All nobel price of economics

The Nobel Prize in Economic Sciences is one of the most prestigious awards in the field of economics. It was first awarded in 1969 and is often referred to as the Nobel Prize in Economics. Here is a list of all the Nobel laureates in economics since its inception:

1969 - Ragnar Frisch (Norway) and Jan Tinbergen (Netherlands)

1970 - Paul Samuelson (USA)

1971 - Simon Kuznets (USA)

1972 - John Hicks (UK) and Kenneth Arrow (USA)

1973 - Wassily Leontief (USA)

1974 - Gunnar Myrdal (Sweden) and Friedrich Hayek (UK)

1975 - Leonid Kantorovich (USSR) and Tjalling Koopmans (USA)

1976 - Milton Friedman (USA)

1977 - Bertil Ohlin (Sweden) and James Meade (UK)

1978 - Herbert Simon (USA)

1979 - Theodore Schultz (USA) and Arthur Lewis (UK)

1980 - Lawrence Klein (USA)

1981 - James Tobin (USA)

1982 - George Stigler (USA) and Gérard Debreu (France)

1983 - Gérard Debreu (France)

1984 - Richard Stone (UK)

1985 - Franco Modigliani (USA)

1986 - James Buchanan (USA)

1987 - Robert Solow (USA)

1988 - Maurice Allais (France)

1989 - Trygve Haavelmo (Norway)

1990 - Harry Markowitz, Merton Miller and William Sharpe (USA)

1991 - Ronald Coase (UK)

1992 - Gary Becker (USA)

1993 - Robert Fogel and Douglass North (USA)

1994 - John Harsanyi, John Nash and Reinhard Selten (USA, Hungary, Germany)

1995 - Robert Lucas (USA)

1996 - James Mirrlees and William Vickrey (UK, USA)

1997 - Robert Merton and Myron Scholes (USA)

1998 - Amartya Sen (India)

1999 - Robert Mundell (Canada)

2000 - James Heckman and Daniel McFadden (USA)

2001 - George Akerlof, Michael Spence and Joseph Stiglitz (USA)

2002 - Daniel Kahneman (USA) and Vernon Smith (USA)

2003 - Robert Engle and Clive Granger (USA, UK)

2004 - Finn Kydland (Norway) and Edward Prescott (USA)

2005 - Thomas Schelling (USA) and Robert Aumann (Israel)

2006 - Edmund Phelps (USA)

2007 - Leonid Hurwicz, Eric Maskin and Roger Myerson (USA)

2008 - Paul Krugman (USA)

2009 - Elinor Ostrom (USA) and Oliver Williamson (USA)

2010 - Peter Diamond, Dale Mortensen and Christopher Pissarides (USA, UK)

2011 - Thomas Sargent and Christopher Sims (USA)

2012 - Alvin Roth and Lloyd Shapley (USA)

2013 - Eugene Fama, Lars Peter Hansen and Robert Shiller (USA)

2014 - Jean Tirole (France)

2015 - Angus Deaton (UK)

2016 - Oliver Hart and Bengt Holmström (UK, Finland)

2017 - Richard Thaler (USA)

2018 - William Nordhaus and Paul Romer (USA)

2019 - Abhijit Banerjee, Esther Duflo and Michael Kremer (India, USA)

2020 - Paul Milgrom and Robert Wilson (USA)

The Nobel laureates in economics have made significant contributions to the field of economics and have

comparison between classical, neo classical and Keynesian economists

Economics is a social science that has gone through numerous transformations over the years. Economic theories and practices have evolved and changed according to the different economic and social contexts of different times. Three of the most influential schools of economic thought are Classical economics, Neoclassical economics, and Keynesian economics. In this blog, we will compare and contrast the theories and assumptions of these three schools of economic thought.

Classical Economics:

Classical economics emerged in the 18th century and is considered the first systematic economic theory. Adam Smith, the father of economics, is considered the founder of classical economics. Classical economists believed that the market was self-regulating, and the invisible hand of the market would naturally create a balance between supply and demand. They also believed in the concept of laissez-faire, which means that the government should not intervene in the market. In the classical view, the market was efficient and would automatically correct itself.

