Nobel laureates in economics are announced

Nobel laureates in economics are announced

At the end of the Nobel Prize announcements, it will be announced on Monday who will receive this year’s Nobel Prize in Economics.

The Nobel Prize for Economics has been donated by the Swedish Reichsbank since the late 1960s.

© Lovisa Engblom / The Nobel Foundation / dpa
The Nobel Prize for Economics has been donated by the Swedish Reichsbank since the late 1960s.

At 11:45 a.m. at the earliest, the Royal Swedish Academy of Sciences in Stockholm wanted to announce who will be honored this time in the business category. In the past, the award went very often to scientists from the USA – and this time?

The award is endowed with ten million Swedish crowns (around 950,000 euros) per category, which is one million crowns more than in the previous year. At that time, the business award went to economists Esther Duflo, Abhijit Banerjee and Michael Kremer, who were honored for their services in the fight against global poverty.

The Nobel Prize for Economics is the only one of the awards that does not go back to the will of dynamite inventor and prize donor Alfred Nobel. It has been donated by the Swedish Reichsbank since the late 1960s and is therefore not, strictly speaking, considered a classic Nobel Prize. Nevertheless, it will be presented together with the other prizes on the anniversary of Nobel’s death, December 10th.

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The otherwise splendid award ceremonies in Stockholm and Oslo will take place in a different and much smaller setting this year due to the coronavirus pandemic. In Stockholm, where all prizes except the Nobel Peace Prize are awarded, instead of the ceremonial ceremony in the concert hall, a televised award ceremony from the city hall is planned this time, at which the winners from their respective home countries are to be connected.

If it is up to the assessment of German top economists, then Americans are most likely to be involved in this award: US researchers have always dominated the Nobel Prize for Economics, and this time too, many scientists from the United States are among the favorites, as a survey by the German press Agency revealed.

The President of the German Institute for Economic Research (DIW), Marcel Fratzscher, advocates Maurice Obstfeld and Kenneth Rogoff. In the year of the global corona crisis, the research of US economists is all the more relevant. Hubertus Bardt, managing director of the Institut der Deutschen Wirtschaft (IW), favors the native Indian Jagdish Bhagwati, who is probably the most influential globalization researcher on earth.

Achim Wambach, President of the Center for European Economic Research (ZEW), speaks out in favor of the US economists Paul Milgrom and Robert Wilson, who have had a significant impact on the theory of auctions and their application. Hennig Vöpel, director of the Hamburg World Economic Institute (HWWI), on the other hand, considers the Turkish economists Dani Rodrik and Daron Acemoğlu to be worthy of the award. The researchers who teach at Harvard and the Massachusetts Institute of Technology have contributed significantly to a better understanding of the political economy of globalization.


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