Radical Innovation & Long-Term Investment
The Panmure House Prize is an annual award of US$75,000 for research that explores the relationship between long-term thinking and radical innovation. The Prize is awarded to emerging leaders in academia and enables research that embodies Adam Smith's own approach to rigorous empiricism and long-term, inter-disciplinary thinking.
The Prize is open to academics in and across all disciplines whose nominations are shortlisted and judged by our specially appointed Panmure House Prize Panel. The Prize is administrated in partnership with FCLTGlobal, and supported by Baillie Gifford.
The 2024 Prize was awarded to Professor Kirk Doran, Associate Professor of Economics at the University of Notre Dame.
Prize winners utilise the award to conduct research from their home institution, working to publicise and publish their findings widely within peer-reviewed journals, national and international press, as well as curating first-look updates and interactive sessions here on the Panmure House website.
The 2025 award cycle is now closed with the announcement of the winner expected in the autumn. The Prize cycle for 2026 will open in January 2026.
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Patron of the Prize: Professor Sir Angus Deaton
Sir Angus Deaton is Senior Scholar and Professor Emeritus at Princeton University and Presidential Professor of Economics at USC. He is the author of The Great Escape: health, wealth, and the origins of inequality and, with Anne Case, Deaths of despair and the future of capitalism. His interests span domestic and international issues and include health, happiness, development, poverty, inequality, and how to best collect and interpret evidence for policy. He is a member of the National Academy of Sciences and the American Philosophical Society, a Fellow of the British Academy, and an Honorary Fellow of the Royal Society of Edinburgh. He is a past President of the American Economic Association. His BA, MA, and PhD are from Cambridge University, and he holds several honorary doctorates from universities in Europe and the US. In 2015, he received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel “for his analysis of consumption, poverty, and welfare.” He was born in Edinburgh, Scotland. He was made a Knight Bachelor in the Queen’s Birthday Honors List in 2016.
Labour alone […] never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.
The Wealth Of Nations, Book I, Chapter V