Neoclassical Economics:

Neoclassical economics emerged in the late 19th century and is an extension of classical economics. Neoclassical economists still believe in the self-regulating market but assume that individuals are rational decision-makers and have perfect information about the market. They believe that supply and demand determine the prices of goods and services in the market. In the neoclassical view, individuals are the decision-makers, and the market is efficient and flexible.

Keynesian Economics:

Keynesian economics emerged in the early 20th century and is a reaction to the Great Depression. Keynesian economists believed that the market was not self-regulating and that the government should intervene in the market during times of economic instability. They believed that aggregate demand determines the level of economic activity and employment. In the Keynesian view, the government can influence economic activity through fiscal and monetary policy. They also believe that the government should increase its spending during times of economic instability to stimulate the economy.

Comparison and Contrast:

Classical, neoclassical, and Keynesian economics differ in their assumptions, beliefs, and theories. Classical economics assumes that the market is self-regulating and that the government should not intervene in the market. Neoclassical economics is an extension of classical economics and assumes that individuals are rational decision-makers and have perfect information about the market. Keynesian economics, on the other hand, believes that the market is not self-regulating and that the government should intervene in the market during times of economic instability.

In terms of beliefs, classical and neoclassical economists believe in laissez-faire and that the market should be left alone to create a balance between supply and demand. Keynesian economists believe that the government should play an active role in the economy during times of economic instability.

In terms of theories, classical and neoclassical economics are based on the assumptions of self-regulation and the invisible hand of the market. Keynesian economics is based on the concept of aggregate demand and the role of the government in stimulating the economy.

In conclusion, the three schools of economic thought, classical, neoclassical, and Keynesian, differ in their assumptions, beliefs, and theories. They have influenced economic policy and practice over time and have shaped the way economists understand and analyze the economy.

MCQ set-1

Which of the following best defines economics?

A) The study of how people allocate scarce resources

B) The study of how people spend their income

C) The study of how people save their income

D) The study of how people invest their income

Answer: A) The study of how people allocate scarce resources

Which of the following is an example of a capital resource?

A) Money

B) Labor

C) Land

D) Machinery

Answer: D) Machinery

What is the opportunity cost of a decision?

A) The cost of producing a good or service

B) The cost of consuming a good or service

C) The cost of the next best alternative

D) The cost of doing nothing

Answer: C) The cost of the next best alternative

Which of the following is a characteristic of a market economy?

A) Centralized decision-making

B) Government control of prices

C) Private ownership of resources

D) Equal distribution of wealth

Answer: C) Private ownership of resources

Which of the following best describes the law of supply?

A) As price increases, quantity supplied increases

B) As price decreases, quantity supplied increases

C) As price increases, quantity supplied decreases

D) As price decreases, quantity supplied decreases

Answer: A) As price increases, quantity supplied increases

What is the difference between a normal good and an inferior good?

A) Normal goods are always more expensive than inferior goods

B) Normal goods are purchased more frequently than inferior goods

C) Normal goods are purchased less frequently than inferior goods

D) Normal goods are purchased more often as income increases, while inferior goods are purchased less often as income increases

Answer: D) Normal goods are purchased more often as income increases, while inferior goods are purchased less often as income increases

What is inflation?

A) A decrease in the overall price level of goods and services

B) An increase in the overall price level of goods and services

C) A decrease in the supply of money

D) An increase in the supply of money

Answer: B) An increase in the overall price level of goods and services

Which of the following is an example of a progressive tax?

A) Sales tax

B) Excise tax

C) Property tax

D) Income tax

Answer: D) Income tax

What is the difference between a monopoly and an oligopoly?

A) A monopoly is a market with only one supplier, while an oligopoly is a market with only a few suppliers

B) A monopoly is a market with only a few suppliers, while an oligopoly is a market with only one supplier

C) A monopoly is a market with no suppliers, while an oligopoly is a market with multiple suppliers

D) A monopoly is a market with multiple suppliers, while an oligopoly is a market with no suppliers

Answer: A) A monopoly is a market with only one supplier, while an oligopoly is a market with only a few suppliers

Which of the following is a tool used by the Federal Reserve to control the money supply?

A) Fiscal policy

B) Monetary policy

C) Government spending

D) Tax policy

Answer: B) Monetary policy