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 study into the supply and demand of goods 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 giving the two men the Alfred Nobel Memorial Prize, said they had studied the problem “of how the available productive resources can be used to the greatest advantage in the production of goods and services.”
It said the field embraced such questions as “what goods should be produced, what methods of production should be used, how much of current production should be consumed and how much redistributed to create new resources for future production and consumption.”
The Academy said that though both worked independently of one another, both had “developed methods for the analysis of the classical problem of economics as regards the optimum allocation of scarce resources.”
Prof. Kantorovich became a member of the Soviet Academy of Sciences in 1964 and holds three Orders of Lenin, including the Lenin Prize. He has worked on problems of the socialist economy, price formation, theory of rent efficiency and capital investment.
Published - October 15, 2025 03:49 am IST
