Nobel Prize

 Nobel Prize

 Nobel Prize in Economics full details

 The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, is one of the five Nobel Prizes established by the will of Swedish inventor Alfred Nobel in 1895. The Prize is awarded annually by the Royal Swedish Academy of Sciences to individuals who have made outstanding contributions in the field of economics.

 Here are some key details about the Nobel Prize in Economics:

1. Awarded since: 1969

 2. Awarded by: Royal Swedish Academy of Sciences

3. Prize money: 10 million Swedish kronor (about $1.1 million)

4. Number of laureates: 85 individuals (up to 2021)

5. Selection process: The Academy invites nominations from previous Nobel laureates in economics, professors of economics and related subjects, and members of select research institutes. The nominations are then reviewed by a committee of economists, who narrow down the list of candidates to a shortlist of finalists. The final decision is made by the Academy in October.

6. Criteria: The prize is awarded for outstanding contributions in the field of economics, with an emphasis on research that has practical applications for improving people's lives.

 7. Fields of economics covered: The prize has been awarded for contributions in a wide range of economic fields, including microeconomics, macroeconomics, econometrics, game theory, behavioral economics, development economics, and public finance, among others.

8. Notable laureates: Some of the most notable laureates of the Nobel Prize in Economics include Milton Friedman, Amartya Sen, Joseph Stiglitz, Paul Krugman, and Esther Duflo.

9. Controversies: Like any prestigious award, the Nobel Prize in Economics has not been without controversy. Critics have accused the prize of being too focused on neoclassical economics and neglecting alternative schools of economic thought. In recent years, there has also been debate over whether the prize should be expanded to recognize work in other social sciences, such as political science or sociology.

 Note: the Nobel Prize in Economics remains one of the most prestigious awards in the field of economics, and its laureates have made significant contributions to our understanding of the economic world and its impact on society.