Nobel Economics Prize to Norwegian and American
The 2004 Nobel memorial prize in economics has been awarded to Norwegian Finn Kydland – who teaches in the United States – and American Edward Prescott. They’re being honored for thier contribution to the understanding of the dynamics of macro economics and how financial policy affects business cycles -– essential for planning the economy.
This Bank of Sweden Prize in memory of Alfred Nobel is handed out each year by the Swedish king in Stockholm along with the science and literature awards on December 10th – and has the same value as the other Nobel prizes.
The 2 winners this year share the 1.36 million U.S. dollar prize money.