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 |
|