Nobel Prize Current Affairs - 2019

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Bob Dylan wins 2016 Nobel Prize in Literature

American singer-songwriter, artist and writer Bob Dylan (75) has won the 2016 Nobel Prize in Literature. He is the first American to win the prize since novelist Toni Morrison in 1993.

The Swedish Academy has selected Dylan for this prestigious award for creating new poetic expressions within the great American song tradition.

About Bob Dylan

  • Born as Robert Allen Zimmerman on May 24, 1941 in Duluth, Minnesota.
  • His debut album was ‘Bob Dylan’ released in 1962. He had adopted the name Dylan after the poet Dylan Thomas.
  • He is one of the best-selling artists (musician) of all time and has sold more than 100 million records.
  • He has 58 singles, 37 studio albums, 11 live albums and 6 collaborations to his name.
  • Besides, his lyrics have incorporated various political, social, philosophical and literary influences.
  • His early songs such as The Times They Are a-Changin and Blowin’ in the Wind were the anthems for the American civil rights and anti-war movements.
  • He has published six books of drawings and paintings, and his work has been exhibited in major art galleries.
  • Awards and Honours: 11 Grammy Awards, Golden Globe Award and Academy Award (Oscar). The Pulitzer Prize jury had awarded him a special citation in 2008 for his profound impact on popular music and American culture.

About Nobel Prize in Literature

  • The Nobel Prize in Literature is one of the five Nobel Prizes established by the will of Alfred Nobel in 1895. It is awarded since 1901.
  • It is awarded annually to an author from any country who has produced the most outstanding work in an ideal direction in the field of literature.
  • The award carries a gold medal, a diploma bearing a citation, and a sum of money.
  • Recent winners of Nobel Prize for Literature: Svetiana Alexievich (2015), Patrick Modiano (2014), Alice Munro (Canada), Yo Yan (China).

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Oliver Hart and Bengt Holmstrom win 2016 Nobel Prize in Economics

Two economists Oliver Hart and Bengt Holmstrom have won the 2016 Nobel Memorial Prize in Economic Sciences. Both of them will share 8 million kronor, or about $930,000.

Royal Swedish Academy of Sciences has selected them for their contributions to contract theory which tells how contracts help people deal with conflicting interests.

Their individual theories on contract theory are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design. For example, contract theory can be used to analyze performance-based pay for CEOs or deductibles and co-pays for insurance.

Their work provided economists microecomic tools to understand interactions between entities, such as design of performance incentives in firms, corporate governance, privatisation, constitutional law and entrepreneur-investor relationships.

Oliver Hart: He was born in 1948 in London, UK. He holds Ph.D. from Princeton University, US. Presently, he is Andrew E. Furer Professor of Economics at Harvard University, US.

Bengt Holmström: He was born in 1949 in Helsinki, Finland. He holds Ph.D. from Stanford University, US. Presently he is Paul A. Samuelson Professor of Economics and Professor of Economics and Management at Massachusetts Institute of Technology (MIT), US.

About Nobel Memorial Prize in Economic Sciences

In 1968, Sweden’s central bank had added the economic sciences prize as a memorial to Nobel. Thus, economics award is not a Nobel Prize as the others prizes which were established by Swedish industrialist Alfred Nobel in 1895.

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