The works of every Nobel Memorial Prize winner in Economics
Published on in economics
I have always been fascinated by economics. I chose economics subjects in my undergrad, read econ books on holidays, and for years now, I have gotten my weekly fix of popular economics from Freakonomics, Planet Money, and Public Lectures at LSE. I even went back to school to pursue a master’s degree that put economic theory to use in technology policy.
Time and time again, I have learnt about incredible Nobel Memorial Prize winning ideas in economics. So I had a thought: what if I went through and learnt about the seminal work of every winner of the Nobel Memorial Prize for Economics? That is what this post is about. It’s a way for me to keep track of every winning theory since the prize started in 1969. I don’t know how long it is going to take me to get through this list, but I’m going to try…
"for having developed and applied dynamic models for the analysis of economic processes"
"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"
"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"
"for their pioneering contributions to general economic equilibrium theory and welfare theory."
"for the development of the input-output method and for its application to important economic problems"
"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."
"for their contributions to the theory of optimum allocation of resources"
"for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy"
"for their pathbreaking contribution to the theory of international trade and international capital movements"
Herbert A. Simon
"for his pioneering research into the decision-making process within economic organizations"
"for their pioneering research into economic development research with particular consideration of the problems of developing countries."
"for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"
"for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"
"for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation"
"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium"
"for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis"
"for his pioneering analyses of saving and of financial markets"
James M. Buchanan
"for his development of the contractual and constitutional bases for the theory of economic and political decision-making"
"for his contributions to the theory of economic growth"
"for his pioneering contributions to the theory of markets and efficient utilization of resources"
"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"
"for their pioneering work in the theory of financial economics"
William F. Sharpe
"for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy"
"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour"
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"
"for their pioneering analysis of equilibria in the theory of non-cooperative games."
John Forbes Nash
Robert Lucas, Jr.
"for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy"
"for their fundamental contributions to the economic theory of incentives under asymmetric information"
Robert C. Merton
"for a new method to determine the value of derivatives."
"for his contributions to welfare economics"
"for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"
"for his development of theory and methods for analyzing selective samples"
"for his development of theory and methods for analyzing discrete choice"
"for their analyses of markets with asymmetric information"
Joseph E. Stiglitz
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"
Vernon L. Smith
"for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"
Robert F. Engle
"for methods of analyzing economic time series with time-varying volatility (ARCH)"
"for methods of analyzing economic time series with common trends (cointegration)"
Finn E. Kydland
"for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."
Edward C. Prescott
Robert J. Aumann
"for having enhanced our understanding of conflict and cooperation through game-theory analysis."
Thomas C. Schelling
Edmund S. Phelps
"for his analysis of intertemporal tradeoffs in macroeconomic policy"
"for having laid the foundations of mechanism design theory"
Eric S. Maskin
Roger B. Myerson
"for his analysis of trade patterns and location of economic activity"
"for her analysis of economic governance, especially the commons"
Oliver E. Williamson
"for his analysis of economic governance, especially the boundaries of the firm"
Peter A. Diamond
"for their analysis of markets with search frictions"
Dale T. Mortensen
Christopher A. Pissarides
Thomas J. Sargent
"for their empirical research on cause and effect in the macroeconomy"
Christopher A. Sims
Alvin E. Roth
"for the theory of stable allocations and the practice of market design."
Lloyd S. Shapley
Eugene F. Fama
"for their empirical analysis of asset prices."
Lars Peter Hansen
Robert J. Shiller
"for his analysis of market power and regulation".
"for his analysis of consumption, poverty, and welfare".
"for their contributions to contract theory".
This table was originally copied from Wikipedia’s List of Nobel Memorial Prize laureates in Economics [Accessed in March, 2017].