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France's Jean Tirole wins economics Nobel Prize

France's Jean Tirole has won the Nobel Prize in Economic Sciences, awarded by the Royal Swedish Academy of Sciences in Stockholm.

The Frenchman, 61, wins for his analysis of market power and regulation. He teaches at the Toulouse School of Economics.

The academy praised Triole for his work on "how to understand and regulate industries with a few powerful firms," adding that he "breathed new life into research on such market failures."

The economics prize awarded by the Swedish Academy is given according to the same principles as for the Nobel Prizes that have been awarded since 1901 in Oslo, Norway.

The first prize in economics was awarded in 1969.

On Friday, Pakistani school girl Malala Yousafzai shared the 95th Nobel Peace Prize with India's Kailash Satyarthi for their work championing education rights for children.

Source: usatoday.com