French economist Jean Tirole won the 2014 Nobel Prize for economics for his work that has shed light on how governments should regulate powerful companies that dominate markets, as per the Royal Swedish Academy of Sciences. Last year, 3 Americans Eugene Fama, Lars Peter Hansen and Robert Shiller won the Nobel prize for economics for developing new methods to study trends in asset markets.
The Nobel Prize in Economic Sciences is not one of the original Nobel prizes. It was created in 1968 by the Swedish Central Bank in memory of Alfred Nobel – who established the prizes for chemistry, medicine, physics, literature and peace in 1895. The first Economics prize was awarded in 1969.
Because it was set up separately, the award has been controversial in some circles. The Nobel Foundation does not officially recognize it as a Nobel Prize, but as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.