STOCKHOLM – The Nobel memorial prize in economic sciences, the final honor in this year’s Nobel announcement cycle, is set to be revealed Monday by the Royal Swedish Academy of Sciences in Stockholm.
Last year’s economics award went to three researchers whose work examined how business innovation drives economic growth and improves human welfare, while often forcing older companies out of the market.
The economics honor is formally called the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sweden’s central bank created the award in 1968 to commemorate Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and founded the five original Nobel Prizes.
Nobel traditionalists point out that the economics award is technically separate from the Nobel Prizes. Nevertheless, it is presented alongside them each year on Dec. 10, the anniversary of Alfred Nobel’s death in 1896.
The Nobel awards in medicine, physics, chemistry, literature and peace were announced last week.
This year’s prize is worth 12 million Swedish kronor, or about $1.2 million. The amount is the same whether the award goes to one person, a small group of laureates or an organization.
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Dazio reported from Berlin.
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