John Bates Clark Medal
Encyclopedia
The John Bates Clark Medal is awarded by the American Economic Association
to "that American economist
under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge". According to the Chronicle of Higher Education, it "is widely regarded as one of the field’s most prestigious awards, perhaps second only to the Nobel in economic science." The award was made biennially until 2007, but is being awarded every year from 2009 because many deserving went unawarded. The committee cited economists such as Edward Glaeser
and John A. List
in campaigning that the award should be annual. Named after the American Neoclassical
economist John Bates Clark
(1847–1938), it is considered one of the two most prestigious awards in the field of economics, along with the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Following an average wait of 22 years, approximately 40% of past Medal winners have gone on to win the Bank of Sweden Prize in Economics, presented annually since 1969 at the Nobel Prize Award Ceremony in Stockholm
. Moreover, 11 of the first 17 awardees (approximately 65%) went on to win the Nobel Prize Award.
Although the Clark medal is billed as a prize for "American" economists, it is sufficient that the candidates work in the US at the time of the award; US nationality is not necessary to be considered. In fact, two out of the last three winners were born, raised and educated outside the United States.
American Economic Association
The American Economic Association, or AEA, is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review...
to "that American economist
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge". According to the Chronicle of Higher Education, it "is widely regarded as one of the field’s most prestigious awards, perhaps second only to the Nobel in economic science." The award was made biennially until 2007, but is being awarded every year from 2009 because many deserving went unawarded. The committee cited economists such as Edward Glaeser
Edward Glaeser
Edward Ludwig "Ed" Glaeser is an economist at Harvard University. He was educated at The Collegiate School in New York City before obtaining his B.A. in economics from Princeton University and his Ph.D. in economics from the University of Chicago...
and John A. List
John A. List
John August List is The Homer J. Livingston Professor in Economics at the University of Chicago. He received his B.A. from the University of Wisconsin–Stevens Point, and his Ph.D. from the University of Wyoming in 1996...
in campaigning that the award should be annual. Named after the American Neoclassical
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...
economist John Bates Clark
John Bates Clark
John Bates Clark was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career teaching at Columbia University.-Biography:Clark was born and raised in Providence, Rhode...
(1847–1938), it is considered one of the two most prestigious awards in the field of economics, along with the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Following an average wait of 22 years, approximately 40% of past Medal winners have gone on to win the Bank of Sweden Prize in Economics, presented annually since 1969 at the Nobel Prize Award Ceremony in Stockholm
Stockholm
Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
. Moreover, 11 of the first 17 awardees (approximately 65%) went on to win the Nobel Prize Award.
Although the Clark medal is billed as a prize for "American" economists, it is sufficient that the candidates work in the US at the time of the award; US nationality is not necessary to be considered. In fact, two out of the last three winners were born, raised and educated outside the United States.
Past recipients
Twelve Clark Medal winners have gone on to win the Nobel Prize. (The date within parentheses is the year that the Nobel Prize was awarded or co-awarded to the Clark Medal recipient.)- 1947 Paul A. SamuelsonPaul SamuelsonPaul Anthony Samuelson was an American economist, and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize, that he "has done more than any other contemporary economist to raise the level of scientific analysis in...
(1970), d. 2009 - 1949 Kenneth E. BouldingKenneth E. BouldingKenneth Ewart Boulding was an economist, educator, peace activist, poet, religious mystic, devoted Quaker, systems scientist, and interdisciplinary philosopher. He was cofounder of General Systems Theory and founder of numerous ongoing intellectual projects in economics and social science. He was...
, d. 1993 - 1951 Milton FriedmanMilton FriedmanMilton Friedman was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades...
(1976), d. 2006 - 1953 No Award
- 1955 James TobinJames TobinJames Tobin was an American economist who, in his lifetime, served on the Council of Economic Advisors and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to...
(1981), d. 2002 - 1957 Kenneth J. ArrowKenneth ArrowKenneth Joseph Arrow is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51....
(1972, with John R. HicksJohn HicksSir John Richard Hicks was a British economist and one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS/LM model , which...
