List Of Nobel Memorial Prize Laureates In Economics
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List Of Nobel Memorial Prize Laureates In Economics
The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: ''Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne''), is an award funded by Sveriges Riksbank and is annually awarded by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences. The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen. Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. As of the awarding of the 2022 prize, 54 Prizes in Economic Sciences have been given to 92 individuals. As of November 2022, the department of economics with the most affiliated laureates in economic sciences ...
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Nobel2008Economics News Conference1
Nobel often refers to: *Nobel Prize, awarded annually since 1901, from the bequest of Swedish inventor Alfred Nobel Nobel may also refer to: Companies *AkzoNobel, the result of the merger between Akzo and Nobel Industries in 1994 *Branobel, or The Petroleum Production Company Nobel Brothers, Limited, an oil industry cofounded by Ludvig and Robert Nobel *Dynamit Nobel, a German chemical and weapons company founded in 1865 by Alfred Nobel *Nobel Biocare, a bio-tech company, formerly a subsidiary of Nobel Industries *Nobel Enterprises, a UK chemicals company founded by Alfred Nobel *NobelTel, a telecommunications company founded in 1998 by Thomas Knobel Geography *Nobel (crater), a crater on the far side of the Moon. *Nobel, Ontario, a village located in Ontario, Canada. *6032 Nobel, a main-belt asteroid Other uses *The Nobel family, a prominent Swedish and Russian family *Nobel (automobile) a licence-built version of the German Fuldamobil, manufactured in the UK and Chile * ''No ...
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Revealed Preference
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosopher .... While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference ...
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Kuznets Curve
The Kuznets curve () expresses a hypothesis advanced by economist Simon Kuznets in the 1950s and 1960s. According to this hypothesis, as an economy develops, market forces first increase and then decrease economic inequality. The Kuznets curve appeared to be consistent with experience at the time it was proposed. However, since the 1960s, inequality has risen in the US and other developed countries. Kuznets ratio and Kuznets curve The Kuznets ratio is a measurement of the ratio of income going to the highest-earning households (usually defined by the upper 20%) to income going to the lowest-earning households,Kuznets, Simon. 1955. Economic Growth and Income Inequality. ''American Economic Review'' 45 (March): 1–28. which is commonly measured by either the lowest 20% or lowest 40% of income. Comparing 20% to 20%, a completely even distribution is expressed as 1; 20% to 40% changes this value to 0.5. Kuznets curve diagrams show an inverted U curve, although variables along the ...
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Kuznets Swing
The Kuznets swing (or Kuznets cycle) is a claimed medium-range economic wave with a period of 15–25 years identified in 1930 by Simon Kuznets. Kuznets connected these waves with demographic processes, in particular with immigrant inflows/outflows and the changes in construction intensity that they caused, that is why he denoted them as "demographic" or "building" Business cycle, cycles/swings. Kuznets swings have been also interpreted as infrastructural investment cycles. Some modern economic commentators argue the Kuznets swing reflects an 18-year cycle in land values. Fred Harrison (author), Fred Harrison argues this cycle of boom and bust could be smoothed or avoided altogether by levying an annual tax on the value of land (land value tax). Kuznets' analysis was criticized by Howrey (1968). Howrey claimed that the apparent business cycle found by Kuznets was an artifact (error), artifact of the Filter (signal processing), filter Kuznets used. Howrey suggested that the same cy ...
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Capital Formation
Capital formation is a concept used in macroeconomics, national accounts and financial economics. Occasionally it is also used in corporate accounts. It can be defined in three ways: *It is a specific statistical concept, also known as net investment, used in national accounts statistics, econometrics and macroeconomics. In that sense, it refers to a measure of the ''net additions'' to the (physical) capital stock of a country (or an economic sector) in an accounting interval, or, a measure of the amount by which the total physical capital stock ''increased'' during an accounting period. To arrive at this measure, standard valuation principles are used. *It is used also in economic theory, as a modern general term for capital accumulation, referring to the total "stock of capital" that has been formed, or to the growth of this total capital stock. *In a much broader or vaguer sense, the term "capital formation" has in more recent times been used in financial economics to refer to s ...
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Gross Domestic Product
Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. List of countries by GDP (nominal) per capita, GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation, inflation rates of the countries; therefore, using a basis of List of countries by GDP (PPP) per capita, GDP per capita at purchasing power parity (PPP) may be more useful when comparing standard of living, living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the GDP per capita, p ...
