Britannica
Sources used in this answer
Why is the economics award not technically a Nobel Prize?
Created from Britannica articles
using AI.
AI can make mistakes, so verify using Britannica articles.
Nobel Prize
The obverse side of the Nobel Prize medals for Physics, Chemistry, Physiology or Medicine, and Literature.
The award commonly referred to as the Nobel Prize in Economics is not technically a Nobel Prize because it was not established by the 1895 will of Alfred Nobel.1
While the original five Nobel Prizesâfor Physics, Chemistry, Physiology or Medicine, Literature, and Peaceâwere created according to his final testament, the economics award was established much later, in 1968, by the Bank of Sweden (Sveriges Riksbank). Its official title is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.1
Despite this distinction, the prize is closely identified with the Nobel awards: its recipients are announced alongside Nobel laureates, and the ceremony is held in conjunction with the other prizes.12