“The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.”
It is not one of Alfred Nobel’s original prizes (those were in Physics, Chemistry, Medicine, Literature, and Peace), but it is commonly referred to as the Nobel Prize in Economics.
Origin and Establishment
- Established: 1968
- By: Sveriges Riksbank (The Central Bank of Sweden)
- Occasion: The bank’s 300th anniversary
- First Awarded: 1969
Administration
- Administered by: The Nobel Foundation
- Selection Body: The Royal Swedish Academy of Sciences
- The same institution that selects Nobel Laureates in Physics and Chemistry.
- Presentation: At the Nobel Prize ceremony in Stockholm, Sweden, on December 10, the anniversary of Alfred Nobel’s death.
Purpose and Criteria
The prize is awarded to individuals who have made outstanding contributions to the field of Economic Sciences, including but not limited to:
- Economic theory
- Behavioral economics
- Game theory
- Financial economics
- Econometrics
- Development and labor economics
- Public policy and welfare economics
Award Components
Each laureate receives:
- A gold medal
- A diploma
- A monetary award (amount varies annually, typically around 11 million SEK as of 2024)
Examples of Laureates
| Year | Laureate(s) | Contribution |
|---|---|---|
| 1969 | Ragnar Frisch & Jan Tinbergen | Development of econometric models |
| 1976 | Milton Friedman | Consumption analysis, monetary history & theory |
| 1992 | Gary Becker | Applying economic analysis to social behavior |
| 2001 | Joseph Stiglitz, George Akerlof, Michael Spence | Information asymmetries |
| 2009 | Elinor Ostrom & Oliver Williamson | Governance of common goods & institutions |
| 2019 | Abhijit Banerjee, Esther Duflo, Michael Kremer | Experimental approach to alleviating global poverty |
| 2023 | Claudia Goldin | Women’s labor market outcomes and gender gaps |
There a Nobel Prize in Law
No.
There is no Nobel Prize or equivalent “Sveriges Riksbank Prize” in Law.
However:
- Legal scholars can win the Nobel Peace Prize (e.g., for work in international law, human rights, or justice).
- Law-related fields sometimes overlap with Economics or Political Science, so legal economists or scholars of institutional law might receive the Economics Prize (for instance, Elinor Ostrom, though a political scientist, studied legal frameworks for managing commons).
Closest Equivalents in Law
While there’s no official “Nobel in Law,” several prestigious international law awards exist:
| Award | Field | Awarded By |
|---|---|---|
| Stockholm Human Rights Award | Human rights & rule of law | International Bar Association, Swedish Bar Association |
| World Justice Project Rule of Law Award | Promotion of rule of law | World Justice Project |
| UNESCO Prize for Peace Education | Legal and peace education | UNESCO |
| Hague Prize for International Law | International law scholarship | Hague Academy of International Law |
But none carry the Nobel brand or equivalent institutional prestige.
Summary Table
| Aspect | Economics | Law |
|---|---|---|
| Official Name | Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | — |
| Founded By | Sveriges Riksbank (Swedish Central Bank) | — |
| Year Established | 1968 | — |
| Administered By | Nobel Foundation | — |
| Selection Committee | Royal Swedish Academy of Sciences | — |
| First Awarded | 1969 | — |
| Nobel Equivalent? | Yes | No |
| Type of Recognition | Economic science research | No formal equivalent |