Fogel, and Douglass C. North, made an abundant progress in the Economic Sciences in America

and the economy. For these great accomplishments, these five were awarded the Noble Peace Prize

in Economic Sciences in 1994(Harsanyi, Nash, Selten), and 1993(Forgel, North).

The three economists who was awarded the Noble Peace Prize in 1994 for their excellent

work and progress in game theory was know as pioneers in using games like chess and poker as the

foundation for understanding complex economic issues. This was precisely half a century after

John Von Neumann and Osar Morgenstern launched the field with the publication of "The Theory

"John F. Nash of Princeton University(a American economists), John C. Harsanyi of the

University of California at Berkeley(a Hungarian economist), and Reinhard Selten of the Rheinische

Friedrich- Wilhelms-Universitat in Bonn(a German economists), shared the award, and the

$930,000 cash award for their achievements in economics."1

The trios accomplishment portrayed the significance of Von Neumann and Morgenstern's

contribution to game theory, which was recognized b

organizational changes played a greater role in increasing productivity than

In a second, "Time on the Cross," written with Stanley Engerman and

North also theorized that it is the interaction among such institutions

that shapes the evolution of an economy. This mean, if the institutional

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