Great
Economists and Nobel Prize Winners in Economics
Adam Smith: -
"Bankruptcy is
perhaps the greatest and most humiliating
calamity which can befall an innocent man. The
greater parts of men, therefore, are sufficiently
careful to avoid it. Some, indeed, do not avoid
it; as some do not avoid the gallows."
Friedrich Hayek: -
"We must show that
liberty is not merely one particular value but
that it is the source and condition of most moral
values. What a free society offers to the
individual is much more than what he would be
able to do if only he were free. We can therefore
not fully appreciate the value of freedom until
we know how a society of free men as a whole
differs from one in which unfreedom
prevails."
Ludwig von Mises: -
"Peace is the source
of all social relations.... He who wants to
preserve life and health as well and as long as
possible must realize that respect for other
peoples lives and health better serves his aim
than the opposite mode of conduct."
Murray Rothbard: -
"In sum, freedom
can run a monetary system as superbly as it runs
the rest of the economy. Contrary to many
writers, there is nothing special about money
that requires extensive governmental dictation.
Here, too, free men will best and most smoothly
supply all their economic wants. For money as for
all other activities of man, ‘liberty is the
mother, not the daughter, of order."
Lord Acton: -
"The most certain
test by which we judge whether a country is
really free is the amount of security enjoyed by
minorities... Liberty is not a means to a higher
political end. It is itself the highest political
end."
Ayn Rand: -
"The fundamental
difference between private action and
governmental action--a difference thoroughly
ignored and evaded today--lies in the fact that a
government holds a monopoly on the legal use of
physical force. It has to hold such a monopoly,
since it is the agent of restraining and
combating the use of force; and for that very
same reason, its actions have to be rigidly
defined, delimited and circumscribed; no touch of
whim or caprice should be permitted in its
performance; it should be an impersonal robot,
with the laws as its only motive power. If a
society is to be free, its government has to be
controlled."
Henry Hazlitt: -
"The art of
economics consists in looking not merely at the
immediate but at the longer effects of any act or
policy; it consists in tracing the consequences
of that policy not merely for one group but for
all groups."
Leonard Read: -
"... most of us are
committed to the Biblical injunction, "Thou
shalt not steal." This is based on the moral
principle that each person has the right to the
fruits of his own labor. The point I wish to make
- my major point - is that this as a principle
defies compromise. You either take someone else's
property without his consent, or you do not. If
you steal just a bit - a penny - you do not
compromise the principle; you abandon it. You
surrender your principle."
Benjamin Franklin: -
"They that can give up
essential liberty to obtain a little temporary
safety deserve neither liberty nor safety.
John Locke: -
" The great and chief
end, therefore, of men uniting into
commonwealths, and putting themselves under
government, is the preservation of their
property; to which in the state of Nature there
are many things wanting."
H.L. Mencken: -
"The New Deal began,
like the Salvation Army, by promising to save
humanity. It ended, again like the Salvation
Army, by running flop-houses and disturbing the
peace."
Frederic
Bastiat: -
"There are people
who think that plunder loses all its immorality
as soon as it becomes legal. Personally, I cannot
imagine a more alarming situation."
David
Ricardo: -
"For the general
prosperity, there cannot be too much facility
given to the conveyance and exchange of all kinds
of property, as it is by such means that capital
of every species is likely to find its way into
the hands of those, who will best employ it in
increasing the productions of the country."
Eugen
von Böhm-Bawerk: -
"And so the phenomenon
of interest presents, on the whole, the
remarkable picture of a lifeless thing, capital,
producing an everlasting and inexhaustible supply
of goods. And this remarkable phenomenon appears
in economic life with such perfect regularity
that the very concept of capital has often been
founded upon it."
Carl
Menger: -
"Property, therefore,
like human economy, is not an arbitrary invention
but rather the only practically possible solution
of the problem that is, in the nature of things,
imposed upon us by the disparity between
requirements for, and available quantities of,
all economic goods."
Booker
T. Washington: -
"Political
activity alone cannot make a man free. Back of
the ballot, he must have property, industry,
skill, economy, intelligence, and
character."
James
Madison: -
"The private
interest of every individual may be a sentinel on
the public rights."
Julian
Simon: -
"But in the longer
run, the elemental forces of people's desires to
carve out a good living for themselves and for
their families, to have children and raise them
happily and well-educated, to employ one's
talents and energies and to possess their fruits
- these forces will eventuate in government
policies that allow people these fundamental
freedoms."
Alexis
de Toqueville: -
"Americans of all
ages, all stations of life, and all types of
disposition are forever forming associations...In
democratic countries knowledge of how to combine
is the mother of all other forms of knowledge; on
its progress depends that of all the
others."
John
Stuart Mill: -
"A general State
education is a mere contrivance for moulding
people to be exactly like one another; and the
mould in which it casts them is that which
pleases the predominant power in the government,
whether this be a monarch, a priesthood, an
aristocracy, or the majority of the existing
generation; in proportion as it is efficient and
successful, it establishes a despotism over the
mind, leading by natural tendency to one over the
body."
Nobel Laureates, 1969 - 2001
The Nobel Prize for Economics (or, more
correctly, The
Bank of Sweden Prize in Economic Sciences in
Memory of Alfred Nobel) is the
world's most prestigious award for contributions
to the field of Economics. It is awarded annually
by the Royal
Swedish Academy of Sciences. The prize
consists of a gold medal, a diploma bearing a
citation, and a sum of money (US$1,000,000 in
recent years). It represents the ultimate
recognition by one's peers.
The Economics prize was not part of Alfred
Nobel's original will. It was added in 1969, with
the support of the Bank of Sweden, and has since
been judged and administered by the Nobel
Foundation in the same way as the five
original Nobel prizes. The prizes reward specific
discoveries or breakthroughs, and the impact of
these on the discipline.
