Nobel in Economics

By Mario Ritter

Broadcast: October 17, 2003

This is Bob Doughty¹ with the VOA Special English Economics Report.
Two professors, Robert Engle and Clive Granger, are the winners this year of the Nobel prize in economics. Professor Engle is American; Professor Granger is British. The award honors their work to help economists² better understand what are called "time series." These show the development of things like stock prices, interest rates and levels of national production.
The two professors worked together for many years at the University of California at 1)San Diego. They established one of the top programs in economic measurement. Clive Granger became a professor at New York University three years ago. Both professors are now partly retired³, but still active in their work.
Professor Granger's work in the nineteen-seventies and eighties permitted him to develop methods to study economic changes. He was interested in how prices change over time. He found that economists treat many economic changes as if they did not have forces that act upon them. This can lead to misleading results.
Professor Granger developed methods to test his theories. These methods showed which economic changes are related. For example, the methods showed a link between the foreign exchange rate of a nation's money and prices in its economy. Professor Granger worked with Professor Engle to develop tests to show which economic changes are, and are not, related. Economists use these tests widely.
Professor Engle also developed ways to estimate the risk of an investment during a period of time. Today these methods help banks, for example, decide how much wealth they need to remain 2)financially healthy.
Robert Engle and Clive Granger will share the prize of about one-million-three-hundred-thousand dollars.
The award is officially called the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Alfred Nobel did not establish the prize. The Bank of Sweden established it in nineteen-sixty-eight. 3)The Royal Swedish Academy of Sciences in 4)Stockholm presents the award. The names of people nominated for Nobel prizes remain secret for fifty years.
To learn about other winners of this year's Nobel prizes, listen Tuesday for the fifteen-minute program Science in the News.
This VOA Special English Economics Report was written by Mario Ritter. This is Bob Doughty.

注释：
1) San Diego [ 7sAndi(:)5ei^Eu ] n.圣地亚哥
2) financially [fai5nAnFEli] adv.财政上, 金融上
3) The Royal Swedish Academy of Sciences  瑞典皇家科学院
4) Stockholm [ 5stCkhEum ] n.斯德哥尔摩(瑞典首都)

1 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。

2 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

3 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。