In 1977, he received the John Bates Clark Medal of the American Economic Association, a prize awarded every two years to the economist under the age of 40 who is judged to have made the greatest contribution to economic science.
He received the John Bates Clark Medal of the American Economic Association, a prize awarded every two years to the economist under the age of 40. This was in 1977. This age of 40 is judged to have made the greatest contribution to economic science.