The economist ________ received the Noble prize in 1998.
Amartya Sen
Understanding the Nobel Prize in Economics
The question asks to identify the economist who was awarded the Nobel Prize in 1998. The Nobel Memorial Prize in Economic Sciences is a prestigious award given annually for outstanding contributions to the field of economics.
Analyzing the Options for the 1998 Nobel Prize
Let's examine the economists listed in the options and their relation to the Nobel Prize in Economics:
- Dr. Manmohan Singh: A prominent Indian economist and former Prime Minister of India. While he has made significant contributions to India's economic reforms, he has not received the Nobel Memorial Prize in Economic Sciences.
- Raghuram Rajan: An Indian economist and former Governor of the Reserve Bank of India. Known for his work in financial economics, he has not been awarded the Nobel Memorial Prize in Economic Sciences.
- Amartya Sen: A renowned Indian economist and philosopher. He is known for his work on welfare economics, social choice theory, economic and social justice, and the economic theories of famines.
- Abhijit Vinayak Banerjee: An Indian-born American economist. He, along with Esther Duflo and Michael Kremer, was awarded the Nobel Memorial Prize in Economic Sciences in 2019 for their experimental approach to alleviating global poverty.
Based on the history of the Nobel Memorial Prize in Economic Sciences, the prize in 1998 was awarded to Amartya Sen. His specific contribution recognized by the Nobel Committee was his work on welfare economics, which includes theories on poverty, famine, and democracy.
Conclusion on the 1998 Nobel Laureate
Therefore, the economist who received the Nobel Prize in 1998 is Amartya Sen.
The correct option is Amartya Sen.
Revision Table: Nobel Laureates in Economics (Selected)
| Economist | Year of Nobel Prize | Field/Contribution Highlight |
|---|---|---|
| Amartya Sen | 1998 | Welfare Economics |
| Abhijit Vinayak Banerjee | 2019 | Poverty Alleviation (Experimental Approach) |
| Esther Duflo | 2019 | Poverty Alleviation (Experimental Approach) |
| Michael Kremer | 2019 | Poverty Alleviation (Experimental Approach) |
Additional Information: The Nobel Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences is formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was established by Sweden's central bank, Sveriges Riksbank, in 1968 and was first awarded in 1969. While it is often referred to as the "Nobel Prize in Economics," it was not one of the original five Nobel Prizes established by Alfred Nobel's will in 1895. The prize is administered and awarded by the Royal Swedish Academy of Sciences.
Recipients are chosen based on their significant contributions to the field of economics. Amartya Sen's work on welfare economics provided a crucial framework for understanding social issues, inequality, and poverty, which earned him this prestigious recognition in 1998.
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