1969

Ragnar Frisch (Norway) and Jan Tinbergen (Netherlands), for work in econometrics (application of mathematics and statistical methods to economic theories and problems)

1970

Paul A. Samuelson (U.S.), for efforts to raise the level of scientific analysis in economic theory

1971

Simon Kuznets (U.S.), for developing concept of using a country's gross national product to determine its economic growth

1972

Kenneth J. Arrow (U.S.) and Sir John R. Hicks (U.K.), for theories that help to assess business risk and government economic and welfare policies

1973

Wassily Leontief (U.S.), for devising the input-output technique to determine how different sectors of an economy interact

1974

Gunnar Myrdal (Sweden) and Friedrich A. von Hayek (U.K.), for pioneering analysis of the interdependence of economic, social, and institutional phenomena

1975

Leonid V. Kantorovich (U.S.S.R.) and Tjalling C. Koopmans (U.S.), for work on the theory of optimum allocation of resources

1976

Milton Friedman (U.S.), for work in consumption analysis and monetary history and theory, and for demonstration of complexity of stabilization policy

1977

Bertil Ohlin (Sweden) and James E. Meade (U.K.), for contributions to theory of international trade and international capital movements

1978

Herbert A. Simon (U.S.), for research into the decision-making process within economic organizations

1979

Sir Arthur Lewis (U.K.) and Theodore Schultz (U.S.), for work on economic problems of developing nations

1980

Lawrence R. Klein (U.S.), for developing models for forecasting economic trends and shaping policies to deal with them

1981

James Tobin (U.S.), for analyses of financial markets and their influence on spending and saving by families and businesses

1982

George J. Stigler (U.S.), for work on government regulation in the economy and the functioning of industry

1983

Gerard Debreu (U.S.), in recognition of his work on the basic economic problem of how prices operate to balance what producers supply with what buyers want

1984

Sir Richard Stone (U.K.), for his work to develop the systems widely used to measure the performance of national economics

1985

Franco Modigliani (U.S.), for his pioneering work in analyzing the behavior of household savers and the functioning of financial markets

1986

James M. Buchanan (U.S.), for his development of new methods for analyzing economic and political decision-making

1987

Robert M. Solow (U.S.), for seminal contributions to the theory of economic growth

1988

Maurice Allais (France), for his pioneering development of theories to better understand market behavior and the efficient use of resources

1989

Trygve Haavelmo (Norway), for his pioneering work in methods for testing economic theories

1990

Harry M. Markowitz, William F. Sharpe, and Merton H. Miller (all U.S.), whose work provided new tools for weighing the risks and rewards of different investments and for valuing corporate stocks and bonds

1991

Ronald Coase (U.S.), for his pioneering work in how property rights and the cost of doing business affect the economy

1992

Gary S. Becker (U.S.), for "having extended the domain of economic theory to aspects of human behavior which had previously been dealt with—if at all—by other social science disciplines"

1993

Robert W. Fogel and Douglass C. North (both U.S.), for their work in economic history

1994

John F. Nash, John C. Harsanyi (both U.S.), and Reinhard Selten (Germany), for their pioneering work in game theory

1995

Robert E. Lucas, Jr. (U.S.), for having had the greatest influence on macroeconomic research since1970

1996

James A. Mirrlees (U.K.) and William Vickrey (U.S.), for "their fundamental contributions to the economic theory of incentives"

1997

Robert C. Merton and Myron S. Scholes (both U.S.), for developing a formula that determines the value of stock options and other derivatives

1998

Amartya Sen (India), for his contributions to welfare economics