The Concise Encyclopedia of Economics

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Nobel Memorial Prize Winners in Economic Science

The Nobel Prize was established by the will of Alfred Nobel (1833–1896), the Swedish chemist who invented dynamite, to recognize humanitarian endeavors in physics, chemistry, physiology or medicine, literature, and peace. A prize in economics was introduced in 1969 after the Bank of Sweden donated funds for its monetary awards. In 1992 the economic prize carried a cash award of approximately $1.5 million.

Nominations for the prize are solicited by invitation only, with more than a thousand invitations per prize category, and require a written statement in support of the nomination. Committees then evaluate the nominees and make their recommendations to the appropriate prize-awarding organization. All the selection work for the Nobel Prize is conducted in secrecy. The prize in economics is awarded by the Royal Swedish Academy of Sciences. To date, thirty-two Americans have been honored with the prize.

The following individuals have been awarded the Nobel Prize in economics:

1969: Ragnar Frisch, Jan Tinbergen
1970: Paul Samuelson
1971: Simon Kuznets
1972: Kenneth Arrow, John Hicks
1973: Wassily Leontief
1974: Friedrich A. Hayek, Gunnar Myrdal
1975: Leonid Kantorovich, Tjalling C. Koopmans
1976: Milton Friedman
1977: James Meade, Bertil Ohlin
1978: Herbert Simon
1979: W. Arthur Lewis, Theodore Schultz
1980: Lawrence Klein
1981: James Tobin
1982: George Stigler
1983: Gerard Debreu
1984: Richard Stone
1985: Franco Modigliani
1986: James M. Buchanan
1987: Robert Solow
1988: Maurice Allais
1989: Trygve Haavelmo
1990: Harry Markowitz, Merton Miller, William Sharpe
1991: Ronald H. Coase
1992: Gary S. Becker
1993: Robert W. Fogel, Douglass C. North
1994: John C. Harsanyi, John F. Nash Jr., Reinhard Selten
1995: Robert E. Lucas Jr.
1996: James A. Mirrlees, William Vickrey
1997: Robert C. Merton, Myron S. Scholes
1998: Amartya Sen
1999: Robert A. Mundell
2000: James J. Heckman, Daniel L. McFadden
2001: George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz
2002: Daniel Kahneman, Vernon L. Smith
2003: Robert F. Engle, Clive W. J. Granger
2004: Finn E. Kydland, Edward C. Prescott
2005: Robert J. Aumann, Thomas C. Schelling
2006: Edmund S. Phelps
2007: Leonid Hurwicz, Eric S. Maskin, Roger B. Meyerson
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Chairmen of the Council of Economic Advisers

The Council of Economic Advisers (CEA) is among the most prestigious groups of applied economists in the United States. Formed after World War II, the CEA advises the U.S. president on economic policy. Presidents tend to appoint the three members, including the chairman, from their own party; but the advice given is relatively nonpartisan. Below the chairman and the two members are approximately fifteen senior and junior economists who are appointed for their expertise in policy economics. On macroeconomics, the big difference between Democrat-appointed chairmen and members and Republican-appointed chairmen and members has been on the potency of monetary and fiscal policies. Although more and more economists, Republicans and Democrats alike, have over the last few decades come to believe that monetary policy is more potent than fiscal policy, Democrat-appointed chairmen and members have put more weight on fiscal policy than Republican-appointed chairmen and members. On many microeconomic issues, CEA economists at all levels and in Republican and Democrat councils agree. They favor free trade and free markets and tend to oppose price controls and regulation, although President Bill Clinton’s first council chairman, Laura Tyson, was a notable exception on free trade.

Council chairmen and their dates of employment (with the president under whom they worked in parentheses) are listed below.

Edwin G. Nourse (Truman), 1946–1949
Leon H. Keyserling (Truman), 1950–1953
Arthur F. Burns (Eisenhower), 1953–1956
Raymond J. Saulnier (Eisenhower), 1956–1961
Walter W. Heller (Kennedy, Johnson), 1961–1964
Gardner Ackley (Johnson), 1964–1968
Arthur M. Okun (Johnson), 1968–1969
Paul W. McCracken (Nixon), 1969–1971
Herbert Stein (Nixon), 1972–1974
Alan Greenspan (Ford), 1974–1977
Charles L. Schultze (Carter), 1977–1981
Murray L. Weidenbaum (Reagan), 1981–1982
Martin Feldstein (Reagan), 1982–1984
Beryl W. Sprinkel (Reagan), 1985–1989
Michael J. Boskin (Bush), 1989–1993
Laura Tyson (Clinton), 1993–1995
Joseph E. Stiglitz (Clinton), 1995–1997
Janet Yellen (Clinton), 1997–1999
Martin N. Baily (Clinton), 1999–2001
R. Glenn Hubbard (Bush), 2001–2003
N. Gregory Mankiw (Bush), 2003–2005
Ben Bernanke (Bush), 2005–2006
Edward P. Lazear (Bush), 2006–
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Presidents of the American Economic Association

The American Economic Association (AEA) is the largest organization of professional economists in the world. It was organized at Saratoga, New York, on September 9, 1885. The title of president of the AEA is one of the highest honors that can be bestowed on an Economist. The following are the past presidents of the AEA and their years of service (with their university or institute affiliations in parentheses).

