myrdal wrote Asian Drama An Inquiry Into the Poverty of Nations

1975: Leonid Kantorovich (USSR) and Tjalling Koopmans (Yale) - optimum allocation of resources;

linear programming

1976: Milton Friedman (Chicago) - wrote Capitalism and Freedom, Dollars and Deficit; stabilization

policy; proponent of free market forces

1977: Bertil Ohlin (Sweden) and James Meade (Britain) - international trade; helped establish GATT and


1978: Herbert Simon (Carnegie-Mellon) - decision-making processes in businesses; cognitive psychology

1979: Theodore Schultz (Chicago) and Sir Arthur Lewis (Princeton) - economic development in

developing nations

1980: Lawrence Klein (Penn) - used econometric models; wrote The Keynesian Revolution; founded

Project Link

1981: James Tobin (Yale) - related taxes to consumer spending; risk analysis; q factor between market

value and replacement cost of assets; advisor to Kennedy and McGovern

1982: George Stigler (Chicago) - causes and effects of public regulation; studies of industrial structures

1983: Gerard Debreu (Berkeley) - reformulation of theory of general equilibrium

1984: Sir Richard Stone (Britain) - systems of national accounts; improved empirical economic analysis

1985: Franco Modigliani (MIT) - analysis of financial markets; life-cycle hypothesis; corporate finance

theories developed with Merton Miller

1986: James Buchanan Jr (Center for Study of Public Choice) - contractual and constitutional bases for

theory of decision-making

1987: Robert Solow (MIT) - related economic growth to technological advances; called "economist's

economist" by New York Times

1988: Maurice Alais (France) - theory of markets and utilization of resources

1989: Trygve Haavelmo (Norway) - probability theory foundations of econometrics

1990: Harry Markowitz (Baruch College of CCNY) Portfolio Theory, William Sharpe (Stanford) Capital

Asset Pricing Model, Merton Miller (Chicago) Miller-Modigliani Theory, for corporate finance theories

1991: Ronald Coase (Chicago) - role of firms in economy and social costs of industry; wrote The Theory

of the Firm and The Problem of Social Cost

1992: Gary Becker (Chicago) - extended domain of economic theory to crime, family life, and racism;

wrote Human Capital

1993: Robert Fogel (Chicago) and Douglass North (Washington), economic historians; applied quarantine

methods to historical puzzles; Fogel wrote Time on the Cross, saying slavery was an efficient economic


1994: John Nash (Princeton), John Harsanyi (Berkeley), and Reinhard Selten (Germany); game theory

1995: Robert Lucas Jr (Chicago) - macroeconomic research challenging Keynesian belief that government

can fine-tune economy

1996: James Mirrlees (Britain) and William Vickrey (Columbia) - theory of incentives; Vickrey developed

practical applications including time-based pricing and optimal income tax; Mirrlees worked on

asymmetrically distributed information

1997: Robert Merton (US) and Myron Scholes (Can-US) - developed formula for derivates to assess risk

1998: Amartya Sen (India) - welfare economics

1999: Robert Mundell (Columbia, born Canada); idea of optimum currency areas led to euro; relationship

of exchange rates to monetary policy

2000: James Heckman (US) and Daniel McFadden (US) - selective samples and discrete choice

2001: George Akerlof (US), Michael Spence (US), and Joseph Stiglitz (US) - markets with asymmetric information

2002: Daniel Kahneman (Israel/US) and Vernon Smith (US) - integrating psychology and lab experiments into economics

2003: Robert Engle (US) and Clive Granger (UK) - economic time series

2004: Finn Kydland (Norway) and Edward Prescott (US) - business cycles

2005: Robert Aumann (US/Israel) and Thomas Schelling (US) - game theory

2006: Edmund Phelps (US) - intertemporal trade-offs

2007: Leonid Hurwicz (Poland/US), Eric Maskin (US), and Roger Myerson (US) - mechanism design theory

2008: Paul Krugman (US) - trade patterns

2009: Elinor Ostrom (US) and Oliver Williamson (US) - economic governance

2010: Peter Diamond (US), Dale Mortensen (US), and Christopher Pissarides (Cyprus) - markets with search frictions

2011: Thomas Sargent (US) and Christopher Sims (US) - empirical research on cause and effect

2012: Alvin Roth (US) and Lloyd Shapley (US) - stable allocations

2013: Eugene Fama (US), Lars Peter Hansen (US), and Robert Shiller (US) - empirical analysis of asset prices

2014: Jean Tirole (France) - market power and regulation

2015: Angus Deaton (UK/US) - consumption, poverty, and welfare

2016: Oliver Hart (UK/US) and Bengt Holmstrom (Finland) - contract theory


Other Economists


Jack Barbash (US, 1900s) - labor economist; helped create AFL-CIO

John Commons (US, 1800s-1900s) - wrote Legal Foundations of Capitalism and History of Labor in US

Irving Fisher (US, 1800s-1900s) - developed monetary theory and eclectic theory of capital

John Kenneth Galbraith (Canada-US, 1900s) - wrote The Affluent Society, American Capitalism, A Tenured

Professor; served as ambassador to India

Henry George (US, 1800s) - led single-tax movement; wrote Progress and Poverty

John Maynard Keynes (Britain, 1900s) - advocate of deficit spending; wrote Indian Currency and Finance,

The Economic Consequences of the Peace (opposing Versailles), and The General Theory of Employment

Interest and Money

James Laughlin (US, 1800s-1900s) - helped establish Federal Reserve

Thomas Malthus (Britain, 1700s-1800s) - wrote Essay on the Principle of Population (population increases

faster than food supply)

Vilfredo Pareto (Italy, 1800s-1900s) - wrote Mind and Society; theory of a superior elite class

Francois Quesnay (France, 1700s) - presented the "natural law" of economics in his Economic Table; said

only agriculture can increase wealth

David Ricardo (Britain, 1700s-1800s) - wrote Principles of Political Economy and Taxation; theory of rent,

labor theory of value, iron law of wages, and theory of distribution of wealth

Jean Baptiste Say (French) - Say's Law of Markets says that supply creates its own demand

Hjalmar Schacht (Germany, 1900s) - president of Reichsbank under Nazis; acquitted at Nurenburg

Joseph Schumpeter (Czech-US, 1900s) - "creative destruction" of entrepreneurs, leading to socialism

Adam Smith (Britain, 1700s) - advocated laissez-faire economy and free trade; "invisible hand"; wrote

Theory of Moral Sentiments and An Inquiry into the Nature and Cause of the Wealth of Nations

William Sumner (US, 1800s-1990s) - advocated laissez-faire and Social Darwinism

Frank Taussig (US, 1800s-1900s)

Thorstein Veblen (US, 1800s-1900s) - wrote The Theory of the Leisure Class