Joel Mokyr won the 2025 Economics Nobel as a historian of scientific ideas

Why some nations reach economic success and others don’t

The 2024 Nobel Prize in Economics winners, Daron Acemoglu, Simon Johnson, and James A. Robinson, were honored for their compelling research on the factors that influence a nation’s prosperity. Spanning two decades, their work presents insights into how societal organization can explain the income discrepancies between different countries. In general, their research shows that economic success favors more free and open societies. Listen for more fascinating insights.

Winning a Nobel in economics takes decades of impact and a Swedish stamp of approval

The Nobel Memorial Prize in Economic Sciences isn't one of the original five prizes in Alfred Nobel's will but was added by Sweden's central bank in 1968. Candidates are nominated by top economists, with a focus on lasting academic influence.

Of the 736 Nobel Prizes in physics, chemistry, physiology or medicine, and economics awarded through 2023, more than 95% come from the same academic family, having been taught by a lineage of previous winners.

The role stories play in mass economic trends like bitcoin, crashes

Economics is dominated by numbers, but stories play a huge role in the emotional shifts seen within macroeconomic trends. For example, bitcoin is not just a cost-benefit winner, but a compelling tale of decentralization and independence. This is a 20-minute summary of Nobel prize-winning economist Robert Shiller's "Narrative Economics."

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

The Nobel Prizes honor global achievements in science, literature, and peace efforts

Established by Alfred Nobel’s will, the Nobel Prizes have been awarded since 1901 to individuals and organizations making major contributions to humanity. Although often grouped with the five original prizes, the economics award was added later by Sweden’s central bank in 1968 and isn't technically a Nobel Prize.

Explore a list of Nobel Prize winners supported by National Science Foundation grants

As of 2025, 274 Nobel laureates have received funding from the NSF at some point during their careers, including 49 in physiology or medicine, 82 in physics, and 70 in chemistry. The 73 NSF-funded laureates in economics include every prize winner since 1997.

Non-Nobel Prize awards recognize topics outside of chemistry, physics and medicine

Established in 2002, the Abel Prize awards $750,000 to a mathematician for pioneering scientific achievements, while the $1M Turing Award honors contributions in computer science. Additional prizes in earth science, engineering, environmental science and policy, astrophysics, nanoscience and neuroscience have also been established.

The Nobel Prize remains science's top honor despite limits and inequities

Each October, a few scientists gain global fame when told they’ve won a Nobel Prize—a century-old award founded by Alfred Nobel to recognize major achievements. While the prizes boost attention and prestige for winners, they exclude many deserving scientists due to rigid rules.

Critics say Nobel Prizes need updating to reflect how science and society work today

The rules still favor individuals over teams and may reflect outdated views on who does science. In 2013, the Nobel Prize in physics went to two theorists, even though over 5,000 scientists helped confirm the Higgs boson.

Nobel Prizes in science have heavily favored male, North American, and European scientists

Most science laureates come from established academic institutions, and limited outreach and nomination rules have biased against researchers from low- and middle-income countries. As of 2024, China ranks among the world’s top scientific contributors, but has only won 10 Nobel Prizes in the sciences.

Explore the full list of Nobel Prize winners

Since 1901, about 1,000 individuals have been awarded Nobel Prizes. The Nobel Foundation provides biographies of every winner and concise descriptions of their accomplishments, as well as interviews and videos with more recent winners.

Read more about the backstory on the 2025 Nobel Prize for immune system work

A trio of scientists won the Nobel in Physiology or Medicine that year, but they performed their award-worthy work beginning about two decades before winning the prize. This announcement includes details about the science and notes that the three scientists will equally share the 11 million Swedish kronor (almost $1.2M).

As of 2025, only five people have won two Nobel Prizes

Marie Curie's awards in physics and chemistry and Linus Pauling's in chemistry and peace are the only pairs in different fields. Awards to Curie's daughter and sons-in-law have made the Curies the most awarded family in history.

Experience games that explore Nobel Prize-winning work

Inspired by the educators who set laureates on their path, the Nobel Foundation has created a library of interactive activities for the general public. These allow users to make groundbreaking discoveries, showing that such work is accessible to all.

An economist answers questions about love

Economists aren't exactly known for their dating advice. But as it turns out, economics experts can offer fresh perspectives to everyday romantic quandaries. On this podcast episode, economist Tim Harford answers listeners’ relationship quandaries, from paying for a first date to alternatives to saying, "I love you." Listen to the episode here.

