Past winners of the Nobel Prize in Economics... This year, the duo of ‘Macroeconomic Stabilization’

(Seoul = Yonhap News) Reporter Lee Ji-heon = Robert Hall (83), a professor at Stanford University, and Michael Woodford (71), a professor at Columbia University, were selected as winners of this year's Nobel Prize in Economics on the 12th (local time) for their contributions to macroeconomic stabilization research.

The Royal Swedish Academy of Sciences evaluated that the new Keynesian model that emerged based on their research made it possible to explain and quantify the impact of stabilization policies on economic fluctuations.

The Royal Academy of Sciences explained that central banks and treasuries of each country are using these models in policy making.

The Nobel Prize in Economics is an award given to someone who has made significant achievements in the development of economics.

Starting with the first winners in 1969, Langnar Frisch (Norway) and Jan Tinbergen (Netherlands), a total of 101 people have received the award 58 times until this year.

The oldest recipient ever to receive the award is American scholar Leonid Hurvich, who won the award in 2007 at the age of 90.

The youngest recipient was American scholar Ester Duflo, a co-winner in 2019, who was 46 years old at the time of receiving the award.

There are three female winners: Eleanor Ostrom (2009), Duflo (2019), and Claudia Goldin (2023).

In Asia, Amartya Sen of India was the first person to receive the award in 1998.

The official name of the Nobel Prize in Economics is the ‘Alfred Nobel Commemorative Bank of Sweden Prize in Economics’.

It was established by the Swedish Central Bank to commemorate its 300th anniversary in 1968, and the Royal Swedish Academy of Sciences awards the award applying the same principles as the existing Nobel Prize.

However, since it was not one of the five award categories established in accordance with Alfred Nobel's will, controversy continued for a long time over the name and authority of the award.

The following are Nobel Prize winners in economics and their achievements since 2000.

▲ 2026: Robert Hall and Michael Woodford (USA)

▲ 2025: Joel Mauquier (Israel-USA), Philippe Aghion (France), Peter Howitt (Canada)

= Research on sustainable growth through new technologies

▲ 2024: Daron Azemoglu, Simon Johnson, James Robinson (USA)

= Research on wealth differences between countries

▲ 2023: Claudia Goldin (USA)

= Research on the gender gap in the labor market

▲ 2022: Ben Bernanke, Douglas Diamond, Philip Diipwig (USA)

= Research on the role of banks during the financial crisis

▲ 2021: David Card (Canada)

= Empirical contributions to labor economics

Joshua D. Angrist (USA), Hwido W. Imvens (USA, Netherlands)

= Methodological contribution to causal analysis

▲ 2020: Paul Milgram and Robert Wilson (USA)

= Improve auction theory and develop new auction formats

▲ 2019: Ester Duflo, Abhijit Banerjee, Michael Kramer (USA)

= Poverty eradication research based on experiments

▲ 2018: William Nordhaus (USA), Paul Romer (USA)

= Economic effects of climate change and endogenous growth theory

▲ 2017: Richard Seiler (USA)

= Explain how human characteristics affect individual choices and market performance

▲ 2016: Oliver Hart (UK-USA), Bengt Holmström (Finland)

= Contribution to contract theory research

▲ 2015: Angus Deaton (UK-USA)

= Research on consumption, poverty, and welfare

▲ 2014: Jean Tirol (France)

= Research on efficient regulation of monopoly markets

▲ 2013: Eugene Fama, Lars Peter Hanson, Robert Schiller (USA)

= Contribute to the latest research trends in the asset market, including empirical analysis of asset prices

▲ 2012: Alvin Ross, Lloyd Shapley (USA)

= Contribution to research on stable distribution theory and market design practices

▲ 2011: Thomas Sargent, Christopher Sims (USA)

= Contribution to empirical research on causal relationships in the macroeconomy

▲ 2010: Peter Diamond, Dale Mortensen (USA), Christopher Pisarides (UK/Cyprus)

= Contribution to labor market research, including the impact of economic policy on unemployment

▲ 2009: Eleanor Ostrom, Oliver Williamson (USA)

= Contribution to governance research

▲ 2008: Paul Krugman (USA)

= Establishment of a new theory to investigate the impact of free trade and globalization and the forces behind the global urbanization phenomenon

▲ 2007: Leonid Hurwicz, Eric Maskin, Roger Myerson (USA)

= Establishment of the basis for mechanism design theory, which plays an important role in many fields of economics

▲ 2006: Edmund S. Phelps (USA)

= Contribute to macroeconomic policy and economics research by improving understanding of the trade-off between inflation and unemployment

▲ 2005: Robert J. Auman (Israel-USA), Thomas C. Schelling (USA)

= Use game theory to improve understanding of economic conflicts and negotiations, such as trade wars, as well as political and social conflicts and negotiations, such as the arms race during the Cold War

▲ 2004: Finn Szydland (Norway), Edward C. Prescott (USA)

= lays the foundation for an extensive research program on the reliability and political optimality of economic policy

▲ 2003: Robert F. Engle (USA), Clive W.J. Granger (United Kingdom)

= Improved means of analyzing statistics to establish a new framework for future prediction and risk assessment

▲ 2002: Vernon L. Smith (USA), Daniel Kahneman (Israel-USA)

= Pioneering the field of experimental economics

▲ 2001: George Akerlof, Michael Spence, Joseph Stiglitz (USA)

= Analysis of the impact of market participants’ uneven possession of information on the market

▲ 2000: James J. Heckman, Daniel L. McFadden (USA)

= Development of statistical analysis techniques for behavioral choices of individuals and households