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Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, often referred to as the Nobel Prize in Economics, is an award in the field of economic sciences administered by the Nobel Foundation. Officially, it is titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), established in 1968 by Sweden's central bank, Sveriges Riksbank, to celebrate its 300th anniversary and in memory of Alfred Nobel.
Although the prize was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered part of the Nobel Prize framework and is administered and referred to along with Nobel Prizes by the Nobel Foundation. Laureates of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony.
The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which also selects the laureates of the prizes in Physics and Chemistry. The Prize was first awarded in 1969 to Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes".
Since 1968 an endowment "in perpetuity" from Sveriges Riksbank has been paying the Nobel Foundation's administrative expenses associated with the award and funds the monetary component of the award. The amount of the Prize in Economic Sciences remains the same as other prizes, at 11 million Swedish kronor in 2023 and 2024. Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; €0.7 million) for its administrative expenses associated with the award as well as 1 million Swedish kronor (until the end of 2008) to include information about the award on the Nobel Foundation's official websites.
The Prize in Economic Sciences is not one of the original five Nobel Prizes endowed by Alfred Nobel in his will. However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the original Nobel Prizes.
Laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony. The Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will", which stipulate that the prize be awarded annually to "those who ... shall have conferred the greatest benefit on mankind".
According to its official website, the Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and in Chemistry, the Prize in Economic Sciences, the Crafoord Prize and a number of other large prizes".
Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates." All proposals and their supporting evidence must be received before February 1. The proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote.
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Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, often referred to as the Nobel Prize in Economics, is an award in the field of economic sciences administered by the Nobel Foundation. Officially, it is titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), established in 1968 by Sweden's central bank, Sveriges Riksbank, to celebrate its 300th anniversary and in memory of Alfred Nobel.
Although the prize was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered part of the Nobel Prize framework and is administered and referred to along with Nobel Prizes by the Nobel Foundation. Laureates of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony.
The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which also selects the laureates of the prizes in Physics and Chemistry. The Prize was first awarded in 1969 to Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes".
Since 1968 an endowment "in perpetuity" from Sveriges Riksbank has been paying the Nobel Foundation's administrative expenses associated with the award and funds the monetary component of the award. The amount of the Prize in Economic Sciences remains the same as other prizes, at 11 million Swedish kronor in 2023 and 2024. Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; €0.7 million) for its administrative expenses associated with the award as well as 1 million Swedish kronor (until the end of 2008) to include information about the award on the Nobel Foundation's official websites.
The Prize in Economic Sciences is not one of the original five Nobel Prizes endowed by Alfred Nobel in his will. However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the original Nobel Prizes.
Laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony. The Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will", which stipulate that the prize be awarded annually to "those who ... shall have conferred the greatest benefit on mankind".
According to its official website, the Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and in Chemistry, the Prize in Economic Sciences, the Crafoord Prize and a number of other large prizes".
Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates." All proposals and their supporting evidence must be received before February 1. The proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote.