Nobel memorial prize in economics to be awarded in Stockholm

The Nobel memorial prize in economics, the concluding award of this year's cycle, will be unveiled by the Royal Swedish Academy of Sciences in Stockholm on Monday. Last year, three researchers specializing in business innovation were honored for their work detailing how novel products and inventions spur economic growth and human welfare, while simultaneously rendering older companies obsolete.

The economics prize, officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the central bank to commemorate Nobel, the 19th-century Swedish inventor and chemist who created dynamite and founded the five Nobel Prizes. Despite being technically not a Nobel Prize, the economics prize is consistently presented alongside the others on December 10, the anniversary of Nobel's death in 1896.

The Nobel honors for this year were revealed last week, including prizes in medicine, physics, chemistry, literature, and peace. The prize money for 2021 stands at 12 million Swedish kronor (approximately $1.2 million), awarded to either an individual, a small group of laureates, or an organization.