Heroes of Economics
Nobel Prizes 1969  2003 In 2002 the Prize was awarded to the experimental economist Vernon L. Smith! select a year


1969 
Ragnar Frisch Jan Tinbergen 
"For having developed and applied dynamic models for the analysis of economic processes."  
1970 
Paul Samuelson 
"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 
"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 Kenneth Arrow 
"For their pioneering contributions to general economic equilibrium theory and welfare theory."  
1973 
Wassily Leontief 
"For the development of the inputoutput method and for its application to important economic problems."  
1974 
Gunnar Myrdal Friederich v. Hayek 
"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."  
1975 
Leonid Kantovarich Tjalling Koopmans 
"For their contributions to the theory of the optimum allocation of resources."  
1976 
Milton Friedman 
"For his achievements in the field of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy."  
1977 
Bertil Ohlin James Meade 
"For their pathbreaking contribution to the theory of international trade and international capital movements."  
1978 
Herbert Simon 
"For his pioneering research into the decision making process within economic organisations."  
1979 
Theodore Schultz Arthur Lewis 
"For their pioneering research into economic development, with particular consideration of the problems of developing countries."  
1980 
Lawrence Klein 
"For the creation of econometric models and their application to the analysis of economic fluctuations and economic policies."  
1981 
James Tobin 
"For his analysis of financial markets and their relations to expenditure decisions, employment, production and prices."  
1982 
George Stigler 
"For his seminal studies of industrial structure, functioning of markets and causes and effects of public regulation."  
1983 
Gerard Debreu 
"For having incorporated new analytic methods into economic theory and for his rigorous reformulation of the theory of general equilibrium."  
1984 
Richard Stone 
"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 
"For his pioneering analysis of savings and financial markets."  
1986 
James Buchanan 
"For his development of the contractual and constitutional bases of the theory of economic and political decision making."  
1987 
Robert Solow 
"For his contributions to the theory of economic growth."  
1988 
Maurice Allais 
"For his pioneering contributions to the theory of markets and efficient utilisation of resources."  
1989 
Trygve Haavelmo 
"For his clarification of the probability theory foundation of econometrics and his analysis of simultaneous economic structures."  
1990 
Harry Markowitz Merton Miller 
William Sharpe 

"For their pioneering work in the theory of financial economics"  
1991 
Ronald Coase 
"For his discovery and clarification of the significance of transaction costs and property rights for the traditional structure and functioning of the economy."  
1992 
Gary Becker 
"For having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour."  
1993 
Robert Fogel Douglass North 
"For having renewed research in economic history by applying economic theory and quantitative methods to explain economic and institutional change."  
1994 
John Harsanyi John Nash 
Reinhard Selten 

"For their pioneering analysis of equilibria in the theory of noncooperative games."  
1995 
Robert Lucas 
"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 William Vickrey 
"For their fundamental contributions to the economic theory of incentives under asymmetric information."  
1997 
Robert C. Merton Myron S. Scholes 
"For a new method to determine the value of derivatives"  
1998 
Amartya Sen 
"For his contributions to welfare economics."  
1999 
Robert A. Mundell 
"For his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas."  
2000 
James Heckman Daniel McFadden 
"To James Heckman for his development of theory and methods for analyzing selective samples and to Daniel McFadden for his development of theory and methods for analyzing discrete choice."  
2001 
George A. Akerlof A. Michael Spence 
Joseph E. Stiglitz 

"For their analyses of markets with asymmetric information."  
2002 
Daniel Kahneman Vernon L. Smith 
"To Kahneman for having integrated insights from psychological research into economic science, especially concerning human judgment and decisionmaking under uncertainty and to Smith for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"  
2003 

“To Engle for methods of analyzing economic time
series with timevarying volatility (ARCH) and to Granger for methods
of analyzing economic time series with common trends (cointegration)”.


Some guys who never made it to the Nobel Prize
(well, they never really had the chance...)
...it's the same reason why he never got tenure at the university!
...his first subjects were named Adam and Eve! 
page by Tilman Slembeck  9 October 2002  updated 10/2003