Nobel economics prize to be announced in Stockholm
The award is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.
The Nobel Memorial Prize in Economic Sciences, the final award of this year's Nobel season, will be announced by the Royal Swedish Academy of Sciences in Stockholm today (12 October).
Last year's prize was awarded to three researchers for their work on innovation and economic growth. They explained how new products and inventions drive economic development and improve living standards while making older businesses less competitive.
The award is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sweden's central bank established it in 1968 in honour of Alfred Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and founded the five original Nobel Prizes.
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Although commonly known as the Nobel Prize in Economics, it is technically not one of the original Nobel Prizes, a distinction often highlighted by Nobel purists. However, it is presented alongside the other Nobel awards on 10 December, the anniversary of Nobel's death in 1896.
The Nobel Prizes in medicine, physics, chemistry, literature and peace were announced last week.
The prize carries 12 million Swedish kronor, or about $1.2 million, whether it is awarded to an individual, a group of researchers or an organisation.
