Year
Portrait
Laureate (birth/death)
Country
Rationale
Highest education
Institution (most significant tenure/at time of receipt)
Key contributions (non-exhaustive)
1969
Ragnar Frisch (1895–1973)
Norway
"for having developed and applied dynamic models for the analysis of economic processes"[ 5]
University of Oslo (Dr. Philos. , mathematical statistics)
University of Oslo
Frisch–Waugh–Lovell theorem , Conjectural variation
Jan Tinbergen (1903–1994)
Netherlands
Leiden University (PhD, economics and physics)
Erasmus University
Econometrics , Policy instruments
1970
Paul Samuelson (1915–2009)
United States
"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"[ 11]
Harvard University (PhD, economics)
Massachusetts Institute of Technology
Revealed preference , Samuelson condition , Social Welfare Function , Efficient-market hypothesis , Turnpike theory , Balassa–Samuelson effect , Stolper–Samuelson theorem , Overlapping generations model
1971
Simon Kuznets (1901–1985)
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"[ 12]
Columbia University (PhD, economics)
Harvard University
Gross domestic product , Capital formation , Kuznets cycle , Kuznets curve
1972
John Hicks (1904–1989)
United Kingdom
"for their pioneering contributions to general economic equilibrium theory and welfare theory"[ 13]
University of Oxford (BA , philosophy, politics, and economics)
University of Oxford
IS–LM model , Hicksian demand function , substitution effect , income effect , Kaldor–Hicks efficiency
Kenneth Arrow (1921–2017)
United States
Columbia University (PhD, economics)
Harvard University
Fundamental theorems of welfare economics , Arrow's impossibility theorem , Arrow–Debreu model , Endogenous growth theory ,
1973
Wassily Leontief (1905–1999)
Soviet Union United States
"for the development of the input-output method and for its application to important economic problems"[ 14]
University of Berlin (PhD, economics)
Harvard University
Input–output model , Leontief paradox
1974
Gunnar Myrdal (1898–1987)
Sweden
"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"[ 15]
Stockholm University (PhD, economics)
Stockholm University
Circular cumulative causation
Friedrich Hayek (1899–1992)
Austria United Kingdom
University of Vienna (Dr. Jur. ; Dr. rer. pol.)
Austrian business cycle theory , Economic calculation problem , Spontaneous order , Information economics
1975
Leonid Kantorovich (1912–1986)
Soviet Union
"for their contributions to the theory of optimum allocation of resources"[ 16]
Leningrad State University (PhD, mathematics)
Novosibirsk State University
Linear programming , Kantorovich theorem , Kantorovich inequality , Kantorovich metric
Tjalling Koopmans (1910–1985)
Netherlands United States
University of Leiden (PhD, mathematics)[ 17]
Linear programming
1976
Milton Friedman (1912–2006)
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"[ 18]
Columbia University (PhD, economics)
University of Chicago
Monetarism , Permanent income hypothesis , Natural rate of unemployment , Sequential analysis , Helicopter money , Great Contraction , Friedman rule , Friedman–Savage utility function , Friedman test
1977
Bertil Ohlin (1899–1979)
Sweden
"for their pathbreaking contribution to the theory of international trade and international capital movements"[ 19]
Stockholm University (PhD, economics)
Stockholm School of Economics
Heckscher–Ohlin model
James Meade (1907–1995)
United Kingdom
University of Oxford (BA , PPE)
University of Cambridge
Nominal income target
1978
Herbert A. Simon (1916–2001)
United States
"for his pioneering research into the decision-making process within economic organizations"[ 20]
University of Chicago (PhD, political science)
Carnegie Mellon University
Bounded rationality , satisficing , preferential attachment
1979
Theodore Schultz (1902–1998)
United States
"for their pioneering research into economic development research with particular consideration of the problems of developing countries "[ 21]
University of Wisconsin–Madison (PhD, agricultural economics)
University of Chicago
Human Capital Theory
W. Arthur Lewis (1915–1991)
Saint Lucia United Kingdom
London School of Economics (PhD, economics)
Princeton University
Lewis model , Lewis turning point
1980
Lawrence Klein (1920–2013)
United States
"for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"[ 22]
Massachusetts Institute of Technology (PhD, economics)
University of Pennsylvania
Macroeconomic forecasting (LINK project )
1981
James Tobin (1918–2002)
United States
"for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"[ 23]
Harvard University (PhD, economics)
Yale University
Tobin tax , Tobit model , Tobin's q , Baumol–Tobin model
1982
George Stigler (1911–1991)
United States
"for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation "[ 24]
University of Chicago (PhD, economics)
University of Chicago
Regulatory capture
1983
Gérard Debreu (1921–2004)
France
