Question

Arrange the following Nobel Prize winners of Economics in ascending order of their award winning from early to latest.
(A) Trygve Haavelmo
(B) Elinor Ostrom
(C) Ragnar Frisch & Jan Tinbergen
(D) T.W Schultz & A. Lewis
Choose the correct answer from the options given below:

• A. (C), (B), (A), (D)
• B. (C), (D), (A), (B)
• C. (C), (A), (B), (D)
• D. (D), (C), (A), (B)

Hint:

Frisch and Tinbergen won the first Nobel Prize in Economics in 19 Theodore Schultz, a prominent agricultural economist, won the award in 1979, exactly a decade later. Trygve Haavelmo won in 1989, and Elinor Ostrom made history as the first female recipient in 200

Answer 1

The Correct Option is B

Step 1: Understanding the Concept:
This question requires knowledge of the history of the Nobel Memorial Prize in Economic Sciences, focusing on key contributors to econometrics, development economics, agricultural economics, and institutional economics.

Step 3: Detailed Explanation:
Let us identify the years these economists were awarded the Nobel Prize:
- (C) Ragnar Frisch & Jan Tinbergen: They were awarded the very first Nobel Prize in Economics in 1969 for their development and application of dynamic models for the analysis of economic processes.
- (D) Theodore W. Schultz & W. Arthur Lewis: They received the Nobel Prize in 1979 for their pioneering research into economic development, with a particular focus on the problems of developing countries and agricultural economics.
- (A) Trygve Haavelmo: He was awarded the prize in 1989 for his clarification of the probability foundations of econometrics and his analyses of simultaneous economic structures.
- (B) Elinor Ostrom: She was awarded the Nobel Prize in 2009 (sharing it with Oliver E. Williamson) for her analysis of economic governance, especially the commons.
Arranging them in ascending order of their award years (earliest to latest):
\[ 1969 \text{ (C)} \rightarrow 1979 \text{ (D)} \rightarrow 1989 \text{ (A)} \rightarrow 2009 \text{ (B)} \]

Step 4: Final Answer:
The correct chronological sequence is (C), (D), (A), (B).