Updated 13th October 2014 13:57 clock

Nobel Prize Jean Tirole

The Frenchman Jean Tirole, winner of this year’s Nobel Prize for Economics | © Andrew Harrer / Bloomberg / Getty Images

The Nobel Prize in Economics in 2014 is Jean Tirole from France. The 61-year-old economist was honored for his research on market power and regulation, such as the Royal Swedish Academy of Sciences in Stockholm announced. Tirole have “shows how industries understood by a few powerful companies and regulated” could.

The committee praised the economics professor working at the University of Toulouse as “one of the most influential economists of our time”. To Tiroles work areas include industrial organization, banking and finance as well as psychological aspects of economics. According to the Nobel Committee Tirole by Maurice Allais (1988) and Gérard Debreu (1983) is only the third Frenchman to receive the coveted award.

The Nobel Prize in Economics is not one of the classic Nobel Prizes. It was founded in 1968 by the Swedish central bank in memory of Alfred Nobel and first awarded in 1969. Originally, the Swedish scientist and industrialist Alfred Nobel had (1833-1896) prices provided only in the fields of physics, chemistry, medicine, literature and peace.

The controversial because of the subsequent foundation of the Nobel economics prize is Foundation does not officially classified as a Nobel Prize. He therefore called “price of the Riksbank of Sweden for the economic science in memory of Alfred Nobel”.

In the previous winners list U.S. economists dominate. The Bonner game theorists Reinhard Selten is currently the only German scientist who was awarded this prize.

In the past week, the Academy had already Nobel laureates in the disciplines of medicine, physics, chemistry, literature and peace proclaimed. Nobel Prize for Literature in 2014, the French writer Patrick Modiano. The prestigious Nobel Peace Prize received on Friday the children’s rights activist Malala Yousafzai Pakistan and Kailash Satyarthi awarded from India.