Nobel

The Swedish academy says the academics’ models are ‘now used by central banks and ​governments around the world’.

The ⁠2026 Nobel Prize in Economic Sciences has been awarded to US academics Robert Hall and Michael ⁠Woodford for their work on how monetary and fiscal policy can help stabilise fluctuations in the economy, according to the Royal Swedish Academy of Sciences.

The winners of the prestigious award, formally known ⁠as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and the final prize to be given out this year, were announced on Monday.

The two laureates developed new macroeconomic models that improve people’s ability to implement effective stabilisation policies, enabling fiscal and monetary policy measures that can reduce damaging swings in the economy.

“The laureates’ work has provided us ‌with a stable theoretical foundation for the models that are now used by central banks and governments around the world,” John Hassler, chair of the Committee for the Prize in Economic Sciences, said in a statement.

“With them, we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume.”

During the oil crises in the 1970s, the existing Keynesian models used to determine when and how measures should be implemented to tackle recessions or other economic fluctuations stopped working. Hall and Woodford then developed new tools to understand what policy responses could be the most effective.

“Rather than basing the models on statistical links between macroeconomic variables, such as inflation, production and consumption, they chose to build them on a microeconomic foundation,” the academy said. “This encompasses an understanding of how the total mass of individual households and businesses affect the economy through their actions.”

The economics prize, first awarded ⁠in 1969, is not part of the five original awards ⁠created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was instead established by Sweden’s central bank.

The majority of previous laureates have been from the United States. Only three women have ⁠ever won, most recently Claudia Goldin in 2023 for her work on how gender has affected pay and employment over time ⁠in the US.

Last year’s winners – Joel Mokyr, Philippe Aghion and Peter Howitt – won for ‌their work on “creative destruction” and how new technology and production methods can boost growth and living standards.

Like the other Nobel awards, the economics prize consists of a diploma, a gold medal, and a $1.2m cheque.

The Nobel prizes for medicine, physics, chemistry, literature and peace were announced last ‌week, with South African jurist Navi Pillay and Canadian writer Anne Carson among the winners.

Anne Carson, the Canadian poet, essayist, professor of classics and translator, has won the 2026 Nobel Prize in literature.

The prize, announced at the Swedish Academy in Stockholm on Thursday, awarded Carson “for her bold and inventive oeuvre that, in playful dialogue with the classical tradition, has created new forms for contemporary literature.” Carson is the 19th woman to win.

Among Carson’s myriad acclaimed works are her novel in verse “Autobiography of Red” and its sequel, “Red Doc>”; her seminal book of literary criticism, “Eros the Bittersweet”; poetry collections such as “Glass, Irony, and God” — which contains “The Glass Essay” — and the T.S. Eliot Prize-winning collection of narrative poetry “The Beauty of the Husband: A Fictional Essay in 29 Tangos”; her haunting accordion-fold elegy, “Nox”; and her widely praised translation of Sappho’s surviving fragments, “If Not, Winter.”

“In 1981, she published her doctoral thesis in classics, and has throughout her entire career, combined poetry writing with translation work and teaching at various universities,” said Anders Olsson, who serves as the chair of the Nobel Committee for Literature at the Swedish Academy, and presented the laureate. “Almost all her literary production has centered upon the intersection between the philologist’s obsession with words and the poet’s desire for new meaning.

“Throughout her entire authorship, Carson, with a light touch, explores the possibilities of writing, a process by which the literary sketch has become of particular value for her. In her collaborations with visual artists and choreographers, and with opera and theater directors, she has crossed over into various artistic fields, which has lent her writing a strongly performative aspect,” Olsson continued. “This demonstrates the freedom with which she relates to literary expectations and rule systems, which in turn lies behind the outstanding importance her work since the 1990s has had for the international art and literature scene.”

Nobel committee member Steve Sem-Sandberg said Carson is “an author for our time,” unique in her skill at connecting contemporary ways of living through antiquity. Sem-Sandberg marveled at Carson’s use of the myths, characters, stories and fables from that time, and the way she puts them into a modern context. “The mixture between those two gives an enormous energy to her writing,” he said. “Nobody writes like her, and nobody would even, I think, dare to do this in this way.”

Carson was sipping tea and eating crackers at her seaside home in Iceland — she also resides in Ann Arbor, Mich., where she teaches — after she got the big news. She said she was thinking of ways to give the 12 million Swedish kronor ($1.2 million) award away. “We have a friend who needs a house, and we always give a lot to Doctors Without Borders,” she said. She also planned to celebrate by taking a walk through the woods and turning off the phone.

Carson’s initial reaction was surprise. “Who would expect it? For heaven’s sake!”

Scientists honoured for solving mystery of asymmetric ‘mirror image’ molecules that has helped in manufacture of pharmaceuticals.

Scientists Henri Kagan and Kenso Soai have won the 2026 Nobel Prize in Chemistry for solving a longstanding riddle of asymmetric “mirror image” molecules, a discovery hugely important for pharmaceutical manufacturing.

The Royal Swedish Academy of Sciences said on Wednesday the pair – Kagan, 95, from France; and Soai, 76, from Japan – were honoured “for the discovery of nonlinear effects and autocatalysis in asymmetric organic synthesis”.

Their findings showed how chemical reactions can be driven to favour a single molecular mirror image, work that has been key for chemists who design reactions for the manufacture of pharmaceuticals.

Many of the molecules essential to life exist in two forms that are mirror images of each other, like left and right hands. Yet living organisms almost exclusively use only one version, a phenomenon known as “homochirality” – from the Greek word for hand – that has puzzled chemists for more than a century.

“The left-handed version of the drug can have one effect, and the right-handed version can have another effect, and then we need methods for selectively preparing them,” said Peter Somfai, a member of the Nobel Committee for Chemistry.

“In developing such methods, the findings of this year’s laureates are important. They provided powerful tools for that,” he said.

Heiner Linke, chair of the committee, said the two scientists provided “a solution to a chemical mystery that is over a century old: how homochirality can emerge spontaneously”, calling the chemical reactions they developed “spectacular”.

‘Most exciting day’

Soai, speaking by phone to the Nobel Prize news conference, said he had been out shopping when he received the news.

“This is the most exciting day in my life, I am very glad to share this prize with Professor Henri Kagan,” he added.

Last year’s chemistry award went to scientists Susumu Kitagawa, Richard Robson and Omar Yaghi for the development of so-called metal-organic frameworks, molecular constructions that can help tackle challenges such as climate change and lack of freshwater.

The chemistry Nobel is always the third prize to be awarded during Nobel week, following those for medicine and physics.

The literature laureate will be revealed on Thursday, while the keenly anticipated peace prize is due on Friday.

Established in the will of Swedish inventor and businessman Alfred Nobel, the prizes for achievements in science, literature and peace have been awarded since 1901, with a few interruptions mostly due to the world wars.

Nobel, a chemist by trade, amassed huge wealth in the 19th century from inventions primarily tied to warfare, most notably dynamite. The economics prize is a later addition funded by the Swedish central bank.