— Ch. 1 · Origins And Naming —
John Bates Clark Medal.
~4 min read · Ch. 1 of 5
The American Economic Association established the John Bates Clark Medal in 1947. This decision honored economist John Bates Clark, who lived from 1847 to 1938. The award targets an American economist under the age of forty. It recognizes those adjudged to have made significant contributions to economic thought and knowledge. Paul Samuelson received the inaugural medal that same year. He worked at Massachusetts Institute of Technology when he won. His alma mater was Harvard University. The Chronicle of Higher Education later described it as one of the field's most prestigious awards. They noted it ranks second only to the Nobel Memorial Prize in Economic Sciences.
Selection Criteria Evolution
Biennial distribution defined the award until 2007. The frequency shifted to annual distribution starting in 2009. This change occurred because of the growth of the field. Candidates must work in the US at the time of the award. US nationality is not necessary to be considered. The age restriction remains under forty years old. Daniel McFadden won in 1975 while working at University of California, Berkeley. He had previously studied at University of Minnesota. David Card won in 1995 while employed at University of California, Berkeley. He held Canadian nationality but met the residency requirement. Emmanuel Saez won in 2009 while at University of California, Berkeley. He holds French nationality yet qualified through his US employment status.Nobel Prize Correlation
Many recipients went on to receive the Nobel Prizes in their later careers. Paul Samuelson received the medal in 1947 and won a Nobel Prize in 1970. Milton Friedman won the Clark Medal in 1951 before earning a Nobel Prize in 1976. James Tobin received it in 1955 and secured a Nobel Prize in 1981. Kenneth Arrow took the award in 1957 and won a Nobel Prize in 1972. Lawrence Klein won in 1959 and received a Nobel Prize in 1980. Robert Solow claimed the medal in 1961 and earned a Nobel Prize in 1987. Gary Becker won in 1963 and was awarded a Nobel Prize in 1992. Daniel McFadden received it in 1975 and won a Nobel Prize in 2000. Joseph Stiglitz won in 1979 and received a Nobel Prize in 2001. Michael Spence took the award in 1981 and won a Nobel Prize in 2001. James Heckman won in 1983 and received a Nobel Prize in 2000. David Card won in 1995 and earned a Nobel Prize in 2021. Daron Acemoglu received it in 2005 and won a Nobel Prize in 2024.