The document discusses economics and Nobel Prizes in economics. It provides definitions of economics and inflation. It summarizes Nobel Prizes awarded in 2007 for mechanism design theory and in other years for topics including input-output analysis, economic growth modeling, asymmetric information, behavioral economics, macroeconomics, game theory, and welfare economics. Recipients included Leonid Hurwicz, Eric Maskin, Roger Myerson, Wassily Leontief, Simon Kuznets, George Akerlof, Michael Spence, Joseph Stiglitz, Daniel Kahneman, Vernon Smith, Finn Kydland, Edward Prescott, Robert Aumann, Thomas Schelling, Amartya Sen, and Edmund Phelps.

1. CPM
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Economics and Noble –CPM Group

2. Economic and Noble
P r e s e n t e d b y Mahmoud Reda Abdel Razek
E-mail Reda_5110@Hotmail.com

3. Economic Definition
Is the study of how individuals and societies choose
to use their scarce resources in order to best satisfy
their Material wants
(Scarce resources) (Best use)
(Material wants)

4. Three economizing decision facing all
nations.
What?
How?
For whom?
Economic Definition

5. Inflation
Occurs when the general level
of prices is rising.

6. Inflation
Hyper
Galloping
Low

7. Inflation
Hyper
Galloping
Low

8. Producers Households
Goods & Service
Resources
Money
Money

9. Nobel Prize in Economics
2007
USA
University of
Minnesota
Minneapolis, MN,
USA
B. 1917
(in Moscow, Russia)
Leonid Hurwicz

10. Nobel Prize in Economics
2007
USA
Institute for Advanced
Study
Princeton, NJ, USA
B. 1950
Eric S. Maskin

11. Nobel Prize in Economics
2007
USA
University of
Chicago
, IL, USA
B. 1951
Roger B. Myerson

12. Nobel Prize in Economics
2007
"for having laid the
foundations of
mechanism design
theory"
-Buyer & seller
-Fail to trade
-How the cost should be
shared?
-Insurance, transportation …
etc
-Largest expected revenue for
the seller
-Why there is often no good
market solution to the
problem of providing public
goods?
-piano(x-y)

13. History of Economics laureates
1969
Ragnar Frisch
Norway
University of
Oslo
, Norway
b. 1895
d. 1973
Jan Tinbergen
The
Netherlands
School of
Economics
Rotterdam,
b. 1903
d. 1994
"for having
developed and
applied
dynamic
models for the
analysis of
economic
processes"

14. History of Economics laureates
1973
Wassily
Leontief
USA
Harvard
University
Cambridge,
MA, USA
b. 1906
(in St.
Petersburg,
Russia)
d. 1999
"for the development
of the input-output
method and for its
application to
important economic
problems"
Paradox of value

15. History of Economics laureates
1971 "for his empirically
founded
interpretation of
economic growth
which has led to new
and deepened
insight into the
economic and social
structure and
process of
development“
GDP
Simon
Kuznets
US Harvard
University
Cambridge,
MA, USA
b. 1901
(in Russia)
d. 1985

16. History of Economics laureates
1971
George A.
Akerlof
USA
University of
California
Berkeley, CA,
US
b. 1940
Michael Spence
USA
Stanford
University
Stanford, CA,
USA
b. 1943
Joseph E.
Stiglitz
USA
Columbia
University
New York, NY,
USA
b. 1943
for their
analyses of
markets with
asymmetric
information"

17. History of Economics laureates
2002
Daniel
Kahneman
USA and
Israel
Princeton
University
Princeton, NJ,
USA
b. 1934
(in Tel Aviv,
Israel)
Vernon L.
Smith
USA
George
Mason
University
Fairfax, VA,
USA
b. 1927

18. History of Economics laureates
2002
"for having
integrated
insights from
psychological
research into
economic
science,
especially
concerning
human
judgment and
decision-
making under
uncertainty"
"for having
established
laboratory
experiments
as a tool in
empirical
economic
analysis,
especially in
the study of
alternative
market
mechanisms"
Israel

19. History of Economics laureates
2004
Finn E.
Kydland
Norway
Carnegie
Mellon
University
Pittsburgh,
PA, USA;
University of
California
Santa
Barbara, CA,
USA
b. 1943
Edward C.
Prescott
USA
Arizona State
University
Tempe, AZ,
USA; Federal
Reserve Bank
of
Minneapolis
Minneapolis,
MN, USA
b. 1940
"for their
contribution
s to dynamic
macroecono
mics: the
time
consistency
of economic
policy and
the driving
forces
behind
business
cycles"

20. History of Economics laureates
2005
Robert J.
Aumann
Israel and
USA
University of
Jerusalem,
Center for
RationalityHe
brew
Jerusalem,
Israel
b. 1930
"for
having
enhanced
our
understan
ding of
conflict
and
cooperati
on
through
game-
theory
analysis"
Thomas
C.
Schelling
USA
University
of
Maryland,
Departme
nt of
Economic
s and
School of
Public
Policy
College
Park, MD,
USA
b. 1921
………..

21. History of Economics laureates
1998
Amartya Sen
India
Trinity College
Cambridge, United
Kingdom
b. 1933
"for his
contributions to
welfare
economics"

22. History of Economics laureates
2006
Edmund S. Phelps
USA
Columbia University
New York, NY,
USAb. 1933
"for his analysis
of intertemporal
tradeoffs in
macroeconomic
policy"
International
Trade

23. Economics . Life . Noble
People
…….

24. P r e s e n t e d b y Mahmoud Reda Abdel Razek
THANKS FOR YOUR
ATTENTION
Economic and Noble
E-mail Reda_5110@Hotmail.com

25. References
Book references:
-Microeconomics & Private And Public
Choice 4th Edition.
-Microeconomics Second Edition
-Economics 7th Edition.
-International Economics 8th Edition
by Dominick Salvatore.
-Economic Development (NINTH
EDITION) by Michael p. todaro and
Stephen C.Smith

26. References
Online reference:
www.Nobelprize.org
www.wikipedia.org
www.econ.iastate.edu.

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