DEFINITION of 'Nakahara Prize'

The Nakahara Prize is an award issued to a Japanese economist who has made important contributions to the field of economics. It is designed to recognize younger economists, as the maximum age of a winner is set at 45.

BREAKING DOWN 'Nakahara Prize'

The Nakahara Prize is awarded annually by the Japanese Economic Association, a professional organization of economists with some 3,200 members. It is named after Nobuyuki Nakahara, a former board member of the Bank of Japan. He personally endowed the prize for its first nine years; after that, it has been funded by Shin-Nihon Scholarship Foundation, which he heads as president.

The Nakahara Prize was first awarded in 1995, and focuses on economists who have published internationally-known books or papers, and so have earned global recognition (rather than solely domestic acclaim) for their work. Fumio Hayashi, a neoclassical economist, was the first recipient; he was 43 years old at the time. In 2016, Sagiri Kitao became the first woman awarded the prize.

The 2018 prize recipient is Toshihiko Mukoyama, a visiting professor at Georgetown University.

RELATED TERMS
  1. Ronald H. Coase

    Ronald H. Coase was a British economist who won the 1991 Nobel ...
  2. Douglass C. North

    Douglass C. North was an American economist and winner of the ...
  3. James A. Mirrlees

    James A. Mirrlees is an economist who won the Nobel Prize in ...
  4. Edmund S. Phelps

    Edmund Phelps is an American professor of political economy at ...
  5. Robert M. Solow

    Robert M. Solow is an American economist who spent his career ...
  6. John Bates Clark

    Jahn Bates Clark is an American Neoclassical economist renowned ...
Related Articles
  1. Insights

    Are You the Best Investor on Campus?

    Forget bracketology. You can win a lot more money competing in Investopedia's Stock Market Madness.
  2. Insights

    Why Can't Economists Agree?

    Learn the many reasons why economists can be given the same data and come up with entirely different conclusions.
  3. Trading

    Exchange Rate: My Favorite Term

    What are exchange rates and why are they important to investors and economists?
  4. Financial Advisor

    Scholarships And Grants For Future Financial Advisors

    Free money is available for aspiring financial advisors as the industry tries to attract more, younger people to the profession.
  5. Insights

    Pay Attention to These Economic Indicators

    Vanguard's Chief Economist on the three economic forces you should watch for.
  6. Investing

    Guess Who Just Won a $4.3 Billion Defense Contract (LDOS, BA)

    The Pentagon awarded $4.83 billion in new defense contracts Wednesday -- all but $495 million of which was contained in one single award. The lucky winner of this award -- all $4.34 billion ...
  7. Personal Finance

    5 College Scholarships You Could Qualify For

    Here are some scholarships that may be attainable for those of us who aren't star athletes or honors students.
  8. Financial Advisor

    What does a 'Chief Economist' do?

    Vanguard's Chief Economist Joe Davis discusses his role helping portfolio managers and clients.
  9. Managing Wealth

    The Surprising Salaries Of Fringe Sports Stars

    You don't have to aspire to play in the NFL, NBA or MLB if you want to make a living playing sports. Find out the compensation for the top athletes in these lesser-known sports.
RELATED FAQS
  1. Why aren't economists rich?

    "If you're so smart, how come you're not rich?" is a question that economists seem to invite. If they can explain the intricacies ... Read Answer >>
  2. Economists' assuptions in their economic model

    Economists often first build assumption before they apply them into their models. Find out why economists use unrealistic ... Read Answer >>
  3. What do economists believe causes economic growth?

    Learn the different theories for what economists believe causes economic growth, including the differences between supply-side ... Read Answer >>
Trading Center