The Economics prize is made on the basis of
nominations from selected economists, a
recommendation from the Prize Committee to the
social science class of the Academy and a secret
ballot of the full Academy. The Nobel laureate is
announced each October, and the presentation is
made in Stockholm on 10 December.
- 1969 : Ragnar
Frisch { Norway } and Jan
Tinbergen { Netherlands }
- "For having developed and applied
dynamic models for the analysis of
economic processes."
-
- 1970
: Paul
Samuelson { USA }
- "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."
- 1971 : Simon
Kuznets { USA, Soviet
Union }
- "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."
-
- 1972 : John
Hicks { United Kingdom
} and Kenneth
Arrow { USA }
- "For their pioneering contributions
to general economic equilibrium theory
and welfare theory."
-
- 1973 : Wassily
Leontief { USA }
- "For the development of the
input-output method and for its
application to important economic
problems."
-
- 1974 : Gunnar
Myrdal { Sweden } and Friederich
von Hayek { Austria, USA }
- "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."
-
- 1975 : Leonid
Kantovarich { USA } and Tjalling
Koopmans { Soviet Union }
- "For their contributions to the
theory of the optimum allocation of
resources."
- 1976 : Milton
Friedman { USA }
- "For his achievements in the field
of consumption analysis, monetary history
and theory and for his demonstration of
the complexity of stabilisation
policy."
- 1977 : Bertil
Ohlin { Sweden } and James
Meade { United Kingdom
}
- "For their pathbreaking contribution
to the theory of international trade and
international capital movements."
-
- 1978 : Herbert
Simon { USA }
- "For his pioneering research into
the decision making process within
economic organisations."
-
- 1979 : Theodore
Schultz { USA }and Arthur
Lewis { United Kingdom
}
- "For their pioneering research into
economic development, with particular
consideration of the problems of
developing countries."
-
- 1980 : Lawrence
Klein { USA }
- "For the creation of econometric
models and their application to the
analysis of economic fluctuations and
economic policies."
- 1981 : James
Tobin { USA }
- "For his analysis of financial
markets and their relations to
expenditure decisions, employment,
production and prices."
-
- 1982 : George
Stigler { USA }
- "For his seminal studies of
industrial structure, functioning of
markets and causes and effects of public
regulation."
-
- 1983 : Gerard
Debreu { USA }
- "For having incorporated new
analytic methods into economic theory and
for his rigorous reformulation of the
theory of general equilibrium."
-
- 1984 : Richard
Stone { 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."
-
- 1985 : Franco
Modigliani { Italy, USA }
- "For his pioneering analysis of
savings and financial markets."
-
- 1986 : James
Buchanan { USA }
- "For his development of the
contractual and constitutional bases of
the theory of economic and political
decision making."
- 1987 : Robert
Solow { USA }
- "For his contributions to the theory
of economic growth."
-
- 1988 : Maurice
Allais { France }
- "For his pioneering contributions to
the theory of markets and efficient
utilisation of resources."
-
- 1989 : Trygve
Haavelmo { Norway }
- "For his clarification of the
probability theory foundation of
econometrics and his analysis of
simultaneous economic structures."
-
- 1990 : Harry
Markowitz { USA }
- "For having developed the theory of
portfolio choice."
- William
Sharpe { USA }
- "For his contributions to the theory
of price formation for financial assets,
the so-called Capital Asset Pricing Model
(CAPM)."
- Merton
Miller { USA }
- "For his fundamental contributions
to the theory of corporate finance."
- 1991 : Ronald
Coase { United Kingdom,
USA }
- ""For his discovery and
clarification of the significance of
transaction costs and property rights for
the traditional structure and functioning
of the economy."
-
- 1992 : Gary
Becker { USA }
- "For having extended the domain of
microeconomic analysis to a wide range of
human behaviour and interaction,
including non-market behaviour."
- 1993 : Robert
Fogel and Douglass
North { USA }
- "For having renewed research in
economic history by applying economic
theory and quantitative methods to
explain economic and institutional
change."
-
- 1994 : John
Harsanyi, John Nash { USA }
and Reinhard Selten {
Germany }
- "For their pioneering analysis of equilibrium in the theory
of non-cooperative games."
- 1995
: Robert
Lucas
- "For having developed and applied
the hypothesis of rational expectations,
and thereby having transformed
macroeconomic analysis and deepened our
understanding of economic policy."
-
- 1996 : James
Mirrlees { United Kingdom
} and William
Vickrey { Canada, USA }
- "For their fundamental contributions
to the economic theory of incentives
under asymmetric information."
- 1997
: Robert C. Merton and Myron S. Scholes { USA }
- "For a new method to determine the
value of derivatives"
-
- 1998
: Amartya
Sen { INDIA
}
- "For his contributions to welfare
economics."
-
- 1999 : Robert A. Mundell {
Canada, USA }
- "For his analysis of monetary and
fiscal policy under different exchange
rate regimes and his analysis of optimum
currency areas." k
- 2000 : James Heckman { USA }
- "For his development of theory and
methods for analyzing selective
samples."
- Daniel McFadden { USA }
- "For his development of theory and
methods for analyzing discrete
choice."
-
- 2001 : George A. Akerlof,
A. Michael Spence and Joseph E. Stiglitz { USA }
- "For their analyses of markets with
asymmetric information."
Sources:The Nobel Prize
for Economics, The Bank of Sweden
Prize in Economics Sciences is the world's most
prestigious award for contributions to the field
of economics. This site lists the Nobel
Laureates from 1969 to the present
For any Corrections
or updation E-mail
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