Carnegie-Mellon's Simon wins '78 Nobel Award in Economics

STOCKHOLM--The Swedish Academy of Sciences yesterday awarded the 1978 Nobel Memorial Prize in Economics Science to Herbert Simon, a 62-year-old professor at Carnegie-Mellon University, making him the seventh American to receive the economic prize in 10 years.

Hailing Simon as "one of the greatest of inter-disciplinary researchers," the Academy specifically cited his pioneering research into the way complex organizations decide to adjust their markets in response to competition, choose investment portfolios and select a country for foreign investment.

Simon presently teaches computer science and psychology, and has held professorships in political science, administration and information sciences.

Uncle Miltie?

Milton Friedman, an American economist at the University of Chicago, won the economics prize in 1976, and last year's award went to Bertil Ohlin of Sweden and Englishman James Meade.