What is the Nobel Prize for economics? The Nobel Prize for economics is the most prestigious award for contributions towards the field of economics. This prize is given to only the influential and elite leaders in economics. The Nobel Prize was named after Alfred Nobel. The Nobel Prize for economics is awarded yearly by the Royal Swedish Academy of Sciences. A person who receives this award is known to be great in his or her work, accomplished significant workings, and or made major innovations in the field of economics. Along with this prestigious award, the winner also receives a gold medal, a diploma bearing a citation, and a whopping one million dollars (1).
The Nobel Prize is the first international award given yearly since 1901 for achievements in physics, chemistry, medicine, literature and peace. The prize consists of a medal, a personal diploma, and a prize amount. The Nobel Prize began to be awarded in 1969. The economics prize was not part of Alfred Nobel's original will, it was added later. There are five original prizes, and economics was not one of them. But in 1969 it was judged and administered the same way as these five.
How do people get elected to win the Nobel Prize for Economics? The Economics prize is made on the basis of nominations from selected economists, a recommendation from the prize committee, and a secret ballot of the full academy. The winner is announced each year in October, and awarded on December 10th. .
There have been fifty-one people awarded with the Nobel Prize in economics. Of the fifty-one, thirty four were American. Of these thirty four, seven were also a different nationality, making sixty-seven percent of the Nobel Prize winners American. The American Nobel Prize winners are Paul Samuelson, Simon Kuznets, Kenneth J. Arrow, Wassily Leontief, Tjalling Koopmans, Milton Friedman, Herbert A. Simon, Theodore W. Schultz, Lawrence R. Klein, James Tobin, George J.