The Nobel Memorial Prize in Economic Sciences is one of the most prestigious awards in the field of economics. It is awarded annually to three economists who have made significant contributions to the field.

Eligibility:

• To be eligible for the prize, a candidate must be a scientist who has made important contributions to the field of economics.
• Candidates must be nominated by a Nobel Prize committee member of a country that has been awarded the prize in the past.
• The candidate must be alive at the time of the award.

Selection:

• The Nobel Prize Committee meets in private to discuss and select the winners.
• The committee considers a wide range of factors, including the candidate’s contributions to the field of economics, their originality and importance, and their overall standing in the field.
• The committee typically selects three winners, one for each of the three prizes.

Award:

• The Nobel Memorial Prize in Economic Sciences is awarded on December 10th of each year.
• The prize consists of a gold medal, a diploma, and a substantial sum of money.
• The winner’s name is announced in a press release on the day of the award.

Notable Prize Winners:

• Milton Friedman
• Paul Krugman
• Kenneth Arrow
• Gary Becker
• Edmund Phelps

Other Facts:

• The Nobel Memorial Prize in Economic Sciences is the highest prize in economics.
• The prize is awarded in Stockholm, Sweden.
• The prize is named after Alfred Nobel, the inventor of dynamite.