James Mirrlees was a Scottish economist known for his significant contributions to the field of economic theory. Born on July 5, 1936, he was awarded the Nobel Prize in Economic Sciences in 1996 for his work on the theory of incentives under asymmetric information. His research helped to explain how information discrepancies between parties can affect economic decisions. Mirrlees is particularly recognized for the Mirrlees model, which analyzes optimal taxation and how to design tax systems that minimize economic distortions. His work has had a lasting impact on public economics and has influenced policies around the world, making him a key figure in modern economic thought.