Economics Nobel Prizes

Source: SagePub, Jun 2019

In economics, the University of Chicago holds the top spot with 32 laureates, followed by Harvard (30), MIT (28), Stanford (25), Berkeley (23), Yale (21), and Princeton (19). In terms of the graduate department awarding the PhD degree to economics Nobel laureates, about half have come from only five universities: MIT (11), Harvard (10), Chicago (9), Carnegie Mellon (4) and the London School of Economics (4). Six other universities have produced two each.

Robert Solow (Nobel 1987) published (in 1956) a formal model of economic growth in which the output to capital ratio was not fixed, and the growth rate of population (and consequently the labor force) drove economic growth. Technological progress entered the process via a specified steady rate of productivity growth. His first order differential equation explaining the rate of economic growth appealed to the mathematical formalism of economists (and has lasted as a staple for more than 50 years) because it is founded on notions essential to popular classical economic theories.

Paul Romer, recipient of the 2018 Prize, extended the basic growth model by including technological progress as an endogenous factor, wherein economic policies, such as trademark and patent laws, could affect and accelerate the rate of technological progress (Henderson, 2018).

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