The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

A mouthful, the formal name for this Nobel is so long, it is typically shortened to 'The Nobel Prize for Economics." It was not part of Alfred Nobel's original legacy. Instead, on the 300th anniversary of its founding the chaps in charge of the Bank of Sweden offered to foot the bill for prize money if The Swedish Academy of Sciences would create and judge a new award for outstanding contributions in economics.

The Academy agreed, but its decision was not without controversy since some Laureates, Murray Gell-Man in particular, thought the importance of 'the Nobels" would be cheapened if a lesser science (economics) was recognized with an award. What next, anthropology or sociology? Later, three Laureates, Myrdal, Hayek, and Sen agreed with Gell Man and suggested its abolishment. This happened, of course, after they had already received their own Nobels. Their disdain arose because a prize was awarded to someone (Friedman) whose views differed sharply with their own.

Nonetheless, at its inception, those administering Nobels foresaw Economics evolving into an ever more rigorous, mathematical/statistical field, and with that in mind, they decided to go ahead. Thus in October, 1969, the Swedes began delivering annual announcements and invitations to attend the special December 10th dinner ceremony in Stockholm. The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel was born....

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