How did we get a Nobel Prize in economics?

This year's Nobel Prize for Economics went to American economists Robert E. Hall and Michael Woodford! Their research focused on macroeconomic models and economic shocks.

But … How did we get a Nobel Prize in economics, or as it’s actually called, the more long-winded “Swedish Central Bank Prize in Economic Sciences in memory of Alfred Nobel”? And why did nearly 70 years pass between the first Nobel Prizes and a Nobel recognition for economics?

Fact checking by Sierra Juarez.

Your Next Listen 
–Why do we live in unusually innovative times?
–Over 2,000 episodes in our archive on the NPR App

Connect with The Indicator from Planet Money
–The Indicator newsletter — a weekly roundup of news, ideas and staff picks.
–Instagram, TikTok and YouTube
–Find the Planet Money book
–Find the Planet Money game, Sell Me A Sasquatch, and other merch at the NPR Shop!

Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include sponsor-free listening. Learn more at plus.npr.org.

See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.

NPR Privacy Policy