October 15, 2025

Stockholm, Oct. 14: The 1975 Nobel Prize in Economics has been shared by two brilliant minds: Prof. Tjalling C. Koopmans from the U.S. and Prof. Leonid Kantorovich from the Soviet Union. They won this top honor for their deep dive into the mysteries of supply and demand in goods and services. At 65 years old, Mr. Koopmans teaches at Yale University, while the 63-year-old Mr. Kantorovich works at the Siberian Department of the Soviet Academy of Sciences. The Royal Swedish Academy of Sciences said their work revolved around one important question: "How can we use the available productive resources to get the greatest benefit in making goods and services?" This big question includes deciding "what goods should be produced, what methods of production are best, how much of today's goods should be consumed now, and how much should be saved and turned into new resources for tomorrow." Though they worked separately and far apart, both scientists created new ways to study this classic economic puzzle—the smartest way to share limited resources. Prof. Kantorovich is not new to honors; he became a member of the Soviet Academy of Sciences in 1964 and has earned three Orders of Lenin, including the prestigious Lenin Prize. His work covers important topics such as socialist economy problems, price setting, rent efficiency, and smart investment of capital. Their Nobel Prize shines a bright spotlight on the importance of using resources wisely—something that impacts every person, every market, and every economy around the globe.

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Tags: Nobel prize, Tjalling c. koopmans, Leonid kantorovich, Economics, Supply and demand, Resource allocation,