Nobel Prize in Economics 2014

Jean Tirole, a French economist, won the 2014 Nobel in economic science for his work on regulating large, powerful firms in industries including banking and communications. The prize is officially called as Sveriges Riksbank Prize. Mr Tirole, 61, wins a prize of 8m Swedish krona (£692,000).

Mr. Tirole is a professor of economics at the University of Toulouse in France. His work gained particular attention after the 2008 financial crisis, which revealed profound shortcomings in the regulation of financial firms in the United States and Europe.

Last year the economics prize went to three Americans (Eugene Fama, Lars Peter Hansen and Robert Shiller) who shed light on the forces that move stock, bond and home prices.

The economics prize is the newest of the Nobels, created in 1969 in celebration of the 300th anniversary of the Bank of Sweden, the world’s first central bank.

The economics prize is the last to be awarded in a series. The awards will be presented on 10 December, the anniversary of prize founder Alfred Nobel’s death in 1896.

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