Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for oustanding intellectual contributions in the field of economics. The award was instituted by the Bank of Sweden (the world's oldest central bank) at its 300th anniversary in 1969. Although it was not one of the awards established in the will of Alfred Nobel, the economics laureates receive their diploma and gold medal from the Swedish monarch at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature. The amount of money awarded to the economics laureates is also equal to that of the other prizes.

Related Topics:
Swedish - Economics - Bank of Sweden - Central bank - 1969 - Will - Alfred Nobel - Swedish monarch - December 10 - Stockholm - Nobel laureates - Physics - Chemistry - Physiology or medicine - Literature

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The prestige of the prize derives in part from its association with the awards created by Alfred Nobel's will, an association which has often been a source of controversy. The prize is commonly referred to as the Nobel Prize in Economics or, more correctly, as the Nobel Memorial Prize in Economics.

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In February 1995, it was decided that the economics prize be essentially defined as a prize in social sciences, opening the Nobel Prize to great contributions in fields like political science, psychology, and sociology. Also, the Economics Prize Committee was changed to require two non-economists to decide the prize each year, whereas previously the prize committee had consisted of five economists.

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