DEfining excellence: Seventy years of the john bates clark medal

Before the John Bates Clark Medal (JBCM) had become a widely acknowledged professional and public marker of excellence in economics research, in the first twenty years since its inception more than seventy years ago in 1947, it was almost discontinued three times and once even not conferred. These controversies derived from the fact that the medal was originally established to showcase the expertise of economists to other scientists, policy-makers, and the wider public. While earlier awards were given to theorists, in later years empirical and policy-oriented economists gained ground, reflecting how such research became more prestigious in economics. Based on a quantitative analysis of the forty medalists so far, we show that this empirical shift was concomitant with a decrease in the diversity and an increase in concentration of laureates: Twenty-four or twenty-five out of forty awardees received their PhD degree or worked at Harvard, MIT, or Chicago at the time of being awarded.