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French economist Jean Tirole has won this year's Nobel Prize for economics.

Tore Ellingsen is the Nobel Committee's Economics chair.

"Well, this prize is about how to regulate powerful firms, and powerful firms dominate many different industries and there is a need for regulation to make sure that they act in the public interest and not only in the owner's interest."

Tirole's research focuses on how market regulations can be adapted to the conditions of specific industries, rather than the general principles that apply to every industry.

The 61-year-old Nobel Prize winner has been making proposals to try to jump-start the sagging French economy.

"I think we have a lot of human capital as I said, so I think there is a lot of potential for France but it has to modernize itself and basically do a number of reforms, reduce its public debt and all those things, so as to give a brighter future to the young people,"

Tirole has also worked for decades on the effects of credit bubbles.

This is the second Nobel Prize for a French national this year.

Author Patrick Modiano has won this year's award for Literature.