Encyclopedia > Bank of Sweden Prize in Economic Sciences
The Bank of Sweden Prize in Economic Sciences (Swe.Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), often colloquially called The Nobel Prize in Economics or The Nobel Prize for Economics, is different from the rest of prizes awarded at the Nobel Prize ceremony in that it is not part of the Alfred Nobel bequest. The Prize was instituted by the Bank of Sweden (Sveriges Riksbank) at its 300th anniversity in 1969. Members of the Nobel family are contesting use of the term "Nobel Prize in Economics" in any context. It is however, in the Nobel Prize context, often referred to as simply "The Prize in Economics".
List of Prize Winners from 1969 to the present day.
for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science
for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development
for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena
for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.
for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis
for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy
for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change
for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy
for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms
Although the bank of Johan Palmstruch[?] was private, it was the King who chose its management: in a letter to Palmstruch he gave permission to its operations according to stated regulations.
Due to the failure of Stockholm Banco the new bank was managed under the direct control of the Riksdag of the Estates to prevent the interference of the King.
Following the third centennial of the bank in 1968 a Prize in Economics to the Memory of Alfred Nobel was instituted.
Also known as the Bank of SwedenPrize in EconomicSciences in Memory of Alfred Nobel, it was instituted in 1969 by Sveriges Riksbank (the Bank of Sweden).
The prizes for physics and chemistry shall be awarded by the Swedish Academy of Sciences; that for physiological or medical works by the Caroline Institute in Stockholm; that for literature by the Academy in Stockholm; and that for champions of peace by a committee of five persons to be elected by the Norwegian Storting.
For example, in 2002, a Prize was awarded to Koichi Tanaka and John Fenn for the development of mass spectrometry in protein chemistry, failing to recognise the achievements of Franz Hillenkamp and Michael Karas of the Institute for Physical and Theoretical Chemistry at the University of Frankfurt.
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