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Simon Kuznets
Simon Smith Kuznets (; rus, Семён Абра́мович Кузне́ц, p=sʲɪˈmʲɵn ɐˈbraməvʲɪtɕ kʊzʲˈnʲɛts; April 30, 1901 – July 8, 1985) was an American economist and statistician who received the 1971 Nobel Memorial Prize in Economic Sciences "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." Kuznets made a decisive contribution to the transformation of economics into an empirical science and to the formation of quantitative economic history. Biography Early life Simon Kuznets was born in Pinsk in 1901, in the Russian Empire, or what is today Belarus, to Lithuanian-Jewish parents. He completed his schooling, first at the Rivne, then, Kharkiv Realschule of present-day Ukraine. In 1918, Kuznets entered the Kharkiv Institute of Commerce where he studied economic sciences, statistics, history and mathematics under the guidance of prof ...
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Simon Kuznets 1971b
Simon may refer to: People * Simon (given name), including a list of people and fictional characters with the given name Simon * Simon (surname), including a list of people with the surname Simon * Eugène Simon, French naturalist and the genus authority ''Simon'' * Tribe of Simeon, one of the twelve tribes of Israel Places * Şimon ( hu, links=no, Simon), a village in Bran Commune, Braşov County, Romania * Șimon, a right tributary of the river Turcu in Romania Arts, entertainment, and media Films * ''Simon'' (1980 film), starring Alan Arkin * ''Simon'' (2004 film), Dutch drama directed by Eddy Terstall Games * ''Simon'' (game), a popular computer game * Simon Says, children's game Literature * ''Simon'' (Sutcliff novel), a children's historical novel written by Rosemary Sutcliff * Simon (Sand novel), an 1835 novel by George Sand * ''Simon Necronomicon'' (1977), a purported grimoire written by an unknown author, with an introduction by a man identified only as "Simon ...
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Overlapping Generations Model
The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth. In contrast, to the   Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life. The OLG model is the natural framework for the study of: (a) the life-cycle behavior (investment in human capital, work and saving for retirement), (b) the implications of the allocation of resources across the generations, such as Social Security, on the income per capita in the long-run, (c) the determinants of economic growth in the course of human history, and (d) the factors that triggered the fertility transition. History The construction of the OLG model was inspired by Irving Fisher's monograph ''The Theory of Interest''.: It was first formulated in 1947, in the context of a p ...
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Stolper–Samuelson Theorem
The Stolper–Samuelson theorem is a basic theorem in Heckscher–Ohlin trade theory. It describes the relationship between relative prices of output and relative factor rewards—specifically, real wages and real returns to capital. The theorem states that—under specific economic assumptions (constant returns to scale, perfect competition, equality of the number of factors to the number of products)—a rise in the relative price of a good will lead to a rise in the real return to that factor which is used most intensively in the production of the good, and conversely, to a fall in the real return to the other factor. History It was derived in 1941 from within the framework of the Heckscher–Ohlin model by Wolfgang Stolper and Paul Samuelson, but has subsequently been derived in less restricted models. As a term, it is applied to all cases where the effect is seen. Ronald W. Jones and José Scheinkman show that under very general conditions the factor returns change with o ...
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Balassa–Samuelson Effect
The Balassa–Samuelson effect, also known as Harrod–Balassa–Samuelson effect (Kravis and Lipsey 1983), the Ricardo–Viner–Harrod–Balassa–Samuelson–Penn–Bhagwati effect (Samuelson 1994, p. 201), or productivity biased purchasing power parity (PPP) (Officer 1976) is the tendency for consumer prices to be systematically higher in more developed countries than in less developed countries. This observation about the systematic differences in consumer prices is called the "Penn effect". The Balassa–Samuelson hypothesis is the proposition that this can be explained by the greater variation in productivity between developed and less developed countries in the traded goods' sectors which in turn affects wages and prices in the non-tradable goods sectors. Béla Balassa and Paul Samuelson independently proposed the causal mechanism for the Penn effect in the early 1960s. The theory The Balassa–Samuelson effect depends on inter-country differences in the relative p ...
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Turnpike Theory
Turnpike theory refers to a set of economic theories about the optimal path of accumulation (often capital accumulation) in a system, depending on the initial and final levels. In the context of a macroeconomic exogenous growth model, for example, it says that if an infinite optimal path is calculated, and an economic planner wishes to move an economy from one level of capital to another, as long as the planner has sufficient time, the most efficient path is to quickly move the level of capital stock to a level close to the infinite optimal path, and to allow Capital (economics), capital to develop along that path until it is nearly the end of the desired term and the planner must move the capital stock to the desired final level. The name of the theory refers to the idea that a Toll road, turnpike is the fastest route between two points which are far apart, even if it is not the most direct route. Origins Although the idea can be traced back to John von Neumann in 1945, Lionel W. ...
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