American scientists received the Nobel Prize in Economics. Their theory is used by central banks and governments around the world

Americans Robert Hall and Michael Woodford shared the Nobel in economics in 2026. The Swedish Academy of Sciences recognized their contributions to the development of macroeconomic models that explain how best to resolve crises such as the current oil crisis due to the war in Iran.

“The work of the laureates has given us a sound theoretical basis for the models that central banks and governments around the world use today. Thanks to them, we are better prepared to deal with economic shocks such as energy crises or sudden changes in consumer behavior,” said Economics Prize Committee Chairman John Hassler.

The award once again confirmed both the overwhelming superiority of American universities in economic science and the fact that they attract Nobel-level scientists from all over the world.

The economic prize concludes Nobel week, which traditionally takes place in early October.

Economics is a young science, and Alfred Nobel's will says nothing about it. The prize for it only appeared after the Swedish central bank donated a large sum of money to the Nobel Foundation in 1968 in honor of its 300th anniversary.

So the prize is not technically a Nobel Prize, but is awarded at the same ceremony and by the same committee. It includes a cash reward of approximately $1 million and a specially designed gold medal.