Michael Woodford and Robert E Hall win 2026 Sveriges Riksbank Prize in Economic Sciences | World News

Michael Woodford and Robert E Hall have won 2026 Nobel Prize in Economic Sciences “for microeconomic foundations of macroeconomic stabilisation.”The Nobel memorial prize in economics, the final award in this year's cycle, was announced on Monday by the Royal Swedish Academy of Sciences in Stockholm.The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is worth $1.2 million.The award was secured by Joel Mokyr, Philippe Aghion and Peter Howitt last year for their work on "creative destruction" and how new technology and production methods can boost growth and living standards. Also read: Indian-origin South African jurist Navi Pillay gets Nobel Peace Prize for legal measures to help prevent 'war, violence'Highlighting the American duo's contribution, the Nobel Prize committe said, “They demonstrated how economic models could be reconstructed to revitalise stabilisation policy. Rather than basing the models on statistical links between macroeconomic variables, such as inflation, production and consumption, they chose to build them on a microeconomic foundation.”The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.Also read: Henri Kagan wins Nobel Prize at 95: Who are the oldest Nobel laureates in history?The majority of previous Nobel winners in economics have been from the United States. Only three women have ever won, most recently Claudia Goldin in 2023 for work on how gender has affected pay and employment over time in the United States.