Francis A. Walker (MIT), 1886–1892
Charles F. Dunbar (Harvard), 1893
John B. Clark (Columbia), 1894–1895
Henry C. Adams (Michigan), 1896–1897
Arthur T. Hadley (Yale), 1898–1899
Richard T. Ely (Wisconsin), 1900–1901
Edwin R. A. Seligman (Columbia), 1902–1903
Frank W. Taussig (Harvard), 1904–1905
Jeremiah W. Jenks (Cornell), 1906–1907
Simon N. Patten (Pennsylvania), 1908
Davis R. Dewey (MIT), 1909
Edmund J. James (Illinois), 1910
Henry W. Farnam (Yale), 1911
Frank A. Fetter (Princeton), 1912
David Kinley (Illinois), 1913
John H. Gray (Minnesota), 1914
Walter F. Willcox (Cornell), 1915
Thomas N. Carver (Harvard), 1916
John R. Commons (Wisconsin), 1917
Irving Fisher (Yale), 1918
Henry B. Gardner (Brown), 1919
Herbert J. Davenport (Cornell), 1920
Jacob H. Hollander (Johns Hopkins), 1921
Henry R. Seager (Columbia), 1922
Carl C. Plehn (California), 1923
Wesley C. Mitchell (Columbia), 1924
Allyn A. Young (Harvard), 1925
Edwin W. Kemmerer (Princeton), 1926
Thomas S. Adams (Yale), 1927
Fred M. Taylor (Michigan), 1928
Edwin F. Gay (Harvard), 1929
Matthew B. Hammond (Ohio State), 1930
Ernest L. Bogart (Illinois), 1931
George E. Barnett (Johns Hopkins), 1932
William Z. Ripley (Harvard), 1933
Harry A. Millis (Chicago), 1934
John M. Clark (Columbia), 1935
Alvin S. Johnson (New School), 1936
Oliver M. W. Sprague (Harvard), 1937
Alvin H. Hansen (Harvard), 1938
Jacob Viner (Chicago), 1939
Frederick C. Mills (Columbia), 1940
Sumner H. Slichter (Harvard), 1941
Edwin G. Nourse (Brookings), 1942
Albert B. Wolfe (Ohio State), 1943
Joseph S. Davis (Stanford), 1944
I. L. Sharfman (Michigan), 1945
E. A. Goldenweiser (Institute for Advanced Study), 1946
Paul H. Douglas (Chicago), 1947
Joseph A. Schumpeter (Harvard), 1948
Howard S. Ellis (California), 1949
Frank H. Knight (Chicago), 1950
John H. Williams (Harvard), 1951
Harold A. Innis (Toronto), 1952
Calvin B. Hoover (Duke), 1953
Simon Kuznets (Pennsylvania), 1954
John D. Black (Harvard), 1955
Edwin E. Witte (Wisconsin), 1956
Morris A. Copeland (Cornell), 1957
George W. Stocking (Vanderbilt), 1958
Arthur F. Burns (Columbia), 1959
Theodore W. Schultz (Chicago), 1960
Paul A. Samuelson (MIT), 1961
Edward S. Mason (Harvard), 1962
Gottfried Haberler (Harvard), 1963
George J. Stigler (Chicago), 1964
Joseph J. Spengler (Duke), 1965
Fritz Machlup (Princeton), 1966
Milton Friedman (Chicago), 1967
Kenneth E. Boulding (Colorado), 1968
William J. Fellner (Yale), 1969
Wassily Leontief (Harvard), 1970
James Tobin (Yale), 1971
John Kenneth Galbraith (Harvard), 1972
Kenneth J. Arrow (Harvard), 1973
Walter W. Heller (Minnesota), 1974
Robert Aaron Gordon (California), 1975
Franco Modigliani (MIT), 1976
Lawrence R. Klein (Pennsylvania), 1977
Jacob Marschak (UCLA), 1978
Tjalling C. Koopmans (Yale), 1978
Robert M. Solow (MIT), 1979
Moses Abramovitz (Stanford), 1980
William J. Baumol (Princeton), 1981
Gardner Ackley (Michigan), 1982
W. Arthur Lewis (Princeton), 1983
Charles L. Schultze (Brookings), 1984
Charles P. Kindleberger (MIT), 1985
Alice M. Rivlin (Brookings), 1986
Gary S. Becker (Chicago), 1987
Robert Eisner (Northwestern), 1988
Joseph A. Pechman (Brookings), 1989
Gerard Debreu (California), 1990
Thomas C. Schelling (Maryland), 1991
William Vickrey (Columbia), 1992
Zvi Griliches (Harvard), 1993
Amartya K. Sen (Harvard), 1994
Victor R. Fuchs (Stanford), 1995
Anne O. Krueger (Stanford), 1996
Arnold C. Harberger (UCLA), 1997
Robert W. Fogel (Chicago), 1998
D. Gale Johnson (Chicago), 1999
Dale W. Jorgenson (Harvard), 2000
Sherwin Rosen (Chicago), 2001
Robert E. Lucas Jr. (Chicago), 2002
Peter A. Diamond (MIT), 2003
Martin S. Feldstein (NBER, Harvard), 2004
Daniel McFadden (California), 2005
George A. Akerlof (California), 2006
Thomas J. Sargent (NYU), 2007
Avinash Kamalakar Dixit (Princeton), 2008
Angus Deaton (Princeton), 2009
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