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By
KOSTYA MANENKOV and STEFANIE DAZIO
STOCKHOLM (AP) — The Nobel memorial prize in economics, the
final award in this year's cycle, will be announced Monday by
the Royal Swedish Academy of Sciences in Stockholm.
Last year, three researchers who study business innovation won
for explaining how new products and inventions promote economic
growth and human welfare, even as they leave older companies in
the dust.
The economics prize is formally known as the Bank of Sweden
Prize in Economic Sciences in Memory of Alfred Nobel. The
central bank established it in 1968 as a memorial to Nobel, the
19th-century Swedish businessman and chemist who invented
dynamite and established the five Nobel Prizes.
Nobel purists stress that the economics prize is technically not
a Nobel Prize, but it is always presented together with the
others on Dec. 10, the anniversary of Nobel’s death in 1896.
Nobel honors were announced last week in medicine, physics,
chemistry, literature and peace.
The prize money this year is 12 million Swedish kronor (about
$1.2 million), whether for an individual, small group of
laureates or organization.
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