) - 1959 Lawrence R. KleinLawrence KleinLawrence Robert Klein is an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics at the Wharton School of the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980...
(1980) - 1961 Robert M. SolowRobert SolowRobert Merton Solow is an American economist particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him...
(1987) - 1963 Hendrik S. HouthakkerHendrik S. HouthakkerHendrik Samuel "Hank" Houthakker was a Dutch Jewish-born American economist.-Life and career:Houthakker was born in Amsterdam. His father was a prominent art dealer...
, d. 2008 - 1965 Zvi GrilichesZvi GrilichesHirsh Zvi Griliches was an economist at Harvard University. He was born in Kaunas, Lithuania in an assimilated Jewish family that spoke Russian at home. During World War II he was sent to the Dachau concentration camp...
, d. 1999 - 1967 Gary S. BeckerGary BeckerGary Stanley Becker is an American economist. He is a professor of economics, sociology at the University of Chicago and a professor at the Booth School of Business. He was awarded the Nobel Memorial Prize in Economic Sciences in 1992, and received the United States' Presidential Medal of Freedom...
(1992) - 1969 Marc Leon NerloveMarc NerloveMarc Leon Nerlove is an American economist specialized in agricultural economics and econometrics. He is currently Professor of Agricultural and Resource Economics at the University of Maryland. In 1969 he was awarded the John Bates Clark Medal for his contributions to economics.Marc Nerlove...
- 1971 Dale W. JorgensonDale W. JorgensonDale Weldeau Jorgenson is the Samuel W. Morris University Professor at Harvard University, teaching in the Department of Economics and John F. Kennedy School of Government...
- 1973 Franklin M. FisherFranklin M. FisherFranklin Marvin Fisher is an American economist. He has taught economics at the Massachusetts Institute of Technology since 1960.-Biography:...
- 1975 Daniel McFaddenDaniel McFaddenDaniel Little McFadden is an econometrician who shared the 2000 Nobel Memorial Prize in Economic Sciences with James Heckman ; McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He was the E. Morris Cox Professor of Economics at the...
(2000, with James J. HeckmanJames HeckmanJames Joseph Heckman is an American economist and Nobel laureate. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation.Heckman...
) - 1977 Martin S. FeldsteinMartin FeldsteinMartin Stuart "Marty" Feldstein is an economist. He is currently the George F. Baker Professor of Economics at Harvard University, and the president emeritus of the National Bureau of Economic Research . He served as President and Chief Executive Officer of the NBER from 1978 through 2008...
- 1979 Joseph E. StiglitzJoseph E. StiglitzJoseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal . He is also the former Senior Vice President and Chief Economist of the World Bank...
(2001, with George A. AkerlofGeorge AkerlofGeorge Arthur Akerlof is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the 2001 Nobel Prize in Economics George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of...
and A. Michael SpenceMichael SpenceAndrew Michael Spence is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University...
) - 1981 A. Michael SpenceMichael SpenceAndrew Michael Spence is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University...
(2001, with George A. AkerlofGeorge AkerlofGeorge Arthur Akerlof is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the 2001 Nobel Prize in Economics George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of...
and Joseph E. StiglitzJoseph E. StiglitzJoseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal . He is also the former Senior Vice President and Chief Economist of the World Bank...
) - 1983 James J. HeckmanJames HeckmanJames Joseph Heckman is an American economist and Nobel laureate. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation.Heckman...
(2000, with Daniel McFaddenDaniel McFaddenDaniel Little McFadden is an econometrician who shared the 2000 Nobel Memorial Prize in Economic Sciences with James Heckman ; McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He was the E. Morris Cox Professor of Economics at the...
) - 1985 Jerry A. HausmanJerry A. HausmanJerry A. Hausman is the John and Jennie S. MacDonald Professor of Economics at the Massachusetts Institute of Technology and a famous econometrician. He has also published numerous papers in applied microeconomics...
