Who is the first economist to receive the Nobel Prize in Economics alone?
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly known as the Nobel Prize in Economics, was established in 1968. It recognizes individuals who have made outstanding contributions to the field of economics, aligning with Alfred Nobel’s bequest.
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The first economist to receive the Nobel Prize in Economics alone was (c) Milton Friedman. He was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1976. Milton Friedman was honored for his contributions to monetary history and theory, particularly his work on the analysis of consumption, history of money, and stabilization policy. A prominent figure in the Chicago School of Economics, Friedman’s influential ideas played a significant role in shaping economic thought and policy in the latter half of the 20th century. His recognition with the Nobel Prize underscored his substantial impact on the field of economics and his enduring contributions to understanding the workings of the economy.