Our Nobel Laureates

George J. Stigler, PhD '38

George Stigler received the 1982 prize in economic sciences for his important studies of industrial structures, the functioning of markets, and the causes and effects of public regulation, carried out at the University. He was a member of the faculty from 1958 until 1991, serving as the Charles R. Walgreen Distinguished Service Professor of American Institutions in the University of Chicago Booth School of Business and the Department of Economics.

Merton H. Miller

Merton Miller, Harry Markowitz, PhB ’47, AM ’50, and William Sharpe received the 1990 prize in economic sciences for their pioneering work in the theory of financial economics. Miller’s work was done in part at the University. He was a member of the faculty from 1961 to 2000, serving as the Robert R. McCormick Distinguished Service Professor in the University of Chicago Booth School of Business.

Ronald H. Coase

Ronald H. Coase, Senior Fellow and the Clifton R. Musser Professor Emeritus in the Law School, received the 1991 prize in economic sciences for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy. Coase has been a member of the faculty since 1964.

Gary S. Becker, AM ' 53, PhD '55

Gary S. Becker, University Professor in the Departments of Economics and Sociology, received the 1992 prize in economic sciences for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket behavior. Becker joined the faculty in 1970.

Robert W. Fogel

Robert Fogel and Douglass C. North shared the 1993 prize in economic sciences for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change. He was a member of the faculty from 1964 until 1975, rejoining the faculty in 1981 as the Charles R. Walgreen Distinguished Service Professor in the University of Chicago Booth School of Business and Professor in the Department of Economics.

Myron Scholes, MBA '64, PhD '70

Myron Scholes and Robert C. Merton received the 1997 prize in economic sciences for a new method to determine the value of derivatives, which they developed with the late Fischer Black. Scholes and Black both were faculty members at the University of Chicago Booth School of Business - Black from 1971 to 1975 and Scholes from 1973 to 1983.