Nobel Prize in Economics awarded to Paul Milgrom and Robert B Wilson of Stanford University

“Their discoveries have benefited sellers, buyers and taxpayers around the world,” the prize committee said.

The two men will receive a cash award of 10 million Swedish kronor, worth a bit more than $1.1 million.

Today’s announcement comes as the global economy is battling to emerge from a painful recession caused by the coronavirus pandemic.

The International Monetary Fund expects “a partial and uneven recovery” next year. Finance ministers and central bank chiefs from 189 member nations will gather virtually this week for the annual meetings of the fund and its sister institution, the World Bank.

Last year, a trio of economists shared the prize, which they received in recognition of their pioneering work developing new methods to fight global poverty. Abhijit Banerjee and Esther Duflo, both from the Massachusetts Institute of Technology, and Michael Kremer of Harvard University were honored for practical research insights that the academy said had “considerably improved our ability to fight global poverty.”

Duflo, at 46, was the youngest person to receive the economics prize and just the second woman to do so in its first half-century of existence.

Before today, a total of 84 laureates had received the prize, known formally as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

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