What countries have won Nobel Prize in Economics?

For year 2018, the Nobel Prize in Economics has been awarded to the American economists William D. Nordhaus and Paul M. Romer. Mr. Nordhaus suggested that economic growth can depend on the climatic factors and environment of a region as well, whereas Mr. Romer cited the importance of technological change. They both helped in understanding the long-term determinants of economic growth with a clearer perspective.

Nobel Prize is the most celebrated honor given to the people for their exceptional contribution in their respective fields. It is presented as a mark of excellence that brings about a change in the society. Exceptional contributions in the fields of physics, chemistry, medicine, peace, literature, and economics.

The foundations for the prize were laid in 1895 by Alfred Nobel. Nobel Prize in Economics is a relatively new award which was first established in 1968 on the Swedish National Bank’s 300^th anniversary.

Each year the countries and universities worldwide suggest the nominees for the award, and the nomination process usually begins in September every year. Royal Swedish Academy of Sciences in Stockholm awards the prize to the recipients on an annual basis. Since 1969, 49 prizes have been awarded of which only 1 woman has received the award.

Economics is the field of study that determines the scarcity. It analyses the cycle of demand and supply, thus enabling the allocation of available resources in the best possible ways. By analyzing the trends, economics helps to understand the disparity between the rich and the poor. This, in turn, helps to formulate effective economic measures to close the inequality gap.

Here is a list of all the laureates who have won the Nobel Prize in Economics.

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