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The Nobel Prize in Economics is awarded each year to those who have made substantial contributions to the area of economics. Since its creation in 1969, this distinguished award has honored various economists for their breakthrough work, which ranges from theoretical advances to practical applications. The winners impacted our understanding of economic concepts, behaviors, and policies, impacting both academic study and real-world economic practices around the world.
An Overview Of Nobel Prizes
The Nobel Prizes are five prestigious honors presented to individuals or groups who have made significant contributions to humanity. They were founded by Alfred Nobel's testament in 1895, shortly before his death. The first prizes were granted in 1901, with categories including Physics, Chemistry, Physiology or Medicine, Literature, and Peace. In 1969, the Swedish central bank established a sixth prize for economic sciences.
The Nobel Prizes are regarded the highest accolades in their respective areas. Winners, known as laureates, are presented with a gold medal, a certificate, and a monetary prize at a special ceremony every year. As of 2023, the financial award is around 11 million Swedish kronor (1,035,000 US dollars).
The prizes can only be shared by three people, but the Nobel Peace Prize can be awarded to groups with more than three members. In general, rewards are not awarded posthumously; however, if a person wins and dies before the award ceremony, they will still get the prize.
Nobel Prize Winners In Economics, 1969-2024
The Nobel Prize in Economics recognizes persons who have made significant contributions to the subject. Since 1969, many economists have earned this distinguished award for their pioneering work, which has influenced global economic theories and practices. Here is the list of winners from 1969 to 2024-
| Nobel Prize Winners in Economics | |
| Name | Year |
| Ragnar Frisch and Jan Tinbergen | 1969 |
| Paul A. Samuelson | 1970 |
| Simon Kuznets | 1971 |
| John R. Hicks and Kenneth J. Arrow | 1972 |
| Wassily Leontief | 1973 |
| Gunnar Myrdal and Friedrich von Hayek | 1974 |
| Leonid Vitaliyevich Kantorovich and Tjalling C. Koopmans | 1975 |
| Milton Friedman | 1976 |
| Bertil Ohlin and James E. Meade | 1977 |
| Herbert Simon | 1978 |
| Theodore W. Schultz and Sir Arthur Lewis | 1979 |
| Lawrence R. Klein | 1980 |
| James Tobin | 1981 |
| George J. Stigler | 1982 |
| Gerard Debreu | 1983 |
| Richard Stone | 1984 |
| Franco Modigliani | 1985 |
| James M. Buchanan Jr. | 1986 |
| Robert M. Solow | 1987 |
| Maurice Allais | 1988 |
| Trygve Haavelmo | 1989 |
| Harry M. Markowitz, Merton H. Miller and William F. Sharpe | 1990 |
| Ronald H. Coase | 1991 |
| Gary Becker | 1992 |
| Robert W. Fogel and Douglass C. North | 1993 |
| John C. Harsanyi, John F. Nash Jr. and Reinhard Selten | 1994 |
| Robert E. Lucas Jr. | 1995 |
| James A. Mirrlees and William Vickrey | 1996 |
| Robert C. Merton and Myron Scholes | 1997 |
| Amartya Sen | 1998 |
| Robert Mundell | 1999 |
| James J. Heckman | 2000 |
| Daniel L. McFadden | |
| George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz | 2001 |
| Daniel Kahneman | 2002 |
| Vernon L. Smith | |
| Robert F. Engle III | 2003 |
| Clive W.J. Granger | |
| Finn E. Kydland and Edward C. Prescott | 2004 |
| Robert J. Aumann and Thomas C. Schelling | 2005 |
| Edmund S. Phelps | 2006 |
| Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson | 2007 |
| Paul Krugman | 2008 |
| Elinor Ostrom | 2009 |
| Oliver E. Williamson | |
| Peter A. Diamond, Dale T. Mortensen and Christopher A. Pissarides | 2010 |
| Thomas J. Sargent and Christopher A. Sims | 2011 |
| Alvin E. Roth and Lloyd S. Shapley | 2012 |
| Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller | 2013 |
| Jean Tirole | 2014 |
| Angus Deaton | 2015 |
| Oliver Hart and Bengt Holmström | 2016 |
| Richard H. Thaler | 2017 |
| William D. Nordhaus | 2018 |
| Paul M. Romer | |
| Abhijit Banerjee, Esther Duflo and Michael Kremer | 2019 |
| Paul R. Milgrom and Robert B. Wilson | 2020 |
| David Card | 2021 |
| Joshua D. Angrist and Guido W. Imbens | |
| Ben Bernanke, Douglas Diamond and Philip Dybvig | 2022 |
| Claudia Goldin | 2023 |
| Daron Acemoglu, Simon Johnson and James Robinson | 2024 |
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