Some Nobel laureates have expressed beliefs in pseudoscience after winning

Examples of the phenomenon, known as Nobelitis or Nobel disease, include promoting psychic research, harmful practices like eugenics, and seeing talking raccoons. Increased external pressures after a win and a greater spotlight may contribute to developing or exposing these beliefs.

Only allowing three recipients causes the Nobel Prize to overlook team discoveries

While science has grown more inclusive and collaborative, the Nobel Prize system still struggles with outdated practices, such as secrecy and a rigid limit on awardees. This restriction sidelines many deserving scientists, especially in complex projects like the human genome or gravitational waves.

In the wake of the Great Depression, a Russian-American economist named Simon Kuznets popularized the formula for gross domestic product to summarize the health of the economy and provide the American government with a metric to track growth.

Why a Nobel Prize winner was awarded 30 years of free beer

Niels Bohr, the Danish physicist who won the Nobel Prize for Physics in 1922, moved into the Carlsberg Honorary Residence in 1932 and was entitled to free delivery of Carlsberg beer for as long as he lived there. He did so until he died in 1962.

Eugene O'Neill is the lone American playwright to win the Nobel Prize

The writer was awarded the Nobel Prize for literature in 1936, with the prize committee noting "the power, honesty, and deep-felt emotions of his dramatic works, which embody an original concept of tragedy."

Adam Smith’s 'The Wealth of Nations' introduced concepts like division of labor, productivity, and free markets

Published in 1776, "The Wealth of Nations" is an influential economic work that laid the foundation for modern economic theory. Smith argued for limited government intervention and touted the benefits of self-regulating markets.

Watch writer John Steinbeck's Nobel Prize acceptance speech.

Gender bias in science’s past still echoes in today’s Nobel Prize tallies

Although women make up half the global population, they’ve won only 49 out of 923 Nobel Prizes from 1901 to 2022. Nobel committee members say historical gender bias has limited female representation, but they plan to promote more diverse nominations.

As of 2026, the Pontifical Academy of Sciences, which advises the pope on scientific matters, has included 90 Nobel laureates among its members.

Being nominated for a Nobel Peace Prize is easy—winning one is not

Hundreds of people are nominated yearly, including controversial figures like Benito Mussolini and Adolf Hitler, since nominations can come from professors or politicians worldwide. Le Duc Tho refused the 1973 prize jointly awarded to him and Henry Kissinger, citing ongoing conflict in Vietnam.

How chaos helps explain why small market corrections can produce major economic instability

Oxford University complex systems professor Doyne Farmer discusses how predictions from many economic models are overly weighted toward simple relationships, such as supply and demand, and external shocks, such as the COVID-19 pandemic. However, real-world macroeconomic systems involve public and private actors interacting, producing feedback loops and cascading effects that resemble the oscillatory behavior seen in chaotic systems.

Each Nobel committee sends nomination requests to 3,000 leading academics annually

Each Nobel selection committee consults with experts to create a shortlist of finalists from the hundreds of nominations, which is then sent to the Royal Swedish Academy of Sciences. The literature and peace awards also involve nominations from "qualified persons," such as university professors.

Eleven of modern history's greatest investors

The greatest investors have all made a fortune off of their success and, in many cases, have helped millions of others achieve similar returns. Read about the lives and approaches of Carl Icahn, Warren Buffett, George Soros, and more.

'Freakonomics' celebrated its 20th anniversary in 2025

The book 'Freakonomics' arguably changed the business landscape when it came out, and has since evolved into other forms of media and a cultural phenomenon.

The Nobel Peace Prize is sometimes awarded to inspire ideals, not honor achievements

Critics argue this approach has led to regrettable choices, such as honoring Yasser Arafat despite his militant past or Barack Obama before he established a peace legacy. Committee member Kåre Kristiansen resigned in protest after Arafat was named a laureate in 1994.

Hear history nerd Ray Dalio talk about making decisions during times of uncertainty

For Dalio, history is the best teacher. Dalio emphasizes relying on and respecting the past as a framework for the future, so that during unsettling times, people still make good decisions.

The Ig Nobel Prize is a satirical version of the Nobel Prize and aims to engage broader audiences with science by spotlighting scientific achievements that make people laugh before they think.

The idea that the median estimate of a group can be more accurate than individual expert estimates is called the 'wisdom of the crowd,' and dates back to the early 1900s.

