Term Papers on The Nobel Prize For Economics

Term Paper Title	The Nobel Prize For Economics
# of Words	1821
# of Pages (250 words per page double spaced)	7.28

The Nobel Prize for Economics

The Nobel Prize for Economics or more correctly, The Bank of Sweden Prize in Economic Sciences is the world's most prestigious award for the people who contributions to the field of Economics. It is awarded in memory of Alfred Nobel by the Royal Swedish Academy of Sciences every year. The prize consists of a gold medal, a diploma bearing a citation, and a sum of money (US$1,000,000 in recent years). It represents the ultimate recognition by one's peers.

The Economics prize was not part of Alfred Nobel's original will, it is not set up by Alfred Nobel himself. In 1968, the Bank of Sweden instituted the "Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" in time for the bank's tercentenary celebrations. At that time, the President of the Bank of Sweden questioned that "Why the Nobel Prize is only set up for natural sciences?” because he was think the some thing is not natural sciences is make a big progress for the social improvement. Therefore, he endeavored for the institution of a new award, and finally his efforts paid off. His proposal was passed by the Swedish government and ratified by the Congress. With the support of the Bank of Sweden, it has since been judged and administered by the Nobel Foundation in the same way as the five original Nobel prizes, so it is guarantee the justice of this prize. The prizes reward specific discoveries or breakthroughs, and the impact of these on the discipline.

The economists selected the person who obtains this prize. The Prize Committee gave a recommendation to the social science class of the Academy and a secret ballot of the full Academy. The Nobel laureate is announced each October, and the presentation is made in Stockholm on 10 December.

The generally known definition of economic science is that “It is a subject on the study of how human beings utilize limited resources to produce a diversity of goods in order to satisfy the unlimited desires and distribute them to all members in societies."

The economic science has become a subject since Adam Smith's wrote a famous book which named "Wealth of Nations" in 1776.And in 1936, Keynes' theories was introduced, facilitating the advancement of economic sciences. The awarding of the Nobel Economics Prize from 1969 has further strengthened its scholarly status.

Of course, over the years, the theories introduced by prize winners have made contributions to the economy of our times.

Herewith I will list some sciences and their stories.

1. Ideas of consumption, monetary theory and stabilization policy

The Nobel Prize in Economics 1976

Milton Friedman who was born on July 15, 1912 won The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1976 for his achievement in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy. His book <>, written with his wife Rose, became a ten-part television series on PBS in early 1980. But his free economy arguments and policies are poorly received by the government, so his son David Friedman has carried on his tradition of explaining the principles of the free market. However, it is because of Milton Friedman, the importance of "monetary policy" has since been recognized.
You can say Friedman is a monetarist, and is often seen as the leading proponent of this economic school. He thinks that the link between inflation and the money supply is close and stable.
He has supported various libertarian policies such as decriminalization of drugs and prostitution. He also supported the move towards a fully professional armed forces and the abolition of the draft that took place in the 1970s in the U.S.
In 1975 Friedman visited to Chile, at that time this country is during the dictatorship of Augusto Pinochet. He gave lectures on economics. And he was received heavily criticized and accused of supporting a regime whose policies is not good. However at the 1976 Nobel Prize cere...

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