This work was instrumental in his winning the economics prize in 1970.

But times have changed, including inside the secretive Swedish Academy that administers the economics prize.

The economics prize was created in 1969 and has grown increasingly controversial within the academy, which is dominated by hard scientists.

Even the work recognized by this year's economics prize had more of a scientific bent than usual.

A couple of years ago, the committee even broke its duck and awarded Elinor Ostrom the economics prize.

All of Chicago's economics prizes have been for work done in the 1970's or long before.

Since the economics prize was established in 1968, 16 of the 25 winners have been from the United States.

Still, from the perspective of those in the discipline, the economics prize remains tantalizingly scarce.

Today, the economics prize is more coveted and important than ever.

The economics prize is financed by the Sveriges Riksbank.