Nobel Committee in the context of "Douglass C. North"

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⭐ Core Definition: Nobel Committee

A Nobel Committee is a working body responsible for most of the work involved in selecting Nobel Prize laureates. There are six awarding committees from four institutions, one for each Nobel Prize.

Five of these committees are working bodies within three prize awarding institutions: the Royal Swedish Academy of Sciences (for prizes in physics, chemistry, and economic sciences), the Karolinska Institute (for prize in physiology or medicine) and the Swedish Academy (for prize in literature). These Nobel Committees only propose laureates, while the final decision is taken in a larger assembly. This assembly is composed of the entire academies for the prizes in physics, chemistry, economic sciences and literature, as well as the 50 members of the Nobel Assembly at the Karolinska Institute for the prize in physiology or medicine.

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👉 Nobel Committee in the context of Douglass C. North

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. Along with Robert Fogel, he received the Nobel Memorial Prize in Economic Sciences in 1993. In the words of the Nobel Committee, North and Fogel "renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change."

North was an influential figure in New Institutional Economics, which emphasizes the impact of institutions on economic behaviors and outcomes. North argued, "Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline." Rational and wealth-maximizing individuals lack complete information and have difficulties monitoring and enforcing agreements. Institutions can provide information and reduce transaction costs, thus encouraging economic activity.

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Nobel Committee in the context of Nobel Committee for Chemistry

The Nobel Committee for Chemistry is the Nobel Committee responsible for proposing laureates for the Nobel Prize in Chemistry. The Nobel Committee for Chemistry is appointed by the Royal Swedish Academy of Sciences. It usually consists of Swedish professors of chemistry who are members of the Academy, although the Academy in principle could appoint anyone to the Committee.

The Committee is a working body without decision power, and the final decision to award the Nobel Prize for Chemistry is taken by the entire Royal Swedish Academy of Sciences, after having a first discussion in the Academy's Class for Chemistry.

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Nobel Committee in the context of Nobel Assembly at the Karolinska Institute

The Nobel Assembly at the Karolinska Institute is a body at Karolinska Institute that awards the Nobel Prize in Physiology or Medicine. It is headquartered in the Nobel Forum on the grounds of the Karolinska Institute campus. Originally the Nobel Assembly was not a formal body but rather the collective of all professors (holders of chairs, i.e. full professors) at Karolinska Institute. In 1977, the Nobel Assembly became a separate private organization hosted by Karolinska Institute. Until 1984, all Karolinska Institute professors belonged to the Assembly; since 1984, the membership has been restricted to 50 Karolinska Institute professors.

The main work involved in collecting nominations and screening nominees is performed by the Nobel Committee at the Karolinska Institute, which has five members. The Nobel Committee, which is appointed by the Nobel Assembly, is only empowered to recommend laureates, while the final decision rests with the Nobel Assembly.

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LINKED FROM (PARENTS)
← Douglass C. North ← Nobel Committee for Chemistry ← Nobel Assembly at the Karolinska Institute ← Douglass North
LINKS TO (CHILDREN)
Royal Swedish Academy of Sciences → Karolinska Institutet → Swedish Academy → Storting → Norwegian Nobel Institute → Nobel Prize → Nobel Prize in Physics → Nobel Prize in Chemistry → Karolinska Institute → Nobel Prize in Physiology or Medicine → Nobel Prize in Literature → Nobel Assembly at the Karolinska Institute →