List of Nobel Prize Winners in Economic Sciences

Elinor Ostrom was the first woman laureate to bag the Nobel Prize in Economic Sciences. She received the coveted award in the year 2009.

The Nobel Prize is named after the multifaceted Alfred Nobel - scientist, author, and entrepreneur. Since its inception in 1901, the coveted Nobel Prize has been awarded to great achievers from across the globe for their exceptional work in different fields.

The Nobel Memorial Prize for Economic Sciences, unlike the prizes in other fields, was introduced much later in 1968. Officially, the prize is known as the Sveriges Riksbank Prize in Economic Sciences.

This was owing to the fact that economics wasn't one of the fields initially introduced by Alfred Nobel. It was established later by 'Sveriges Riksbank', Sweden's central bank on their 300th anniversary.

Since its introduction, the Nobel Prize in Economics has been awarded to 76 laureates for their outstanding work in this field. Below is a list of economists who won this prestigious award.

2019 - Abhijit Banerjee, Esther Duflo, Michael Kremer
Award "for their experimental approach to alleviating global poverty"

2018 - William D. Nordhaus(U.S.A.)
Award "for integrating climate change into long-run macroeconomic analysis"

2018 - Paul M. Romer(U.S.A.)
Award "for integrating technological innovations into long-run macroeconomic analysis."

2017 - Richard Thaler(U.S.A.)
Award "for his contributions to behavioural economics."

2016 - Oliver Hart(British) and Bengt Holmström(Finland)
Award "for their contributions to contract theory."

2015 - Angus Deaton (USA/UK)
Award for his analysis of consumption, poverty, and welfare

2014 - Jean Tirole (France)
Award for his analysis of market power and regulation

2013 - Eugene F. Fama (USA), Lars Peter Hansen (USA), Robert J. Shiller (Cyprus)
Award for their empirical analysis of asset prices

2012 - Alvin E. Roth (USA), Lloyd S. Shapley (USA)
Award for the theory of stable allocations and the practice of market design

2011 - Thomas J. Sargent (USA)
Award for their empirical research on cause and effect in the macro-economy

2010 - Peter A. Diamond (USA), Dale T. Mortensen (USA)
Award for their analysis of markets with search frictions

2009 - Elinor Ostrom (USA)
Award for her analysis of economic governance, especially the commons

2007 - Leonid Hurwicz (Poland/USA), Eric S. Maskin (USA)
Award for having laid the foundations of mechanism design theory

2006 - Edmund S. Phelps (USA)
Award for his analysis of intertemporal tradeoffs in macroeconomic policy

2005 - Robert J. Aumann (Israel), Thomas C. Schelling (USA)
Award for having enhanced our understanding of conflict and cooperation through game-theory analysis

2004 - Finn E. Kydland (Norway), Edward C. Prescott (USA)
Award for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles

2003 - Robert F. Engle III (USA)
Award for methods of analyzing economic time series with time-varying volatility (ARCH)

2003 - Clive W.J. Granger (USA)
Award for methods of analyzing economic time series with common trends (co-integration)

2002 - Vernon L. Smith (USA)
Award for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms

2001 - Michael Spence (USA)
Award for their analyses of markets with asymmetric information

2000 - James J. Heckman (USA)
Award for his development of theory and methods for analyzing selective samples

2000 - Daniel L. McFadden (USA)
Award for his development of theory and methods for analyzing discrete choice

1999 - Robert A. Mundell (Canada)
Award for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas

1998 - Amartya Sen (India)
Award for his contributions to welfare economics

1997 - Robert C. Merton (USA), Myron S. Scholes (USA/Canada)
Award for a new method to determine the value of derivatives

1996 - James A. Mirrlees (UK), William Vickrey (USA/Canada)
Award for their fundamental contributions to the economic theory of incentives under asymmetric information

1995 - Robert E. Lucas Jr. (USA)
Award for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy

1994 - John C. Harsanyi (USA), John F. Nash Jr. (USA), Reinhard Selten (Germany)
Award for their pioneering analysis of equilibria in the theory of non-cooperative games

1993 - Robert W. Fogel (USA), Douglass C. North (USA)
Award for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change

1992 - Gary S. Becker (USA)
Award for having extended the domain of micro-economic analysis to a wide range of human behavior and interaction, including non-market behavior

1991 - Ronald H. Coase (UK)
Award for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy

1990 - Harry M. Markowitz (USA), Merton H. Miller (USA), William F. Sharpe (USA)
Award for their pioneering work in the theory of financial economics

1989 - Trygve Haavelmo (Norway)
Award for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures

1987 - Robert M. Solow (USA)
Award for his contributions to the theory of economic growth

1986 - James M. Buchanan Jr. (USA)
Award for his development of the contractual and constitutional bases for the theory of economic and political decision-making

1985 - Franco Modigliani (Italy)
Award for his pioneering analyses of saving and of financial markets

1984 - Richard Stone (UK)
Award for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis

1983 - Gerard Debreu (France)
Award for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium

1982 - George J. Stigler (USA)
Award for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation

1981 - James Tobin (USA)
Award for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices

1980 - Lawrence R. Klein (USA)
Award for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies

1979 - Theodore W. Schultz (USA), Sir Arthur Lewis (UK)
Award for their pioneering research into economic development research with particular consideration of the problems of developing countries

1978 - Herbert A. Simon (USA)
Award for his pioneering research into the decision-making process within economic organizations

1977 - Bertil Ohlin (Sweden), James E. Meade (UK)
Award for their path-breaking contribution to the theory of international trade and international capital movements

1976 - Milton Friedman (USA)
Award for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy

1975 - Leonid Vitaliyevich Kantorovich (Soviet Union), Tjalling C. Koopmans (USA)
Award for their contributions to the theory of optimum allocation of resources

1974 - Gunnar Myrdal (Sweden), Friedrich August von Hayek (UK)
Award 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

1973 - Wassily Leontief (USA)
Award for the development of the input-output method and for its application to important economic problems

1972 - John R. Hicks (UK), Kenneth J. Arrow (USA)
Award for their pioneering contributions to general economic equilibrium theory and welfare theory

1971 - Simon Kuznets (USA)
Award 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

1970 - Paul A. Samuelson (USA)
Award 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

1969 - Ragnar Frisch (Norway), Jan Tinbergen (Netherlands)
Award for having developed and applied dynamic models for the analysis of economic processes