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Sunday, March 18, 2018

The Nobel prize in Economics was awarded for the theory of contract

The Royal Swedish Academy of Sciences has decided to award the Nobel prize in Economics Oliver HART and Bengt Holstrum – “for their contributions to the theory of contract.”

photo: pixabay.com

Oliver HART, a British economist working in the United States, Professor of Economics at Harvard University. Research by Oliver HART on the problems of the theory of contracts, theory of the firm, corporate Finance and economic analysis law. He and the other awardees – Bengt Holstrom of mit developed the theory of firms, over the past few years fell into the lists of possible winners of the Nobel prize in Economics.

This award is the youngest in the family of the Nobel awards. Moreover, it is not the heritage of Alfred Nobel, was established in his memory and in honor of his tercentenary Bank of Sweden in 1968. I mean, technically it’s not quite the Nobel prize. Officially the award is called: Award of the Swedish state Bank on economic Sciences of memory of Alfred Nobel. And although the Nobel Foundation monitors the ceremony of awarding the prize on its website, many of the members of the Nobel family are against this award.

Only between 1969 and 2015 laureates of the prize for Economics became 76 people. Thus in 17 cases, the award was divided between the two awardees, and 6 – the award was divided into three. The only female winner of the economic award was in 2009, Elinor Ostrom.

In 1975 the award for “contribution to the theory of optimum allocation of resources” the Soviet scientist Leonid Kantorovich received. And in 1973, the winner was declared to be the Creator of the theory of inter-industry analysis Vasily Leontiev an American economist of Russian origin, a graduate of Leningrad University.

Last year the award went to the famous microeconomist Angus Deaton “for his analysis of consumption, poverty and wealth.” Together with economist Daniel Kahneman Deaton conducted a study about what is the annual household income people consider to be optimal from the point of view of balance of quality of life and stress.

As usual, ahead of the announcement of the winners, the media talked about possible favorites. A typical winner – a “67-year-old man, born in the United States, at the time of award working at the University of Chicago,” writes American science journalist Maggie Koerth-Baker. Indeed, the average age of “nobelesse” in Economics – 67. While the youngest was in 1972, 51-year-old Kenneth John. Arrow, and the oldest – born in Moscow on 90-year-old American economist Leonid Gurvich (2007).

Among the possible laureates of the press mentioned the name of a 60-year-old Professor at new York University Paul Romer, the founder of “the model of arrow—Romer”, which shows steady economic growth based on technological progress, which is a consequence of the result of training employees in the operation process.

The favourites lists also is specialized in macroeconomics, the Frenchman Olivier Blanchard, Professor at mit and senior fellow Petersenovskaya Institute for international Economics. The Washington Post spoke of him as “the sensible economist all about which you heard.” In 2008-2015 he was chief economist and head of the research Department of the International monetary Fund (IMF).

Called the name of American economist Edward Lasira, Professor Stanford University. In 2006-2009 he was Chairman of the Council of economic advisers under the President of the United States. In 1995 he published a work on transition economies in Eastern Europe and Russia.

Mentioned another American economist – mark Melitz, which a few years ago the Economist magazine called “the new star” of the economy and trade theory.

Awarded economic “Nobel” awarded the corresponding diploma, a gold medal and a cash award from the hands of the Swedish monarch at the annual ceremony held in Stockholm on 10 December, the anniversary of Alfred Nobel’s death.


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