Americans win Nobel prizes in economics, chemistry

By Matti Huuhtanen

Associated Press

STOCKHOLM, Sweden – Three Americans won the Nobel prize in economics for research into how information affects markets, while two U.S. chemists and a Japanese scientist won the chemistry award for discoveries used in producing medicines, including a now-standard treatment for Parkinson’s disease.

The awards announced Wednesday by the Royal Swedish Academy of Sciences in Stockholm brings the number of American winners this year to eight, one more than last year.

George A. Akerlof, 61, of the University of California at Berkeley; A. Michael Spence, 58, of Stanford University; and Joseph E. Stiglitz, 58, of Columbia University will share the $943,000 economics award.

In the 1970s, they laid the groundwork for a general theory about how people with differing amounts of information affect markets. Their research has helped economists explain the boom in high-tech stocks during the 1990s – as well as its recent collapse.

“It first of all helps people understand better when markets perform poorly,” Spence, 58, told the Associated Press by telephone. “All of us were given the award for trying to understand how markets perform when people have imperfect information.”

In 1970, Akerlof began exploring the topic with a paper called “The Market for Lemons” that used car sales as an example.

“Markets such as for used cars tend to be rather screwed up,” Akerlof told The Associated Press on Wednesday.

“When you buy a used car you’re always careful because you’re wondering why that person is selling the car. When you’re selling, you’re worried you’re not going to get a good price,” he said. “People are suspicious.”

The winners’ works “form the core of modern information economics,” the academy said.

Earlier Wednesday, the prize for chemistry went to Ryoji Noyori of Nagoya University in Japan and Americans William S. Knowles of St. Louis and K. Barry Sharpless of the Scripps Research Institute in La Jolla, Calif.

Their research deals with the fact that many molecules appear in two forms that are mirror images of each other. When used in medicines, some forms can aid the body while their opposites can be harmful.

One example of this dual nature is the drug thalidomide, which was used by pregnant women in the 1960s. One form of the drug helped control nausea, while its opposite form caused birth defects.

The Nobel winners’ research, some of which dates back three decades, has produced ways of making only right form of molecules. These methods have been used to manufacture antibiotics, heart medications, anti-inflammatory drugs and ulcer treatments.

While working for the Monsanto Co. in 1968, Knowles found a way to make L-dopa, which is used to treat Parkinson’s disease, without producing its mirror image.

“This was the first time this kind of a thing had been done,” Knowles, 84, told The Associated Press on Wednesday. “The field has since burgeoned and the other people who were with me in this thing have enlarged the field enormously.”

Noyori, 63, developed substances that encourage particular chemical reactions, making it easier for companies to produce large amounts of antibiotics and other drugs.

Sharpless, 60, in 1980 did experiments that led to a method for manufacturing beta-blockers, a widely used class of heart drugs.

His research has been described by many scientists as “the most important discovery in the field of synthesis during the past few decades,” the academy said.

Copyright ©2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Local News

Customers enter and exit the Costco on Dec. 2, 2022, in Lake Stevens. (Olivia Vanni / The Herald)
Costco stores could be impacted by looming truck driver strike threat

Truck drivers who deliver groceries and produce to Costco warehouses… Continue reading

Two Washington State ferries pass along the route between Mukilteo and Clinton as scuba divers swim near the shore Sunday, Oct. 22, 2023, in Mukilteo, Washington. (Ryan Berry / The Herald)
Ferry system increases ridership by a half million in 2024

Edmonds-Kingston route remains second-busiest route in the system.

Alina Langbehn, 6, center, and Vera A., 6, right, sit on a swing together at Drew Nielsen Neighborhood Park after school on Tuesday, Jan. 28, 2025 in Everett, Washington. (Olivia Vanni / The Herald)
Everett council votes to renovate Drew Nielsen Park

Construction on the $345,000 upgrade could start as early as this fall.

Northshore School District bus driver Stewart O’Leary pictured next to his buses shattered drivers side windshield on Friday, Feb. 14, 2025 in Bothell, Washington. (Olivia Vanni / The Herald)
‘Put me in, coach’: Bus driver back at work after struck by metal bar

Stewart O’Leary, a Northshore employee, has received national attention for his composure during a frightening bus trip.

Lynnwood councilor Joshua Binda speaks during a Lynnwood City Council meeting on Wednesday, Nov. 20, 2024. (Olivia Vanni / The Herald)
Does the Lynnwood Council VP live in Lynnwood? It’s hard to say.

Josh Binda’s residency has been called into question following an eviction and FEC filings listing an Everett address. He insists he lives in Lynnwood.

Robin Cain with 50 of her marathon medals hanging on a display board she made with her father on Thursday, Jan. 2, 2025 in Lake Stevens, Washington. (Olivia Vanni / The Herald)
Running a marathon is hard. She ran one in every state.

Robin Cain, of Lake Stevens, is one of only a few thousand people to ever achieve the feat.

People line up to grab food at the Everett Recovery Cafe on Wednesday, Dec. 4, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
Coffee, meals and compassion are free at the Everett Recovery Cafe

The free, membership-based day center offers free coffee and meals and more importantly, camaraderie and recovery support.

The Everett Wastewater Treatment Plant along the Snohomish River on Thursday, June 16, 2022 in Everett, Washington. (Olivia Vanni / The Herald)
Everett water, sewer rates could jump 43% by 2028

The rate hikes would pay for improvements to the city’s sewer infrastructure.

The bond funded new track and field at Northshore Middle School on Thursday, Oct. 24, 2024 in Bothell, Washington. (Courtesy of Northshore School District)
Northshore School District bond improvements underway

The $425 million bond is funding new track and field complexes, playgrounds and phase one of two school replacements.

An American Robin picks a berry from a holly tree on Thursday, Feb. 13, 2025 in Edmonds, Washington. (Olivia Vanni / The Herald)
Calling all birders for the annual Great Backyard Bird Count

The Audubon Society will hold its 28th annual Great Backyard… Continue reading

A view of one of the potential locations of the new Aquasox stadium on Monday, Feb. 26, 2024 in Everett, Washington. The site sits between Hewitt Avenue, Broadway, Pacific Avenue and the railroad. (Olivia Vanni / The Herald)
Initial prep work for AquaSox stadium to start, with $200k price tag

The temporary agreement allows some surveying and design work as the city negotiates contracts with designers and builders.

Aaron Kennedy / The Herald
The Joann Fabric and Crafts store at 7601 Evergreen Way, Everett, is one of three stores in Snohomish County that will close as part of the retailer’s larger plan to shutter more than half of its stores nationwide.
Joann store closure plan includes Everett, Arlington, Lynnwood locations

The retail giant filed a motion in court to close approximately 500 stores in the U.S.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.