Economists: Awards for the Modelmakers

Economists in recent years have become the most influential of all scholars, taking their place as fixtures in the chancelleries, banks and board rooms of the world. Last week two longtime leaders in this increasingly glamorous science were finally given the ultimate honor, the first Nobel Prize in Economics, the only new category added to the awards since they were started in 1901. The $72,700 prize was shared by Dr. Ragnar Frisch, 74, of Norway, and Dr. Jan Tinbergen, 66, of The Netherlands. The award was for their joint development in the 1930s of the esoteric but highly influential...

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