Before Dawkins, other biologists proposed the power of mutating ideas

Nobel Prize winner Jacques Monod proposed, “Ideas have retained some of the properties of organisms. Like them, they tend to perpetuate their structure and to breed; they too can fuse, recombine, segregate their content; indeed they too can evolve, and in this evolution selection must surely play an important role.”

During his 'miraculous year,' Einstein published four groundbreaking papers

The 1905 "annus mirabilis" papers explained the photoelectric effect, Brownian motion, the absolutism of the speed of light, and mass-energy equivalence, revolutionizing scientists' understandings of space, time, mass, and energy. For the discovery of the photoelectric effect, Einstein won the 1921 Nobel Prize in Physics.

The 2017 Nobel Prize in physics was awarded to LIGO's founders

Rainer Weiss, Kip Thorne, and Barry Barish won the award for their contributions to the detector a year after the discovery of gravitational waves was announced. Acknowledging the Nobel statutes limited the prize to no more than three people, Thorne stated, "our marvelous discovery is the work of more than a thousand."

Fiction winners see the most financial gain

The Pulitzer Prize brings prestige but inconsistent financial benefits. For nonfiction writers, receiving the award does increase sales, but only modestly. The big winners are the fiction writers, some of whom have seen sales double after a win.

The Pius XI Medal—named after the pope who rebranded the Pontifical Academy of Sciences in 1936—has been awarded every two years to a promising scientist under 45.

Time magazine named Ray Dalio one of the 100 most influential people in 2012

Dalio's profile, written by former Federal Reserve Chairman Paul Volcker, praised Dalio for his investment strategy and his deep understanding of economics, if unorthodox at times. Volcker particularly appreciated Dalio's support for the Federal Reserve's handling of the 2008 financial crisis. Dalio and Volcker were longtime friends—Dalio has referred to Volcker as "the most principled man" he knows.

Camus won the Nobel Prize in literature in 1957 for his philosophical essays and fiction

The philosopher and novelist was one of the youngest writers to win the award, at just 44. In his acceptance speech, he spoke on the role of an artist in a world that seemed increasingly bleak. "Each generation doubtless feels called upon to reform the world," he said. "Mine knows that it will not reform it, but its task is perhaps even greater. It consists in preventing the world from destroying itself."

In 2000, the Clay Mathematics Institute placed million-dollar bounties on seven unsolved problems in mathematics—the Millennium Prize Problems—in the hopes of spurring solutions.

After the COVID-19 pandemic, Amsterdam became the first city to apply 'doughnut economics,' a new economic school of thought that defines productivity in terms of environmental impact.

Alfred Nobel invented dynamite and later used his fortune to fund peace prizes

Nobel stabilized dangerous nitroglycerin to create dynamite, revolutionizing construction and mining in the 19th century. Despite his success with explosives, he was deeply disturbed by their destructive potential and redirected his legacy toward rewarding human progress.

The Nobel Prize committee was not enthusiastic about selecting John Steinbeck, whom they considered past his prime.

The 2018 Nobel Prize in physics was awarded for creating tweezers out of light

At 96, Arthur Ashkin became the oldest person to win a Nobel Prize in Physics for demonstrating how lasers can hold and measure objects, a technique that has since been used to explore microbiological environments. The award was also given to Gérard Mourou and Donna Strickland for developing a method of creating optical pulses.

The lifecycle of a financial bubble often follows a predictable pattern

Economist Hyman Minsky originated what became a five-stage model of an economic bubble: a new “displacement,” a rapid boom, euphoric speculation, early profit-taking by insiders, and finally panic selling. From Japan’s 1980s real-estate surge to the 2008 crash, the pattern repeats across eras and assets.

Modern Monetary Theory 101

Modern Monetary Theory is a macroeconomic theory that says government spending should not be restrained by fears of rising debt. Here's a breakdown of how the theory works.

In 2016, Bob Dylan won the Nobel Prize in Literature for his lyrics, marking the first time a rock songwriter had won the award.

How a competition honoring a king's birthday uncovered history's first chaotic system

A committee established a contest for King Oscar II's 60th birthday, featuring four unsolved problems in mathematics, including one on proving the stability of a system of more than two objects held together by gravity. Focusing on three celestial objects, Henri Poincaré won the prize for his proof, which he later learned was incorrect and, upon correcting it, instead proved these systems to be unstable.