Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is one of the most prestigious honors in the global academic community. Awarded for outstanding contributions to mankind in the field of economic sciences, this prize recognizes groundbreaking research that shapes our understanding of markets, finance, and societal wealth.
While often referred to colloquially as the Nobel Prize in Economics, it is distinct from the original prizes established by Alfred Nobel's will. Instead, it was instituted in 1968 by Sveriges Riksbank, the central bank of Sweden, to celebrate the bank's 300th anniversary.
Key Facts
- Established: 1968 by Sveriges Riksbank.
- Presented by: The Nobel Foundation and the Royal Swedish Academy of Sciences.
- Location: Stockholm, Sweden.
- Reward: 11 million Swedish kronor (as of 2023/2024).
- Total Laureates: 98 individuals across 54 awards (as of 2023/2024).
- Recent Recipients: Joel Mokyr, Philippe Aghion, and Peter Howitt.
Creation and Funding
The prize was created through an endowment provided "in perpetuity" by Sveriges Riksbank. This funding covers the monetary reward given to the laureates as well as the administrative expenses incurred by the Nobel Foundation. To ensure the prize maintains the same prestige and value as the original Nobel Prizes, the reward amount is kept consistent; for instance, it stood at 11 million Swedish kronor in 2023 and 2024.
Since 2006, Sveriges Riksbank has provided an annual grant of 6.5 million Swedish kronor to the Nobel Foundation for administrative costs. Additionally, a grant of 1 million Swedish kronor was provided until the end of 2008 specifically to support the inclusion of the award's information on official websites.
Relation to the Nobel Prizes
A common point of confusion is the prize's relationship to the original Nobel Prizes. Technically, the Prize in Economic Sciences is not a Nobel Prize because it was not established by Alfred Nobel's will. However, it is administered by the Royal Swedish Academy of Sciences according to the same principles and rules as the original prizes. This alignment in process and prestige has led to its widespread association with the Nobel brand.
Evolution of the Prize Name
Over the decades, the official title of the award has undergone several changes to reflect its sponsorship and nature. The naming history demonstrates a transition from a general memorial prize to one specifically branded by the Swedish central bank.
| Year(s) | Official English Name |
|---|---|
| 1969–1970 | Prize in Economic Science dedicated to the memory of Alfred Nobel |
| 1971 | Prize in Economic Science |
| 1972 | Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel |
| 1973–1975 | Prize in Economic Science in Memory of Alfred Nobel |
| 1976–1977 | Prize in Economic Sciences in Memory of Alfred Nobel |
| 1978–1981 | Alfred Nobel Memorial Prize in Economic Sciences |
| 1982 | Alfred Nobel Memorial Prize in Economic Science |
| 1983 | Prize in Economic Sciences in Memory of Alfred Nobel |
| 1984–1990 | Alfred Nobel Memorial Prize in Economic Sciences |
| 1991 | Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel |
| 1992–2005 | Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel |
| 2006–present | The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel |
Frequently Asked Questions
Is the Economics prize a real Nobel Prize?
Strictly speaking, no. It was not established by Alfred Nobel's will, but by Sveriges Riksbank in 1968. However, it is awarded by the Royal Swedish Academy of Sciences under the same principles as the original Nobel Prizes.
Who funds the prize?
The prize is funded by an endowment from Sveriges Riksbank, the central bank of Sweden, which covers both the monetary award and the administrative costs of the Nobel Foundation.
How much is the prize reward?
In 2023 and 2024, the reward amount was 11 million Swedish kronor, keeping it consistent with the other Nobel prizes.
Who decides who wins the award?
The laureates are selected and the prize is awarded by the Royal Swedish Academy of Sciences.
How many people have received the prize?
As of 2024, a total of 98 individuals have been honored across 54 separate award years.