FREE Nobel Prize for Economics Essay (original) (raw)

What is the Nobel Prize for economics? The Nobel Prize for economics is the most prestigious award for contributions towards the field of economics. This prize is given to only the influential and elite leaders in economics. The Nobel Prize was named after Alfred Nobel. The Nobel Prize for economics is awarded yearly by the Royal Swedish Academy of Sciences. A person who receives this award is known to be great in his or her work, accomplished significant workings, and or made major innovations in the field of economics. Along with this prestigious award, the winner also receives a gold medal, a diploma bearing a citation, and a whopping one million dollars (1).
The Nobel Prize is the first international award given yearly since 1901 for achievements in physics, chemistry, medicine, literature and peace. The prize consists of a medal, a personal diploma, and a prize amount. The Nobel Prize began to be awarded in 1969. The economics prize was not part of Alfred Nobel's original will, it was added later. There are five original prizes, and economics was not one of them. But in 1969 it was judged and administered the same way as these five.
How do people get elected to win the Nobel Prize for Economics? The Economics prize is made on the basis of nominations from selected economists, a recommendation from the prize committee, and a secret ballot of the full academy. The winner is announced each year in October, and awarded on December 10th. .
There have been fifty-one people awarded with the Nobel Prize in economics. Of the fifty-one, thirty four were American. Of these thirty four, seven were also a different nationality, making sixty-seven percent of the Nobel Prize winners American. The American Nobel Prize winners are Paul Samuelson, Simon Kuznets, Kenneth J. Arrow, Wassily Leontief, Tjalling Koopmans, Milton Friedman, Herbert A. Simon, Theodore W. Schultz, Lawrence R. Klein, James Tobin, George J.

1. Reinhard Selten's Impact on Ec

The Impact of Reinhard Selten in the Field of Economics Reinhard Selten catapulted to fame in 1994 when he was awarded the Nobel Prize in Economics, an honor he shared with John F. ... The prize was awarded to this trio of economists due to their use of non-cooperative games like chess and poker to help understand complex economic issues. ... Before Selten started work at Frankfurt, this area of experimental economics had not yet existed. ... A Lifetime of Work Rewarded The major honor and accomplishment for Selten's life work came in 1994 with the awarding of the Nobel Prize. The...

2. James Tobin

James Tobin studied economics and made it his career for two reasons. He found economics intellectually fascinating and challenging. ... Two alumni, Philip Anderson and Hamilton Smith, are Nobel laureates. Ironically, in 1981when James Tobin was awarded his Nobel Prize, he was confronted with news that the school might be closed for lack of funding. ... His Nobel lecture was a summary account. ...

3. Linus Pauling

He is the only individual to receive two unshared Nobel Prizes. ... In 1954, he received the Nobel Prize in chemistry for his work on the Nature of the Chemical Bond. ... It was for his work for peace that Pauling received the 1962 Nobel Peace Prize. ... It was the fall of his senior year that he taught a second semester chemistry class for home economics majors. ... William Lipscomb learned this technique from Pauling and later receive a Nobel Prize for his work in chemistry. ...

4. Game Theory

Harsanyi, and Reinhard Selten won the Nobel Prize in economics for "their pioneering analysis of equilibria in the theory of non-cooperative games. ... In the real world, the game theory has been applied to military and diplomatic strategy, and especially economics....

5. Daw Aung San Suu Kyi

After she finished at India she then went to Oxford University were she received her BA in philosophy and economics. ... In 1991, still under house arrest, Suu Kyi was awarded the Nobel Peace Prize, but the award had to be received by her oldest son, Alexander. He accepted the prize for his mother and for all the people in Burma. ... She also speaks on how she won the 1991 Noble Peace Prize and the Sakharov Prize for Freedom of Thought. ... The forth book Standing Up for Democracy in Burma a biography which traces the life of the Burmese political activist who was awarded the Nobe...

6. Ludwig von Mises

Ludwig von Mises "Economics deals with society's fundamental problems; it concerns everyone and belongs to all. ... In 1906 we received his doctorate in law and economics. ... He wanted to ground the economics of money and its purchasing power, which was previously called "price level."" ... Hayek was eventually awarded the Nobel Prize in Economics in 1974 for work on the Trade Cycle Theory. This Nobel Prize for Hayak was an end result of what began in Mises The Theory of Money and C...

7. Is the human being rational or not

This year the Nobel prize in economics was awarded to Daniel Kahneman and Vernon Smith. ... They wined the prize because of their great contribution to the behavioral finance study. The two Nobel laureates are regarded as pace setters in the way economics will evolve in the future. ...

8. Muhammad Yunus and Transformational Leadership

As a professor of economics at Chittagong University in Bangladesh, Yunus took his students for numerous trips to a poor town in Bangladesh called Jobra to learn about poverty. ... To be able to carry out his passion he would have to come up with his own theories and re-learn economics that would help him alleviate poverty (Yunus, 2007). ... These borrowers also have full life insurance free of charge (Yunus, 1999) In 2006, Mohammed Yunus and Grameen Bank were awarded the Nobel Peace Prize for their work to "create economic and social development from below". In the prize announceme...

9. Muhammad Yunus and Transformational Leadership

As a professor of economics at Chittagong University in Bangladesh, Yunus took his students for numerous trips to a poor town in Bangladesh called Jobra to learn about poverty. ... To be able to carry out his passion he would have to come up with his own theories and re-learn economics that would help him alleviate poverty (Yunus, 2007). ... These borrowers also have full life insurance free of charge (Yunus, 1999) In 2006, Mohammed Yunus and Grameen Bank were awarded the Nobel Peace Prize for their work to "create economic and social development from below". In the prize announceme...

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