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ASU ranked high in producing Nobel-winning economists

ASU's W.P. Carey School of Business will offer 120 full-ride scholarships to its M.B.A. program beginning in the fall 2016 semester.
ASU's W.P. Carey School of Business will offer 120 full-ride scholarships to its M.B.A. program beginning in the fall 2016 semester.

Only 12 universities in the nation have the distinction of producing the highest number of Nobel Prize-winning economists. Now, ASU is one of them.

Since 1969, when the first Nobel Prize in Economic Sciences was awarded, ASU has produced two Nobel Prize winners. This distinction ties the University in ninth place with Carnegie Mellon University, George Mason University, New York University, University of Oslo in Norway and Stanford University, according to ABC News.

"On the heels of ASU's recent ranking as the most innovative school in the U.S., it's great to also see our university highlighted as one of the top producers of Nobel Prize-winning economists in the world,” ASU President Michael Crow said in a statement.

Marketing and accounting junior Maddie Hager was notified of the Nobel Prize-winning economists producing universities on Facebook and "an overwhelming feeling of pride" came over her, she wrote in an email.

"I remember when I was touring the campus before deciding to attend ASU and my parents constantly (attempted) to change my mind in hopes I would choose a smaller and more secluded university,” Hager said. "However, I stuck with my intuition and after reading the news articles about ASU's great achievements, I felt a feeling of validation that I am in the right place at the right time for my education.”

Hager, who is originally from California, lived about 45 minutes away from Stanford University.

“Growing up around such a prestigious and well-known university definitely raises my standards when comparing universities,” she said. "Therefore, knowing that ASU is ranked closely with Stanford is extremely exciting and proves old reputations are not everlasting."

Edward Prescott was awarded the Nobel Prize in 2004 and Elinor Ostrom was awarded the Nobel Prize in 2009.

Prescott has been teaching at ASU’s W.P. Carey School of Business since 2003. In 2006, he became a regents professor, the highest faculty honor awarded at ASU. He is also the Director of the Center for the Advanced Study in Economic Efficiency at ASU.

In 2009, Ostrom was awarded the Nobel Prize in Economic Sciences "for her analysis of economic governance, especially the commons,” sharing it with Oliver Williamson, according to the Nobel Prize website.

Ostrom was a research professor at ASU as well as the Founding Director of the Center for the Study of Institutional Diversity at ASU. She died in 2012 at age 78.

Criminology freshman Ernesto Hernandez was not surprised to hear that ASU is one of the top universities to produce economists, he wrote in an email.

"As being the most innovative school in the United States, I knew that our strategies for success and improvement were among the best in the nation," he said. "I strongly believe that more people should know that ASU is one of the top producers of Nobel Prize-winning economists because it makes our university stand out, and ‘outshine all others.' It holds a sense of pride while being a Sun Devil."

Actuarial science junior Angelica Santella previously majored in economics at the University of Arizona. After earning a "C" in a required microeconomics course, she is now retaking microeconomics at ASU after transferring and changing her major. Her current microeconomics course is better because her professor offers more help and wants students to succeed, she said.

"I have already learned much more in my microeconomics class than I did at U of A," she said. "The professors at U of A made it hard for me to appreciate economics, but if I had quality professors, it may have been more enjoyable."

Although Santella will continue with actuarial science, after hearing that ASU is one of the top producers of Nobel Prize-winning economists, she would consider switching back to economics, Santella said.

"It makes me really happy to hear that ASU is top 12 for economics," she said. "I feel as though many more people should know about this, because it shows that ASU should be acknowledged more for its academics than the success it's had for throwing parties."

Related Links:

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Economics club kicks off forum series


Reach the reporter at jenny.ung@asu.edu or follow @Jenny__Ung on Twitter.

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