Nobel Memorial Prize in Economic Sciences

An annual prize in economic sciences established by Sweden’s central bank and first awarded in 1969. The Royal Swedish Academy of Sciences selects its laureates.

Sveriges Riksbank: Sweden’s central bank, founded in 1668 and the world’s oldest central bank. The bank established and funds the prize in memory of Alfred Nobel.
Economic Sciences Prize Committee: A committee appointed by the Royal Swedish Academy of Sciences to evaluate nominations for the economics prize. It assesses candidates and recommends laureates to the Academy.
Jan Tinbergen: A Dutch economist who developed econometric models and shared the first economics prize in 1969. He was one of the prize’s inaugural laureates, recognized for econometric work.
Econometric modeling: The use of statistical methods to estimate economic relationships and test economic theories. The first award recognized work that helped establish this empirical approach.
Alfred Nobel: A Swedish chemist, engineer, inventor, and industrialist whose will established the Nobel Prizes. The economics prize honors his memory but was not specified in his will.
Nobel Prize nomination: A confidential process in which eligible nominators propose candidates for Nobel Prizes. Eligible nominators put forward candidates for the economics prize through this process.
Ragnar Frisch: A Norwegian economist who helped establish econometrics and shared the first economics prize in 1969. He shared the inaugural award with Jan Tinbergen for work in econometrics.
Economic policy: Government decisions and actions concerning taxation, spending, regulation, and monetary conditions. Prize-winning research often informs debates about policy design and its effects.
Nobel Prize: A group of international prizes established by Alfred Nobel’s 1895 will. The economics award joined the Nobel Prize ceremonies while remaining a separate memorial prize.
Nobel Prize selection: The institutional process by which prize-awarding bodies assess candidates and choose Nobel laureates. The Academy’s final decision follows committee review and is not determined by a public vote.

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