The Nobel Prize season is coming to a close. Stay tuned as we cover the announcement for the Nobel Memorial Prize in Economics, happening Monday morning! This last honor completes last week’s sweep in medicine, physics, chemistry, literature, and peace. With all this excitement brewing, everyone—from the field of economics to those watching from afar—wants to know who will join the prestigious list of economic laureates.
The official sounding Nobel memorial prize in economics, as purists like to remind us, is not a real Nobel Prize. Sweden’s central bank created the prize in 1968 to commemorate Alfred Nobel. It honors outstanding achievements in the field of economics. It is awarded every year with the original Nobel Prizes on December 10, in celebration of the anniversary of Nobel’s death in 1896.
Alfred Nobel, a 19th-century Swedish businessman and chemist, was best known for inventing dynamite and establishing the five original Nobel Prizes. Erhard, trunk roads and holiday highways The economics prize has been awarded 56 times since its inception. It has awarded 96 Laureates for their innovative contributions to economic theory and practice. In its 115-year history, only three women have been awarded this prestigious honor before Monday’s announcement.
That’s at least the gist of last year’s Nobel memorial prize in economics, awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson. Their work really focused on the extremes in wealth between countries. They would go on to prove that open and free societies tend to be the most prosperous. This theme highlights how critical continuous and innovative economic research is in determining the direction of global policy and society as a whole.
As the world turns its attention to the final award of this year’s Nobel season, experts and enthusiasts alike speculate about potential winners. The economics prize celebrates the best of the best. It further underscores the critical importance of independent economic research to addressing some of the greatest challenges facing our world today.
