How did we get a Nobel Prize in economics?

This year's Nobel Prize for Economics went to American economists Robert E. Hall and Michael Woodford! Their research focused on macroeconomic models and economic shocks.

But … How did we get a Nobel Prize in economics, or as it’s actually called, the more long-winded “Swedish Central Bank Prize in Economic Sciences in memory of Alfred Nobel”? And why did nearly 70 years pass between the first Nobel Prizes and a Nobel recognition for economics?

Fact checking by Sierra Juarez.

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