STOCKHOLM — The Nobel memorial prize in economics, serving as the concluding announcement of this year’s Nobel cycle, is set to be revealed on Monday by the Royal Swedish Academy of Sciences in Stockholm.
Last year, the honor went to three researchers specializing in business innovation. Their work detailed how novel products and inventions drive economic growth and enhance human welfare, often while displacing established companies.
The award is officially designated as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It was established by the central bank in 1968 to commemorate Nobel, the 19th-century Swedish businessman and chemist known for inventing dynamite and founding the original Nobel Prizes.
Although strict interpretations distinguish the economics award from the original Nobel Prizes, it is traditionally presented alongside them on December 10, marking the anniversary of Nobel’s death in 1896.
This year’s monetary award stands at 12 million Swedish kronor, approximately $1.2 million, a sum distributed regardless of whether the laureate is an individual, a small group, or an organization. The other Nobel honors in medicine, physics, chemistry, literature, and peace were announced during the previous week.
$1.2 million for a single announcement! I just hope the recipient focuses on real-world issues, not just theoretical models.
Fascinating how this prize is technically separate from the original Nobel bequest, yet treated with equal prestige every year.