The Nobel Prize in economics is known as the most prestigious award in the field of economics worldwide. In addition, there are several other prizes in economics that honor a scholar's achievements and research. They range from prestigious medals given to young researchers to awards for outstanding papers in specific fields.
The John Bates Clark Medal is cited as the most famous award after the Nobel Prize in economics. It is awarded by the American Economic Association (AEA) to an economist under 40 working in the United States who has made outstanding contributions. It is named in honor of American economist John Bates Clark, who devised the theory of the marginal productivity of labor and capital.
This award has the nickname "the Nobel for young economists." In fact, many recipients later won the Nobel Prize in economics. Representative laureates include New York University professor Paul Krugman, Columbia University professor Joseph Stiglitz, and Massachusetts Institute of Technology (MIT) professor Esther Duflo. MIT professor Daron Acemoglu, who won the Nobel Prize in economics 4th, also received the John Bates Clark Medal in 2005. There is no separate cash prize.
The Erwin Plein Nemmers Prize in Economics, awarded by Northwestern University in the United States to researchers with sustained contributions in economics, is also well known. Presented biennially, the Erwin Plein Nemmers Prize carries a cash award of $300,000. Many recipients go on to win the Nobel Prize in economics, and it is sometimes called "a preview of the Nobel Prize in economics." Harvard University professor Claudia Goldin, the 2023 Nobel Prize in economics laureate, also received the Erwin Plein Nemmers Prize in 2020.
There is also the Frisch Medal, awarded by the Econometric Society. It recognizes the best paper among those published in the society's flagship journal Econometrica over the past five years. It is known for highly valuing papers that present rigorous analysis and innovative methodologies in econometrics.
There is also the Adam Smith Award, given to European economists. The award is organized by the European Economic Association (EEA). While the John Bates Clark Medal evaluates economists working in the United States, this award is given to those working in Europe who have produced outstanding research achievements.
The Frisch Medal and the Adam Smith Award, like the John Bates Clark Medal, have no official cash prize.