Nobel Memorial Prize in Economic Sciences

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
Awarded forOutstanding contributions in Economic Sciences
LocationStockholm, Sweden
Presented byRoyal Swedish Academy of Sciences
Reward(s)9 million SEK (2017)[1]
First awarded1969
Currently held byPaul Romer and William Nordhaus (2018)
Websitenobelprize.org

The Nobel Memorial Prize in Economic Sciences (officially Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly referred to as the Nobel Prize in Economics,[2] is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.[3] The award's official English name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.[4][5][6]

The prize was established in 1968 by a donation from Sweden's central bank the Riksbank to the Nobel Foundation to commemorate the bank's 300th anniversary.[3][7][8][9] As it is not one of the prizes that Alfred Nobel established in his will in 1895, it is not a Nobel Prize.[10] However, it is administered and referred to along with the Nobel Prizes by the Nobel Foundation.[11] Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony.[3]

Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences.[12][13] It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".[9][14][15]

Creation and funding

An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award.[12]

Since 2012, the monetary portion of the Prize in Economics has totaled 8 million Swedish kronor. This is equivalent to the amount given for the original Nobel Prizes.[16][17][18] 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 Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize in the Nobel Foundation's internet webpage.[19]

Relation to the Nobel Prizes

The Prize in Economics is not one of the Nobel Prizes, which were endowed by Alfred Nobel in his will.[3][20][21] 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 Nobel Prizes.[12][17][22]

Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony.[3] 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,"[12] which stipulate that the prize be awarded annually to "those who ... shall have conferred the greatest benefit on mankind."[23]

Other Languages
беларуская (тарашкевіца)‎: Нобэлеўская прэмія па эканоміцы
Bahasa Indonesia: Nobel Ekonomi
norsk nynorsk: Nobelprisen i økonomi
oʻzbekcha/ўзбекча: Iqtisodiyot boʻyicha Nobel mukofoti
پنجابی: کارل سپتلر
srpskohrvatski / српскохрватски: Nobelova nagrada za ekonomiju
Tiếng Việt: Giải Nobel Kinh tế