The John Bates Clark Medal is an award given every two years to an American economist under the age of 40. Established in 1947 by the American Economic Association, the medal recognizes outstanding contributions to economic thought and knowledge. It is named after John Bates Clark, a prominent economist known for his work in marginal productivity theory. The medal is considered one of the most prestigious honors in the field of economics, often seen as a precursor to the Nobel Prize in Economic Sciences. Recipients are selected based on their innovative research and significant impact on the discipline, highlighting the importance of young scholars in advancing economic understanding.