- 1987 Sanford J. GrossmanSanford J. GrossmanSanford "Sandy" Jay Grossman is an American economist and hedge fund manager specializing in quantitative finance. Dr. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management...
- 1989 David M. KrepsDavid M. KrepsDavid Marc "Dave" Kreps is a game theorist and economist and professor at the Graduate School of Business at Stanford University. He is known for his analysis of dynamic choice models and non-cooperative game theory, particularly the idea of sequential equilibrium, which he developed with Stanford...
- 1991 Paul R. KrugmanPaul KrugmanPaul Robin Krugman is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times...
(2008) - 1993 Lawrence H. SummersLawrence SummersLawrence Henry Summers is an American economist. He served as the 71st United States Secretary of the Treasury from 1999 to 2001 under President Bill Clinton. He was Director of the White House United States National Economic Council for President Barack Obama until November 2010.Summers is the...
- 1995 David CardDavid CardDavid Edward Card is a Canadian labour economist and professor at the University of California, Berkeley.Card earned his B.A. degree from Queen's University in 1978 and his Ph.D. degree in Economics in 1983 from Princeton University....
- 1997 Kevin M. MurphyKevin M. MurphyKevin Miles Murphy is the George J. Stigler Distinguished Service Professor of Economics at the University of Chicago Booth School of Business and a Senior Fellow at the Hoover Institution....
- 1999 Andrei ShleiferAndrei ShleiferAndrei Shleifer is a Russian American economist. From its inauguration in 1992 until it was shut down in 1997, Shleifer served as project director of the Harvard Institute for International Developments Russian aid project...
- 2001 Matthew RabinMatthew RabinMatthew Joel Rabin is the Edward G. and Nancy S. Jordan Professor of Economics in the Department of Economics at the University of California, Berkeley...
- 2003 Steven LevittSteven LevittSteven David "Steve" Levitt is an American economist known for his work in the field of crime, in particular on the link between legalized abortion and crime rates. Winner of the 2004 John Bates Clark Medal, he is currently the William B...
- 2005 Daron AcemogluDaron AcemogluKamer Daron Acemoğlu is a Turkish-American economist of Armenian origin. He is currently the Elizabeth and James Killian Professor of Economics at Massachusetts Institute of Technology and winner of the 2005 John Bates Clark Medal. He is among the in the world according to IDEAS/RePEc...
- 2007 Susan C. AtheySusan AtheySusan Carleton Athey is an American economist. She is currently Professor of Economics at Harvard University and the first female winner of the John Bates Clark Medal.- Early life :...
- 2009 Emmanuel SaezEmmanuel SaezEmmanuel Saez is a French economist. Saez is Professor of Economics at the University of California, Berkeley...
- 2010 Esther DufloEsther DufloEsther Duflo is a French economist, currently the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology. She is also co-founder and the Director of the Abdul Latif Jameel Poverty Action Lab...
- 2011 Jonathan Levin
See also
- List of prizes, medals, and awards
- Yrjö Jahnsson AwardYrjö Jahnsson AwardThe Yrjö Jahnsson Award is a biennial award given by the Finnish Yrjö Jahnsson Foundation and the European Economic Association to European economists under the age of 45 "who have made a contribution in theoretical and applied research that is significant to the study of economics in Europe." ...
- Nakahara PrizeNakahara PrizeThe Nakahara Prize is an annual award given by the Japanese Economic Association to Japanese economists under the age of 45 whose work has gained international recognition. The prize was created in 1995, and named after its sponsor Nobuyuki Nakahara...
- Gossen PrizeGossen PrizeThe Gossen Prize is an annual award given by the Verein für Socialpolitik to German-speaking economists under the age of 45 whose work gained international recognition. The jury—the extended committee of the Verein für Socialpolitik—especially considers the scientist's number of publications in...
- Fields MedalFields MedalThe Fields Medal, officially known as International Medal for Outstanding Discoveries in Mathematics, is a prize awarded to two, three, or four mathematicians not over 40 years of age at each International Congress of the International Mathematical Union , a meeting that takes place every four...