By Jonathan Davies

The 'Nobel Prize for Economics' has been awarded to Jean Tirole in Stockholm today (Monday).

Although that award doesn't technically exist, it's the common name for the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel".

Jean Tirole is a French economist and has been recognised for his work on market power and regulation. He was described as "one of the most influential economists of our time," by The Academy.

The Academy said Tirole was awarded the Nobel Prize for his work on how to regulate large firms, explaining that he has played a major role in examining competition and analysing how to stop consumers being damaged by monopolies in business.

It is the most prestigious award in economics and has been awarded since 1969.

There was British interest in the 2014 award, with Sir Anthony Atkinson and Angus Deaton in the running.

Sir Anthony is a senior research fellow at Nuffield College, Oxford and has an inequality index named after him. His book Public Economics in an Age of Austerity, was published this year.

Angus Deaton (not the Angus Deaton) is best known for his work on “health, wellbeing, and economic development”.

Over the years, macroeconomics has been the most popular field studied by previous laureates. The USA has dominated the award since its inception in 1969, with 47 of the 74 laureates.

The Nobel Prize has gone to two people on 17 occasions and to three people on two occasions. The other 22 times have seen single laureates awarded the Prize.

There has only ever been one female winner, Elinor Ostrom, in 2009.

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