Nobel Memorial Prize in Economic Sciences
award established in 1968 by Sveriges Riksbank in memory of Alfred Nobel
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".
Creation and funding
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.
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