"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium "[ 25]
University of Paris (PhD, economics)
University of California, Berkeley
Arrow–Debreu model , Sonnenschein–Mantel–Debreu theorem
1984
Richard Stone (1913–1991)
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"[ 26]
University of Cambridge (BA, law and economics ; ScD , economics)
University of Cambridge
National accounts
1985
Franco Modigliani (1918–2003)
Italy
"for his pioneering analyses of saving and of financial markets "[ 27]
The New School for Social Research (PhD, economics)
Massachusetts Institute of Technology
Modigliani–Miller theorem , Life-cycle hypothesis
1986
James M. Buchanan (1919–2013)
United States
"for his development of the contractual and constitutional bases for the theory of economic and political decision-making "[ 28]
University of Chicago (PhD, economics)
George Mason University
Constitutional economics
1987
Robert Solow (1924–2023)
United States
"for his contributions to the theory of economic growth"[ 29]
Harvard University (PhD, economics)
Massachusetts Institute of Technology
Solow–Swan model
1988
Maurice Allais (1911–2010)
France
"for his pioneering contributions to the theory of markets and efficient utilization of resources "[ 30]
University of Paris , Faculty of Science (Doctor-Engineer )
OLG model , Allais paradox , Golden Rule savings rate
1989
Trygve Haavelmo (1911–1999)
Norway
"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"[ 31]
University of Oslo (PhD, economics)
University of Oslo
Balanced budget multiplier
1990
Harry Markowitz (1927–2023)
United States
"for their pioneering work in the theory of financial economics "[ 32]
University of Chicago (PhD, economics)
City University of New York
Modern portfolio theory , Markowitz model , Efficient frontier
Merton Miller (1923–2000)
Johns Hopkins University (PhD, economics)
Modigliani–Miller theorem
William F. Sharpe (b. 1934)
University of California, Los Angeles (PhD, economics)
Stanford University
Sharpe Ratio , Binomial options pricing model , Returns-based style analysis
1991
Ronald Coase (1910–2013)
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"[ 33]
London School of Economics (PhD, economics)
Transaction costs , Coase theorem , Coase conjecture
1992
Gary Becker (1930–2014)
United States
"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour"[ 34]
University of Chicago (PhD, economics)
University of Chicago
Human Capital Theory
1993
Robert Fogel (1926–2013)
United States
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"[ 35]
Johns Hopkins University (PhD, economics)
University of Chicago
Cliometrics
Douglass North (1920–2015)
University of California, Berkeley (PhD, economics)
Washington University in St. Louis
1994
John Harsanyi (1920–2000)
Hungary United States
"for their pioneering analysis of equilibria in the theory of non-cooperative games "[ 36]
University of Budapest (PhD, philosophy and sociology)
Stanford University (PhD, economics)
University of California, Berkeley
Bayesian game , Preference utilitarianism , Equilibrium selection
John Forbes Nash Jr. (1928–2015)
United States
Princeton University (PhD, mathematics)
Princeton University
Nash equilibrium , Nash embedding theorem , Nash functions , Nash–Moser theorem
Reinhard Selten (1930–2016)
Germany
Goethe University Frankfurt (PhD, economics)
University of Bonn
Experimental economics
1995
Robert Lucas, Jr. (1937–2023)
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"[ 37]
University of Chicago (PhD, economics)
University of Chicago
Rational expectations , Lucas critique , Lucas paradox , Lucas aggregate supply function , Uzawa–Lucas model
1996
James Mirrlees (1936–2018)
United Kingdom
"for their fundamental contributions to the economic theory of incentives under asymmetric information"[ 38]
University of Cambridge (PhD, economics)
Optimal labor income taxation
William Vickrey (1914–1996)
Canada United States
Columbia University (PhD, economics)
Columbia University
Vickrey auction , Revenue equivalence , Congestion pricing
1997
Robert C. Merton (b. 1944)
United States
"for a new method to determine the value of derivatives "[ 39]
Massachusetts Institute of Technology (PhD, economics)
Massachusetts Institute of Technology
Black–Scholes–Merton model , ICAPM , Merton's portfolio problem
Myron Scholes (b. 1941)
Canada United States
University of Chicago (PhD, economics)
Stanford University
Black–Scholes–Merton model
1998
Amartya Sen (b. 1933)
India
"for his contributions to welfare economics "[ 40]
University of Cambridge (PhD, economics)
Human development theory , Capability approach
1999
Robert Mundell (1932–2021)
Canada
"for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"[ 41]
Massachusetts Institute of Technology (PhD, economics)
Columbia University
Optimum currency area , Supply-side economics , Mundell–Fleming model , Mundell–Tobin effect
2000
James Heckman (b. 1944)
United States
"for his development of theory and methods for analyzing selective samples"[ 42]
Princeton University (PhD, economics)
University of Chicago
Heckman correction
Daniel McFadden (b. 1937)
"for his development of theory and methods for analyzing discrete choice "[ 42]
University of Minnesota (PhD, behavioural science, economics)
Discrete choice models
2001
George Akerlof (b. 1940)
United States
"for their analyses of markets with information asymmetry "[ 43]
Massachusetts Institute of Technology (PhD, economics)
Adverse selection (The Market for Lemons ), Efficiency wage , Identity economics
Michael Spence (b. 1943)
Harvard University (PhD, economics)
Harvard University
Signalling theory
Joseph Stiglitz (b. 1943)
Massachusetts Institute of Technology (PhD, economics)
Screening theory , Henry George theorem , Shapiro–Stiglitz theory
2002
Daniel Kahneman (1934–2024)
Israel United States
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[ 44]
University of California, Berkeley (PhD, psychology)
Behavioral economics , Prospect theory , loss aversion , cognitive biases
Vernon L. Smith (b. 1927)
United States
"for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"[ 44]
Harvard University (PhD, economics)
University of Arizona
Experimental economics , Combinatorial auction
2003
Robert F. Engle (b. 1942)
United States
"for methods of analyzing economic time series with time-varying volatility (ARCH )"[ 45]
Cornell University (PhD, economics)
University of California, San Diego
ARCH
Clive Granger (1934–2009)
United Kingdom
"for methods of analyzing economic time series with common trends (cointegration )"[ 45]
University of Nottingham (PhD, economics)
University of California, San Diego
Cointegration , Granger causality
2004
Finn E. Kydland (b. 1943)
Norway
"for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles "[ 46]
Carnegie Mellon University (PhD, economics)
University of California, Santa Barbara
RBC theory , Dynamic inconsistency in monetary policy
Edward C. Prescott (1940–2022)
United States
Carnegie Mellon University (PhD, economics)
Hodrick-Prescott filter
2005
Robert Aumann (b. 1930)
United States Israel
"for having enhanced our understanding of conflict and cooperation through game-theory analysis"[ 47]
Massachusetts Institute of Technology (PhD, mathematics)
Hebrew University of Jerusalem
Correlated equilibrium , Aumann's agreement theorem
Thomas Schelling (1921–2016)
United States
Harvard University (PhD, economics)
Schelling point , Egonomics
2006
Edmund Phelps (b. 1933)
United States
"for his analysis of intertemporal tradeoffs in macroeconomic policy"[ 48]
Yale University (PhD, economics)
Columbia University
Golden Rule savings rate , Natural rate of unemployment , Statistical discrimination
2007
Leonid Hurwicz (1917–2008)
Poland United States
"for having laid the foundations of mechanism design theory"[ 49]
University of Warsaw (Magister Juris , law)
London School of Economics (incomplete PhD, economics)
Mechanism design
Eric Maskin (b. 1950)
United States
Harvard University (PhD, applied mathematics)
Harvard University
Roger Myerson (b. 1951)
Harvard University (PhD, applied mathematics)
Northwestern University
2008
Paul Krugman (b. 1953)
United States
"for his analysis of trade patterns and location of economic activity"[ 50]
Massachusetts Institute of Technology (PhD, economics)
Princeton University
New trade theory , New Economic Geography , Home market effect
2009
Elinor Ostrom (1933–2012)
United States
"for her analysis of economic governance, especially the commons "[ 51]
University of California, Los Angeles (PhD, political science)
Indiana University
Institutional Analysis and Development framework
Oliver E. Williamson (1932–2020)
"for his analysis of economic governance, especially the boundaries of the firm"[ 51]
Carnegie Mellon University (PhD, economics)
New institutional economics
2010
Peter Diamond (b. 1940)
United States
"for their analysis of markets with search frictions "[ 52]
Massachusetts Institute of Technology (PhD, economics)
Massachusetts Institute of Technology
Diamond–Mirrlees efficiency theorem , Diamond coconut model
Dale T. Mortensen (1939–2014)
Carnegie Mellon University (PhD, economics)
Northwestern University
Matching theory
Christopher A. Pissarides (b. 1948)
Cyprus United Kingdom
London School of Economics (PhD, economics)
London School of Economics
Matching theory
2011
Thomas J. Sargent (b. 1943)
United States
"for their empirical research on cause and effect in the macroeconomy"[ 53]
Harvard University (PhD, economics)
Policy-ineffectiveness proposition
Christopher A. Sims (b. 1942)
Harvard University (PhD, economics)
University of Minnesota Princeton University
Vector autoregression in macroeconomics, Fiscal theory of the price level , Rational inattention
2012
Alvin E. Roth (b. 1951)
United States
"for the theory of stable allocations and the practice of market design"[ 54]
Stanford University (PhD, operations research )
