News / Economy

    3 Americans Win Nobel Economics Prize

    The Royal Swedish Academy of Sciences announces the winners of 2013 Nobel Memorial Prize in Economic Sciences as Eugene Fama, Lars Peter Hansen and Robert Shiller in Stockholm, Oct. 14, 2013.
    The Royal Swedish Academy of Sciences announces the winners of 2013 Nobel Memorial Prize in Economic Sciences as Eugene Fama, Lars Peter Hansen and Robert Shiller in Stockholm, Oct. 14, 2013.
    VOA News
    Three American economists were awarded the Nobel Prize in economics for their work on determining how asset prices change over time.

    The Royal Swedish Academy of Sciences, in a statement Monday, named Eugene Fama, Lars Peter Hansen and Robert Shiller as recipients of the 2013 award for their "empirical analysis of asset prices."

    The academy said that while it is hard predict the price of stocks and bonds over the next few days or weeks, the work by these economists make it possible to foresee the broad course of these prices over longer periods, such as the next three to five years.

    Fama and Hansen are professors at the University of Chicago, in Illinois, while Shiller teaches at Yale University in Connecticut.

    2013 Nobel Prize for Economics

    • Eugene Fama of the University of Chicago
    • Lars Hansen of the University of Chicago
    • Robert Shiller of Yale University
    • Awarded for their empirical analysis of asset prices
    • They found it is possible to foresee the broad course of stock and bond prices over long periods of time

    Shiller said finance is often misunderstood as being about making money rather than a way of allocating resources, giving people incentives and spreading risks. He said "rising inequality" is the most important problem facing the United States and other parts of the world today.  

    "This is a problem that has solutions," said Shiller. "Many of them are financial solutions. Finance is substantially about risk management, and if it's supplied right, if it's democratized, the real tools are made useful to real people, and not to just the minority of people, it can help solve these problems."  

    The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It is not one of the original awards created by Swedish industrialist Alfred Nobel, the inventor of dynamite, in 1895.

    You May Like

    Egypt Orders Trial for Journalists Charged With Harboring Reporters

    Order targets journalists' union chief Yehia Qalash, Khaled al-Balshy and Gamal Abdel Rahim for allegedly spreading false news, harboring fugitive colleagues

    Nigerian Oil Production Falls as Militant Attacks Take Toll

    Country no longer Africa's petroleum king due to renewed militancy in its oil-producing region

    Video Tunisia’s Ennahda Party Begins a New Political Chapter

    Party now moves to separate its political and religious activities; change described by party members as pragmatic response to political and economic challenges facing Tunisia today

    This forum has been closed.
    Comment Sorting
    Comments
         
    by: Godwin from: Nigeria
    October 14, 2013 11:21 AM
    With the US thriving on borrowing, the government running on thrillions of borrowed money and no sign it is going to stop any time soon, what is the wisdom of giving nobel prize for economics to an American? Doesn't make sense, unless someone will show me that the governments have refused to take economic advices or that that is another principle being applied in USA which makes sense of borrowing not in reverse. That prize should have gone to Iranians for being able to survive economic sanctions without outside aid, not to US who borrows in spite of all the freedoms and liberty.

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    New Chapter for Tunisia's Ennahdai
    X
    Lisa Schlein
    May 31, 2016 1:56 PM
    Tunisia’s moderate Islamist Ennahda party says it is separating its religious and political activities in a broader bid to mark its so-called Muslim Democratic identity. The move appears to open a new chapter for a party that bounced back from the political wilderness of Tunisia’s pre-revolution days to become a key player in the North African country, and a member of the current coalition government. From Tunis, Lisa Bryant takes a look at how Tunisians are viewing its latest step.
    Video

    Video New Chapter for Tunisia's Ennahda

    Tunisia’s moderate Islamist Ennahda party says it is separating its religious and political activities in a broader bid to mark its so-called Muslim Democratic identity. The move appears to open a new chapter for a party that bounced back from the political wilderness of Tunisia’s pre-revolution days to become a key player in the North African country, and a member of the current coalition government. From Tunis, Lisa Bryant takes a look at how Tunisians are viewing its latest step.
    Video

    Video New Mobile App Allows Dutch Muslims to Rate their Imams

    If a young Dutch-Moroccan app developer has his way, Muslims in the Netherlands will soon be able to rate their imams online. Mohamed Mouman says imams rarely get feedback from their followers. He believes his app can give prayer leaders a better picture of what's happening in their communities — and can also keep young people from being radicalized. Serginho Roosblad reports from Amsterdam.
    Video

    Video Moscow Condemns NATO Plans to Beef Up Defense in Eastern Europe, Baltics

    NATO Secretary General Jens Stoltenberg said Monday an upcoming "landmark summit" will enhance the alliance's defensive and deterrent presence in eastern Europe and the Baltics. He is visiting Poland ahead of the NATO Summit in Warsaw. Zlatica Hoke reports
    Video

    Video Tech Startups Showcase Wares at Amsterdam Conference

    More than 20,000 tech enthusiasts, entrepreneurs and lovers of digital technology came together in Amsterdam recently at the Next Web Conference to discuss the latest developments in digital technology, look to the future and, of course, to connect. In recent years, there has been an explosion of so-called startup businesses that have created devices and applications that have changed the way we live; but, as Serginho Roosblad reports for VOA, there are pitfalls for such startups as well.
    Video

    Video US Military's Fallen Honored With Flags

    Memorial Day is a long weekend for most Americans. For some, it is the unofficial start of summer -- local swimming pools open and outdoor grilling season begins. But Memorial Day remains true to its origins -- a day to remember the U.S. military's fallen.
    Video

    Video Rolling Thunder Rolls Into Washington

    The Rolling Thunder caravan of motorcycles rolled into Washington Sunday, to support the U.S. military on the country's Memorial Day weekend
    Video

    Video A New Reading Program Pairs Kids with Dogs

    Dogs, it is said, are man's best friend. What some researchers have discovered is that they can also be a friend to a struggling reader. A group called Intermountain Therapy Animals trains dogs to help all kinds of kids with reading problems — from those with special needs to those for whom English is a second language. Faiza Elmasry has more on the New York chapter of R.E.A.D., or Reading Education Assistance Dogs, in this piece narrated by Faith Lapidus.
    Video

    Video Fan Base Grows for Fictional Wyoming Sheriff Longmire

    Around the world, the most enduring symbol of the U.S. is that of the cowboy. A very small percentage of Americans live in Western rural areas, and fewer still are cowboys. But the fascination with the American West is kept alive by such cultural offerings as “Longmire,” a series of books and TV episodes about a fictional Wyoming sheriff. VOA’s Greg Flakus recently spoke with Longmire’s creator, Craig Johnson, and filed this report from Houston.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video F-35 Fighter Jet Draws Criticisms as Costs Mount

    America’s latest fighter plane, the F-35, has been mired in controversy. Critics cite cost, faulty design, and the attempt to use it to fill multiple roles. Even the pilot’s helmet is controversial. VOA’s Bernard Shusman reports from New York.
    Video

    Video Concerns Over Civilian Suffering as Iraqi Forces Surround Fallujah

    Thousands of residents are trapped inside the IS-held city ahead of a full scale Iraqi offensive aimed at retaking it.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8965
    JPY
    USD
    111.01
    GBP
    USD
    0.6830
    CAD
    USD
    1.3026
    INR
    USD
    67.196

    Rates may not be current.