The 2026 Nobel Prize in Economics has been awarded to American economists Robert E. Hall and Michael Woodford. The Royal Swedish Academy of Sciences announced the award in Stockholm on Monday for their work on the microeconomic foundations of ‘macroeconomic stabilization’. Their research clearly analyses how individual consumption spending and corporate decisions affect the entire economy.
This year’s Nobel Prize announcement series ends
The announcement of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel officially concludes this year’s Nobel Prize announcement series. It is known that the names of winners in the fields of medicine, physics, chemistry, literature, peace and other fields were announced last week.
History of the Nobel Prize in Economics and Prize Money Details
The Nobel Prize in Economics was established in 1968 by the Bank of Sweden in memory of Alfred Nobel, a famous 19th-century Swedish industrialist and chemist who invented dynamite and established the first five Nobel Prizes. Although it is not technically one of the original Nobel Prizes, it is traditionally awarded along with all the other Nobel Prizes on December 10, Alfred Nobel’s death anniversary. This year, the total prize money for this award has been set at 12 million Swedish kronor (approximately 1.2 million US dollars). The cash prize will be shared equally between the two winning economists. Last year, the award was given to three economists who demonstrated how new products and innovations can promote economic growth and human welfare.