Stable marriage problem , Repugnancy costs
Lloyd Shapley (1923–2016)
Princeton University (PhD, mathematics)
University of California, Los Angeles
Shapley value , stochastic game , Potential game , Shapley–Shubik power index , Bondareva–Shapley theorem , Gale–Shapley algorithm , Shapley–Folkman lemma
2013
Eugene Fama (b. 1939)
United States
"for their empirical analysis of asset prices"[ 55]
University of Chicago (MBA ; PhD, business)
University of Chicago
Fama–French three-factor model , Weak, semi-strong, and strong efficient-market hypothesis
Lars Peter Hansen (b. 1952)
University of Minnesota (PhD, economics)
University of Chicago
Generalized method of moments
Robert J. Shiller (b. 1946)
Massachusetts Institute of Technology (PhD, economics)
Yale University
Case–Shiller index , CAPE Index
2014
Jean Tirole (b. 1953)
France
"for his analysis of market power and regulation"[ 56]
Massachusetts Institute of Technology (PhD, economics)
Markov perfect equilibrium , Two-sided market
2015
Angus Deaton (b. 1945)
United Kingdom United States
"for his analysis of consumption, poverty, and welfare"[ 57]
University of Cambridge (PhD, economics)
Princeton University
Almost ideal demand system , Pseudo panels, Household surveys in developing countries
2016
Oliver Hart (b. 1948)
United Kingdom United States
"for their contributions to contract theory "[ 58]
Princeton University (PhD, economics)
Harvard University
Moral Hazard , Incomplete contracts
Bengt Holmström (b. 1949)
Finland
Stanford University (PhD, operations research)
Massachusetts Institute of Technology
Informativeness Principle
2017
Richard Thaler (b. 1945)
United States
"for his contributions to behavioural economics "[ 59]
University of Rochester (PhD, economics)
Nudge theory , Mental accounting , Choice architecture
2018
William Nordhaus (b. 1941)
United States
"for integrating climate change into long-run macroeconomic analysis"[ 60]
Massachusetts Institute of Technology (PhD, economics)
Yale University
DICE model
Paul Romer (b. 1955)
"for integrating technological innovations into long-run macroeconomic analysis"
University of Chicago (PhD, economics)
New York University
Incorporation of R&D to the Endogenous growth theory
2019
Abhijit Banerjee (b. 1961)
United States
"for their experimental approach to alleviating global poverty"[ 61]
Harvard University (PhD, economics)
Massachusetts Institute of Technology
Use of RCTs in development economics
Esther Duflo (b. 1972)
France United States
Massachusetts Institute of Technology (PhD, economics)
Massachusetts Institute of Technology
Michael Kremer (b. 1964)
United States
Harvard University (PhD, economics)
Harvard University
2020
Paul Milgrom (b. 1948)
United States
"for improvements to auction theory and inventions of new auction formats "[ 62]
Stanford University (PhD, business)
Stanford University
Simultaneous multiple round auctions (SMRA), No-trade theorem , Market design , Reputation effects (game theory), supermodular games, monotone comparative statics , Linkage principle , Deferred-acceptance auction
Robert B. Wilson (b. 1937)
Harvard University (MBA, DBA )
Stanford University
Simultaneous multiple round auctions (SMRA), Common value auction , Reputation effects (game theory), Wilson doctrine
2021
David Card (b. 1956)
Canada United States
"for his empirical contributions to labour economics"[ 63]
Princeton University (PhD, economics)
University of California, Berkeley
Natural experiments on labour economics (incl. Difference in differences )
Joshua Angrist (b. 1960)
United States Israel
"for their methodological contributions to the analysis of causal relationships"[ 63]
Princeton University (PhD, economics)
Massachusetts Institute of Technology
Local average treatment effect , natural experiments to estimate causal links
Guido Imbens (b. 1963)
United States Netherlands
Brown University (PhD, economics)
Stanford University
2022
Ben Bernanke (b. 1953)
United States
"for research on banks and financial crises"[ 64]
Massachusetts Institute of Technology (PhD, economics)
Analysis of the Great Depression
Douglas Diamond (b. 1953)
Yale University (PhD, economics)
University of Chicago
Diamond–Dybvig model
Philip H. Dybvig (b. 1955)
Yale University (PhD, economics)
Washington University in St. Louis
2023
Claudia Goldin (b. 1946)
United States
"for having advanced our understanding of women's labour market outcomes"[ 65]
University of Chicago (PhD, economics)
Harvard University
Analysis of historical experience of women in the economy
2024
Daron Acemoglu (b. 1967)
Turkey United States
"for studies of how institutions are formed and affect prosperity"[ 66] [ 67]
London School of Economics (PhD, economics)
Simon Johnson (b. 1963)
United Kingdom United States
Massachusetts Institute of Technology (PhD, economics)
Massachusetts Institute of Technology
James A. Robinson (b. 1955)
United Kingdom United States
Yale University (PhD, economics)
University of Chicago