Nobel Prize for Economics

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel commonly, but erroneously called the Nobel Prize in Economics, has been awarded since 1969, following the establishment by the Swedish Central Bank of a special endowment fund for the awarding of the prize.
This prize was not foreseen in Alfred Nobel’s will, but is managed by the Nobel Foundation and awarded together with the other prizes. The nomination process begins approximately one year before the award is presented, with the Royal Swedish Academy of Sciences inviting qualified individuals and organizations to suggest deserving candidates. A commission of 5-8 scholars invites experts, both Swedish and foreign, to draw up a study on the candidates deemed most deserving. The commission then draws up a report to the Royal Academy of Sciences which decides with a final vote at the beginning of October of each year.
It should be noted that the Swedish economist Gunnar Myrdal, and the former Swedish finance minister Kjell-Olof Feldt, have spoken out in favor of abolishing the prize.