Tributes to Nobel Prize economist

Professor Sir Clive Granger was awarded the Noble Prize in 2003

Tributes have been paid to the Nobel Prize winning economist Sir Clive Granger has died at the age of 74.

The announcement was made by the University of California San Diego (UCSD), where he was professor emeritus of economics.

Born in Swansea in 1934, Sir Clive was awarded the prestigious Noble Prize in 2003, which he shared with American economist Robert Engle.

The economist was also voted in to the '100 Welsh Heroes' online poll.

Announcing the death, the department chair at UCSD, Julian Betts said: "Clive was widely admired by his colleagues for his scholarship and generosity of spirit.

"He was particularly known for the way he made time for students and visitors, for his witty insights and his gentle sense of humour."

Sir Clive was proud of his Welsh roots, commenting on his entry in the poll of 100 Welsh Heroes: "I have had other honours but you can't beat this one".

Clive was a towering intellect, irrepressibly curious, and a great simplifier and communicator David Greenaway, vice-chancellor, University of Nottingham

However, it could be argued it was beaten when the professor was awarded the Nobel Prize in 2003.

His work analysed financial data and trends over decades, examining the key relationships between prices and exchange rates, and wealth and consumption.

It allowed experts to build better models to predict the future paths of economies.

At the time of the award, a Harvard University economist explained the importance to the professor's work, by telling the Los Angeles Times: "Granger gave us a rigorous way to distinguish between stupid and non-stupid relationships."

'Legacy'

But on accepting his prize, a modest Sir Clive remarked: "Life has been complicated since I received this award. People expect me to say brilliant things all the time."

The economist was made a Knight Bachelor in the 2005 New Year Honours, for services to economics.

Tributes have also been paid to Sir Clive by the University of Nottingham, were he spent more than 22 years as an undergraduate, lecturer and ultimately as professor.

The university's vice-chancellor, David Greenaway, said: "Clive was a towering intellect, irrepressibly curious, and a great simplifier and communicator.

"These traits, blended with his openness and complete lack of pretension, ensured he always had a positive impact on those around him.

"His contribution to Nottingham was enormous, a legacy to be proud of. It was a privilege to know him."