Note: the Nobel prize in Economic Sciences was first awarded in 1969.
The prize was awarded jointly to:
FRISCH, RAGNAR, Norway, Oslo University, and
TINBERGEN, JAN, The Netherlands, The Netherlands School of Economics, Rotterdam:
"for having developed and applied dynamic models for the analysis of economic processes".
SAMUELSON, PAUL A, U.S.A., Massachusetts Institute of Technology, Cambridge (MIT), MA:
"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".
KUZNETS, SIMON, U.S.A., Harvard University, Cambridge, MA:
"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".
The prize was awarded jointly to:
HICKS, Sir JOHN R., Great Britain, All Souls College, Oxford; and
ARROW, KENNETH J., U.S.A., Harvard University, Cambridge, MA:
"for their pioneering contributions to general economic equilibrium theory and welfare theory".
LEONTIEF, WASSILY, U.S.A., Harvard University, Cambridge, MA:
"for the development of the input-output method and for its application to important economic problems".
The prize was divided equally between:
MYRDAL, GUNNAR, Sweden; and
VON HAYEK, FRIEDRICH AUGUST, Great Britain:
"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".
The prize was awarded jointly to:
KANTOROVICH, LEONID VITALIYEVICH, USSR, Academy of Sciences, Moscow; and
KOOPMANS, TJALLING C., U.S.A., Yale University, New Haven, CT:
"for their contributions to the theory of optimum allocation of resources".
FRIEDMAN, MILTON, U.S.A., University of Chicago, Chicago, IL:
"for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy".
The prize was divided equally between:
OHLIN, BERTIL, Sweden, Stockholm School of Economics, Stockholm; and
MEADE, JAMES E, Great Britain, Cambridge University, Cambridge:
"for their pathbreaking contribution to the theory of international trade and international capital movements".
SIMON, HERBERT A., U.S.A., Carnegie-Mellon University, Pittsburgh, PA:
"for his pioneering research into the decision-making process within economic organizations".
The prize was divided equally between:
SCHULTZ, THEODORE W., U.S.A., University of Chicago, Chicago, IL; and
LEWIS, Sir ARTHUR, United Kingdom,, Princeton University, Princeton, NJ, U.S.A.:
"for their pioneering research into economic development research with particular consideration of the problems of developing countries".
KLEIN, LAWRENCE R., U.S.A., University of Pennsylvania, Philadelphia, PA:
"for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies".
TOBIN, JAMES, U.S.A., Yale University, New Haven, CT:
"for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices".
STIGLER, GEORGE J., U.S.A., University of Chicago, Chicago, IL:
"for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation".
DEBREU, GERARD, U.S.A., University of California, Berkeley, CA:
"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium".
STONE, Sir RICHARD, Great Britain, University of Cambridge, Cambridge:
"for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis".
MODIGLIANI, FRANCO, U.S.A., Massachusetts Institute of Technology, (MIT), Cambridge, MA:
"for his pioneering analyses of saving and of financial markets".
BUCHANAN, Jr., JAMES M., U.S.A., Center for Study of Public Choice, Fairfax, VA:
"for his development of the contractual and constitutional bases for the theory of economic and political decision-making".
SOLOW, ROBERT M., U.S.A., Massachusetts Institute of Technology, (MIT), MA:
"for his contributions to the theory of economic growth".
ALLAIS, MAURICE, France, �cole Nationale Sup�rieur des Mines de Paris, Paris:
"for his pioneering contributions to the theory of markets and efficient utilization of resources".
HAAVELMO, TRYGVE, Norway, University of Oslo:
"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures".
The prize was awarded with one third each to:
MARKOWITZ, HARRY M., U.S.A., City University of New York, NY;
MILLER, MERTON M., U.S.A., University of Chicago, IL; and
SHARPE, WILLIAM F., U.S.A., Stanford University, CA:
"for their pioneering work in the theory of financial economics".
COASE, RONALD H., U.S.A., University of Chicago, IL, U.S.A.:
"for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy".
BECKER, GARY S., U.S.A., University of Chicago, IL, U.S.A.:
"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour".
The prize was awarded jointly to:
FOGEL, ROBERT W., U.S.A., University of Chicago, IL; and
NORTH, DOUGLASS C., U.S.A., Washington University, St. Louis, MO:
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change".
The prize was awarded jointly to:
HARSANYI, JOHN C., U.S.A., University of California, Berkeley, CA;
NASH, JOHN F., U.S.A., Princeton University, NJ; and
SELTEN, REINHARD, Germany, Rheinische Friedrich-Wilhelms-Universit�t, Bonn, Germany:
"for their pioneering analysis of equilibria in the theory of non-cooperative games".
The price was awarded to:
Professor LUCAS, ROBERT E. Jr., U.S.A., University of Chicago, Chicago, IL, U.S.A.:
"for having developed and applied the hypothesis of rational expectations, and theirby having transformed macroeconomic analysis and deepened out understanding of economic policy".
The prize was awarded jointly to:
Mirrlees, James A., Great Britain, Cambridge University; and
William Vickrey, U.S.A., Columbia University:
"for their fundamental contributions to the economic theory of incentives under asymmetric information."
The prize was awarded jointly to:
Robert C. Merton, U.S.A., Harvard University; and
Myron S. Scholes, U.S.A., Stanford University
"for developing a pioneering formula for the valuation of stock options".