Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

The Nobel Prize medal

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics. It was established in 1968 by a donation from Sveriges Riksbank, the central bank of Sweden, on the occasion of the bank's 300th anniversary. The prize is not one of the original Nobel Prizes established by the will of Alfred Nobel in 1895, but it is administered and awarded alongside them.

History

The prize was established in 1968 by Sveriges Riksbank, Sweden's central bank, in memory of Alfred Nobel, the inventor of dynamite and founder of the Nobel Prizes. The first award was given in 1969 to Ragnar Frisch and Jan Tinbergen for their pioneering work in econometrics.

Selection Process

The selection process for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is similar to that of the other Nobel Prizes. The Royal Swedish Academy of Sciences is responsible for selecting the laureates. Each year, the process begins with nominations, which are submitted by qualified individuals and organizations. A committee reviews the nominations and makes recommendations to the Academy, which then votes on the final selection.

Criteria

The prize is awarded to individuals who have made significant contributions to the field of economics. This can include theoretical advancements, empirical research, or the development of new methodologies. The contributions must have had a lasting impact on the field and be of benefit to humanity.

Notable Laureates

• Paul Samuelson (1970) - For his contributions to the development of modern economic theory.
• Milton Friedman (1976) - For his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.
• Amartya Sen (1998) - For his contributions to welfare economics and social choice theory.
• Elinor Ostrom (2009) - The first woman to win the prize, recognized for her analysis of economic governance, especially the commons.

Controversies

The prize has been subject to controversy, primarily because it was not part of Alfred Nobel's original will. Some critics argue that economics is not a science in the same sense as physics or chemistry, and therefore should not be included among the Nobel Prizes. Others have criticized specific laureates or the perceived political implications of their work.

Also see

• Nobel Prize
• Royal Swedish Academy of Sciences
• Economics
• Alfred Nobel