Nobel Economics Prize Goes to Academics for ‘Stabilization’ Work

Robert E. Hall and Michael Woodford, two US-based academics, will share the Nobel Prize in Economics.

They will share the 12 million-krona ($1.2 million) award for their work on the “microeconomic foundations of macroeconomic stabilization,” the Royal Swedish Academy of Sciences in Stockholm said in a statement on Monday.

The award in economic sciences was established by Sweden’s central bank in 1968 and is presented annually alongside the Nobel Prizes in physics, chemistry, medicine, literature and peace. The five original honors were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896.

Last year, two US-based economists shared the prize with a European-based peer for research explaining how innovation drives sustained economic growth.

The money for winners this year was increased by 1 million kronor per category in connection with the 125th anniversary of the awards. When the first Nobel Prizes were given out in 1901, the amount was 150,782 kronor each.

On Friday, the Norwegian Nobel Committee in Oslo awarded the Nobel Peace Prize to international jurist Navi Pillay for her efforts to prosecute war crimes, crimes against humanity and genocide.

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