Nobel Prize in Economics 2026: Robert e. Hall, Michael Woodford win award for their breakthrough work on stablisisation
The prize recognises important contributions to economic research and honours economists whose work improves our understanding of how economies function.
PTC News Desk: American economists Robert E. Hall and Michael Woodford won the Nobel Memorial Prize in Economic Sciences on Monday for their research on the microeconomic foundations of macroeconomic stabilisation.
Hall is associated with Stanford University in California, while Woodford is affiliated with Columbia University in New York. The Royal Swedish Academy of Sciences announced the award in Stockholm.
“The laureates’ work has provided us with a stable theoretical foundation for the models that are now used by central banks and governments around the world,” said John Hassler, chair of the Committee for the Prize in Economic Sciences.
He added that their research helps policymakers respond to economic shocks, including energy crises and sudden changes in household spending.
What is Nobel Prize in Economics ?
The award is officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was established in 1968 by Sweden’s central bank and is presented by the Royal Swedish Academy of Sciences in Stockholm.
The prize recognises important contributions to economic research and honours economists whose work improves our understanding of how economies function.
Last year, three researchers received the award for their work explaining how business innovation, new products and inventions drive economic growth and improve human welfare, while also making some existing businesses less competitive.
Unlike the original Nobel Prizes, the economics award was established after Alfred Nobel’s death. However, it is presented alongside the other Nobel Prizes on December 10, the anniversary of Nobel’s death in 1896.
This year’s prize money is 12 million Swedish kronor, equivalent to approximately $1.2 million. The amount is awarded to the individual winner, winning group or organisation, as applicable.
The economics prize, first awarded in 1969, is not among the original five Nobel Prizes established under Alfred Nobel’s 1895 will. Instead, it was created by Sweden’s central bank.
Most winners from United States
Most previous winners have been from the United States. Only three women have received the award, with Claudia Goldin becoming the most recent female laureate in 2023. She was honoured for her research on how gender differences have influenced wages and employment in the United States over time.
An analysis by the Institute for Scientific Information, part of Clarivate, had identified researchers working on monetary policy, information technology economics and evolutionary economic theory as possible winners.
Last year’s award went to Joel Mokyr, Philippe Aghion and Peter Howitt for their research on “creative destruction” — the process through which new technologies and production methods drive economic growth and improve living standards, while making older technologies and businesses less competitive.