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The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is awarded annually by the Royal Swedish Academy of Sciences to researchers in the field of economics. It is not one of the original five Nobel Prizes established by the 1895 will of Alfred Nobel for outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine, and is not technically a Nobel Prize. The award was established and funded in 1968 by the Sveriges Riksbankmarker, the central bank of Swedenmarker, on the 300th anniversary of the bank, and has been awarded annually since. The first award was given in 1969 to Ragnar Frisch and Jan Tinbergen. Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. In 2008, the prize was awarded to Paul Krugman, who received the prize amount of 10,000,000 SEK ($1.2 million). The award is presented in Stockholmmarker at an annual ceremony on December 10, the anniversary of Nobel's death.

As of 2009, 41 Nobel Memorial Prizes in Economic Sciences have been given to 64 individuals. Seven awards have been given for contributions to the field of macroeconomics, more than any other category. The institution with the most affiliated Nobel laureates in Economics is the University of Chicagomarker, which has ten affiliated laureates in its Department of Economics. The first Nobel Prize in Economics to a woman, and the only one to date, was awarded in the year 2009.


Year Laureate Country Rationale
1969 Ragnar Frisch Norwaymarker "for having developed and applied dynamic models for the analysis of economic processes"
Jan Tinbergen Netherlandsmarker
1970 Paul Samuelson United Statesmarker "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"
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"
1972 John Hicks United Kingdommarker "for their pioneering contributions to general economic equilibrium theory and welfare theory."
Kenneth Arrow United States
1973 Wassily Leontief United States "for the development of the input-output method and for its application to important economic problems"
1974 Gunnar Myrdal Swedenmarker "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."
Friedrich Hayek United Kingdom/Austria
1975 Leonid Kantorovich Soviet Unionmarker "for their contributions to the theory of optimum allocation of resources"
Tjalling Koopmans United States
1976 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"
1977 Bertil Ohlin Sweden "for their pathbreaking contribution to the theory of international trade and international capital movements"
James Meade United Kingdommarker
1978 Herbert Simon United States "for his pioneering research into the decision-making process within economic organizations"
1979 Theodore Schultz United States "for their pioneering research into economic development research with particular consideration of the problems of developing countries."
Arthur Lewis 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"
1981 James Tobin United States "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"
1982 George Stigler United States "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation"
1983 GĂ©rard Debreu United States "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium"
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"
1985 Franco Modigliani United States "for his pioneering analyses of saving and of financial markets"
1986 James M. Buchanan United States "for his development of the contractual and constitutional bases for the theory of economic and political decision-making"
1987 Robert Solow United States "for his contributions to the theory of economic growth"
1988 Maurice Allais Francemarker "for his pioneering contributions to the theory of markets and efficient utilization of resources"
1989 Trygve Haavelmo Norway "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"
1990 Harry Markowitz United States "for their pioneering work in the theory of financial economics"
Merton Miller United States
William Forsyth Sharpe United States
1991 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"
1992 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"
1993 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"
Douglass North United States
1994 John Harsanyi United States "for their pioneering analysis of equilibria in the theory of non-cooperative games."
John Forbes Nash United States
Reinhard Selten Germanymarker
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"
1996 James Mirrlees United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric information"
William Vickrey United States
1997 Robert C. Merton United States "for a new method to determine the value of derivative."
Myron Scholes United States
1998 Amartya Sen Indiamarker "for his contributions to welfare economics"
1999 Robert Mundell Canadamarker "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"
2000 James Heckman United States "for his development of theory and methods for analyzing selective samples"
Daniel McFadden United States "for his development of theory and methods for analyzing discrete choice"
2001 George Akerlof United States "for their analyses of markets with asymmetric information"
Michael Spence United States
Joseph E. Stiglitz United States
2002 Daniel Kahneman Israelmarker

United States
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"
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"
2003 Robert F. Engle United States "for methods of analyzing economic time series with time-varying volatility (ARCH)"
Clive Granger United Kingdom "for methods of analyzing economic time series with common trends (cointegration)"
2004 Finn E. Kydland Norway "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."
Edward C. Prescott United States
2005 Robert Aumann Israel

United States
"for having enhanced our understanding of conflict and cooperation through game-theory analysis."
Thomas Schelling United States
2006 Edmund Phelps United States "for his analysis of intertemporal tradeoffs in macroeconomic policy"
2007 Leonid Hurwicz United States "for having laid the foundations of mechanism design theory"
Eric Maskin United States
Roger Myerson United States
2008 Paul Krugman United States "for his analysis of trade patterns and location of economic activity"
2009 Elinor Ostrom United States "for her analysis of economic governance, especially the commons"
Oliver Williamson United States "for his analysis of economic governance, especially the boundaries of the firm"




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