In 1968, Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Bank’s 300th anniversary. The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
The Prize in Economic Sciences is awarded by The Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.
The research conducted by this year’s Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research.
The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.” The laureates have played a decisive role in reshaping research in development economics. Their research has already helped in alleviating global poverty and has great potential to further improve the lives of the most impoverished people on the planet.
Angus Deaton employed theory, data collection and statistics together to see how consumption, poverty, and welfare are related. His conclusion? We need to understand individual consumption choices before we can design economic policy that promotes welfare and reduces poverty.
Watch this interview with Dr. John Nash, who received the Prize in Economic Sciences in 1994. He talks about the impact the prize has had on his life, his talent for mathematics as a child and about the movie about his life, ‘A Beautiful Mind’.
Read how ‘innumerable contracts’ hold modern economies together. The recipients of the 2016 Prize in Economic Sciences created theoretical tools for understanding real-life contracts and institutions, as well as potential pitfalls in contract design.
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