What is the Nobel Prize in Economics?

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The Nobel Prize in Economics, officially called the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel," was established in 1968 by the Central Bank of Sweden 1. Unlike the original Nobel Prizes, which were established by Alfred Nobel's will in 1895, this prize was created by the bank and is often considered distinct from the traditional Nobel Prizes, though it is awarded alongside them in Stockholm and follows the same procedures 2 3.

Nobel Prize Experience

Richard shares his emotional journey after winning the Nobel Prize, highlighting the unique experience of attending the week-long ceremonies in Stockholm. He reflects on the perception of the economics prize compared to other Nobel categories, humorously addressing the debate over its legitimacy. The conversation reveals his personal background and the unexpected nature of his achievement, making the moment even more poignant.
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Each year, the prize is granted based on advancements that significantly contribute to the field of economics. The selection process typically involves rigorous vetting, replication of findings, and can span decades before an award is made 3. Despite its non-traditional origins, winners of the Economics Prize are treated the same as other Nobel laureates by the Nobel Foundation 1.

For additional insight, prominent economist and Nobel laureate Richard Thaler humorously acknowledged that the economics prize is viewed somewhat differently from the other Nobel Prizes but appreciated the prestige nonetheless 1.

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