French economist Jean Tirole wins 2014 Nobel Prize for Economics

STOCKHOLM - Reuters

Picture taken on June 2, 2008 shows French economist Jean Tirole posing at the School of Economics in Toulouse, France. AFP Photo

French economist Jean Tirole won the 2014 economics Nobel Prize for his analysis of market power and regulation, the Royal Swedish Academy of Sciences said on Oct. 13.
   
"Jean Tirole is one of the most influential economists of our time," the award-giving body said. "Most of all he has clarified how to understand and regulate industries with a few powerful firms."
   
The economist will receive an 8 million Swedish crown ($1.1 million) prize.
   
The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.