The Nobel Memorial Prize in Economics 1998

Article Abstract:

Economics professor Amartya Sen was awarded the 1998 Nobel Memorial Prize in Economics for his important contributions to fundamental problems in welfare economics. In particular, Sen's landmark work on the analysis of famine challenged the commonly held belief that shortage of food was the only cause. In his 1981 book 'Poverty and Famines: An Essay on Entitlement and Deprivation,' Sen analyzed several social and economic factors that play key roles in influencing the opportunities of the different social groups.

Research and Development in the Social Sciences and Humanities, Economists, Nobel laureates, Nobel prizes, 1998 AD, Sen, Amartya

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Robert Lucas, recipient of the 1995 Nobel Memorial Prize in Economics

Article Abstract:

Robert E. Lucas, Jr. has been and still is the leader of the transformation of economic dynamics theory and practice since 1970. His work has given economists new tools and approaches for solving dynamic problems. Lucas' work tackles investment, unemployment, income distribution, economic growth, monetary policy, and monetary theories of the business cycle. His vital contributions to the general approach of economists to economics and some of his specific applications of the approach are discussed.

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Robert Lucas's Nobel Memorial Prize

Article Abstract:

Robert E. Lucas, Jr.'s contributions in macroeconomic theory and policy won for him the 1995 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Lucas defined and argued the inadequacies of existing macroeconomic approaches and formulated an alternative analytic approach called the rational expectations-equilibrium approach. This approach has become a significant part of advanced academic macroeconomics.

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