Stockholm, Oct. 14: Prof. Tjalling C. Koopmans of the U.S. and Prof. Leonid Kantorovich of the Soviet Union to-day shared the 1975 Nobel Prize in Economics for their research study into the supply and need of products and services.
Mr. Koopmans (65) is a Professor at Yale University while Mr. Kantorovich (63) is a Professor at the Siberian Department of the Soviet Academy of Sciences.
The Royal Swedish Academy of Sciences, in providing the 2 guys the Alfred Nobel Memorial Prize, stated they had actually studied the issue “of how the offered efficient resources can be utilized to the best benefit in the production of items and services.”
It stated the field accepted such concerns as “what products need to be produced, what approaches of production need to be utilized, just how much of present production ought to be taken in and just how much rearranged to develop brand-new resources for future production and usage.”
The Academy stated that though both worked individually of one another, both had actually “established approaches for the analysis of the classical issue of economics as relates to the maximum allotment of limited resources.”
Prof. Kantorovich ended up being a member of the Soviet Academy of Sciences in 1964 and holds 3 Orders of Lenin, consisting of the Lenin Prize. He has actually dealt with issues of the socialist economy, cost development, theory of lease performance and capital expense.
Released – October 15, 2025 03:49 am IST