October 15th, 2012
07:17 AM ET

Nobel Prize for economics awarded to two U.S. economists

Alvin E. Roth of Harvard University and Lloyd Shapley of UCLA have been awarded the Nobel Prize in economics, the Royal Swedish Academy of Sciences announced Monday.

The economics prize is the sixth and final of the annual awards that spotlight the world's top scholars and peacemakers.

The economics award was not among the original prizes created in 1895 by Swedish industrialist Alfred Nobel to honor work in physics, medicine, chemistry, literature and peace. It was added as a category in 1969 by the

Swedish central bank in memory of the industrialist.

As such, the economics prize is given by the Royal Swedish Academy of Sciences - following the same principles used to determine the other Nobel Prize winners, according to the Nobel committee.

The monetary award that accompanies the Nobel Prize was lowered by the foundation this year by 20% from 10 million Swedish kronor ($1.5 million) to 8 million kronor ($1.2 million) because of the turbulence that hit the financial markets.

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soundoff (13 Responses)
  1. Lahcene

    Encore une fois la cuvée 2012 des prix Nobel démontre la suprématie Américaine.
    "In America, I Trust"

    October 15, 2012 at 8:37 am | Report abuse | Reply
  2. Philip

    The economy is shown to be like a giant wave that ebbs and flows on it's own as men try to control it. I wonder how 'the economy' is doing? many people say and then check the NYSE to find out what "it" did last night...like "it" has a mind of it's own and that by chance yer a winner on the market.
    Of course any decent shell gamesman would rather his clients not understand they only had a one in three chance at winning going in.

    October 15, 2012 at 9:37 am | Report abuse | Reply
  3. banasy©

    Congratulations to these two men on their win of this prestigious prize.

    October 15, 2012 at 9:50 am | Report abuse | Reply
  4. banasy©

    Good morning, folks.

    October 15, 2012 at 10:17 am | Report abuse | Reply
  5. Hide Behind

    There are economys and there are branches of economics.
    the encore US won last year as well. Lets see: how to allocate doctors in reasearch to organ transplants. and economicly best means of doing so
    If you are a doctor this economic stufy may help your personal economic status.
    The study is but algorityms. and began with a studyof how you could match up 100 men with 100 women in the best mamner of vonserving each groupings personal wealth.
    A very importoant study that american. taxpayrrs pay for.

    October 15, 2012 at 10:40 am | Report abuse | Reply
  6. banasy©

    The trouble I am having with the prisons for the workshy is this:
    1) What percentage of the total welfare recipients are actually defrauding the system, and who decides what that fraud is?
    2) How much will it cost to incarcerate these individuals, and if what they defrauded is less than what it would cost to incarcerate them, wouldn't it be simpler to just cut of their bennies?
    3) After they serve their term, would there be a job waiting for them, as the vast majority of the welfare recipients are under or unemployed, thus them being on the rolls in the first place?
    4) Where is the evidence that these prisons were built soley for the workshy (how Third Reichian, lol), or did they replace decaying, outdated prisons?

    Just a few questions that I've wondered about since good blogger Philip brought this topic up.

    October 15, 2012 at 11:19 am | Report abuse | Reply
  7. Philip

    Your questions have all been answered by me in previous discourses on the subject. To recap:
    DHS prison inmates will remain incarcerated and slave until every last penny swindled is repaid. For some, this will mean a life sentence b/c they stole so much.
    IN 1988, Cal State Berkley developed the Cube Processor and digitized the english language for the first time ever. This technology was siezed by gov. officials, and only the CIA has it. Every single kestroke made from a PC since 1998 is in cyberspace. ONLY the CIA can find YOU in it. The FBI will become beneficiary of this technology when the already written Victory Act is signed into law.
    If you have been defrauding US, you are already busted. (in other words)

    October 15, 2012 at 12:06 pm | Report abuse | Reply
  8. Philip

    ...that Congress claimed the largest increase in prison funding EVER was to build 160 prisons for "terrorirsts" should tell you all you need to know. How many "terrorists" have even been arrested? Congress increased prison funding for "thousands of terrorists" Sherrif Bush and his wild west posse were gonna round up for US.
    See? DHS prisons were built with US citizens in mind. Obviously not "terrorists".

    October 15, 2012 at 12:12 pm | Report abuse | Reply
  9. CHOSEN ONE

    BILL CLINTON (false messiah and global ruler) and his fallen black antebellum and hip hop angels have a made strategic miscaculation by tricking the white feminists as well as those whites who have a long history embracing white surpremacy in belving it will be easy to get rid of ANDRE HIMES with many of them not knowning about the power of the lamb of GOD who has been guarding his life since the day he was born at SHAW AIR FORCE BASE on APRIL 30 1965. EZEKIEL CHAPTER 36 Thus the LORD GOD to the house of ISRAEL .I will sanctify my great name which you have profane among the heathen and which have you profane in the midst of them and the heathen shall know I AM LORD said the LORD GOD ,when I shall be sanctified in you before their eyes. ZEPHANIAH CHAPTER 3 From beyond the rivers of ETHIOPIA my suppicants even the daughter of my disperse shall bring my offering. Under racial profiling many black americans were arrested and were either martyred within the prison system or were deported to AFRICA ,where many of them were martyred there and where many of them were buried in mass graves in both the SUDAN and in the CONGO ,and it was this act as well as the rise of the hip hop nation is what has contribute to the black holocaust in which much of the BLACK HUMAN POPULATION in both AMERICA and in AFRICA were exterminated . M ean while a new demonic BLACK AMERICA has arisen from both the black antebellum and hip hop nation and are based on stereotypical images of low class ,poverty stricken and criminally prone blacks and has replace the BLACK HUMAN POPULATION in both AMERICA and in AFRICA who were exterminated during the black holocaust 1968-2001

    October 15, 2012 at 12:40 pm | Report abuse | Reply
  10. banasy©

    Hey, Philip, is there any reason that you are attacking me, chrissy, and raven on the Neil Schoen thread, spelling our names backwards and making fun of us, or are you just ticked off at the world today?
    Preemptive revenge for whatever slight you might perceive in the future?
    And your posts didn't address one question I posed.

    October 15, 2012 at 1:51 pm | Report abuse | Reply
  11. Sir Fishalot

    US economists winning the Nobel Prize for economics?! Have the judges seen our economy lately?!

    That's like saying the inventors of the atomic bomb deserve to win the Nobel Peace Prize!

    October 15, 2012 at 2:30 pm | Report abuse | Reply
  12. Philip

    It used to be that when a man got caught lying on his Illinois State bar exam, that was the end of his carreer. Now, a man can get caught smoking crack cocaine red handed, and simply deny inhaleing. "I only puffed on my crackpipe utill the brillo was soggy" he could claim...and most everyone would believe him.

    October 15, 2012 at 3:12 pm | Report abuse | Reply
  13. chrissy

    *inhale*

    October 15, 2012 at 8:59 pm | Report abuse | Reply

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