The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is a prestigious international award for outstanding achievement in economic sciences, established in 1968 by Sweden’s central bank (Sveriges Riksbank) to mark its 300th anniversary and honour Alfred Nobel.
Awarded by the Royal Swedish Academy of Sciences according to the same principles as the original Nobel Prizes, the award is not one of the original prizes established by Alfred Nobel’s will. Instead, it is based on the donation from the Swedish Central Bank and is often colloquially referred to as the “Nobel Prize in Economics.” The first award, in 1969, went to Ragnar Frisch, Norway, and Jan Tinbergen, the Netherlands, for their work in econometric modelling of economic processes.
Laureates are selected by the Royal Swedish Academy of Sciences, which also administers awards in Physics and Chemistry. The monetary award, €924,000 (SEK 11 million) for each category, diploma and medal, is presented in Stockholm during the award ceremony each December 10.
Initially conceptualised as a prize for economics, the award has gradually expanded to include achievements in related social sciences, such as political science, psychology, and sociology, exemplified by awards to scholars like Herbert Simon and Daniel Kahneman. Since the mid-1990s, it has reflected more interdisciplinary approaches and critical engagement with real-world social issues.
Recent laureates show the field’s growing attention to empirical research, microeconomic analysis, global poverty, gender labour dynamics, and behavioural economics. For example, the 2023 laureate, Claudia Goldin, was honoured for her work on women’s labour market outcomes.
The 2024 prize recognised Daron Acemoglu, Simon Johnson, and James Robinson for research on how societal institutions shape economic prosperity and development. Their studies underscore the persistent impact of historical institutions on contemporary growth, examining themes like colonisation and democratisation.
The prize in Economic Sciences continues to provoke discussion about the prize’s focus and the dominance of certain schools of thought. Recent trends point towards more pluralistic and historically grounded approaches, integrating insights from politics, sociology, and technology, such as research into the consequences of artificial intelligence and institutional stability.
In the future, the prize is balanced not only to reflect the evolving landscape of economic thought but also to shape it – championing innovation and advancing solutions that address society’s most pressing global challenges.
