Prize in Economic Sciences is not a Nobel Prize – It is a ‘Swedish Bank Prize’
Nobel Memorial Prize
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
The Prize in Economic Sciences is not a Nobel Prize. In 1968, Sveriges Riksbank (Sweden’s central bank) instituted “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”, and it has since been awarded by the Royal Swedish Academy of Sciences according to the same principles as for the Nobel Prizes that have been awarded since 1901. The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.[https://www.nobelprize.org/]
The statutes of the Nobel Foundation restrict disclosure of information about the nominations, whether publicly or privately, for 50 years. The restriction concerns the nominees and nominators, as well as investigations and opinions related to the award of a prize.[https://www.nobelprize.org/]
Alfred Nobel’s Will- Text
” The said interest shall be divided into five equal parts, which shall be apportioned as follows: one part to the person who shall have made the most important discovery or invention within the field of physics; one part to the person who shall have made the most important chemical discovery or improvement; one part to the person who shall have made the most important discovery within the domain of physiology or medicine; one part to the person who shall have produced in the field of literature the most outstanding work in an ideal direction; and one part to the person who shall have done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses. The prizes for physics and chemistry shall be awarded by the Swedish Academy of Sciences; that for physiological or medical work 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”.
Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968
[Regulating Law- Swedish Foundations Act (Act 1994:1220)]
§ 1 The Prize shall be awarded in accordance with the rules set forth in a deed of gift drawn up by Sveriges Riksbank on 6 June 1968, which, insofar as the present matter is concerned, reads as follows:
“In celebration of the Tercentenary of Sveriges Riksbank, the Bank has instituted a prize in economic sciences in memory of Alfred Nobel.
The prize shall be awarded annually to a person who has written a work on economic sciences of the eminent significance expressed in the will of Alfred Nobel drawn up on 27 November 1895.
The prize shall be awarded by the Royal Academy of Sciences in accordance with the rules governing the award of the Nobel Prizes instituted through his will.”
§ 2 As regards the procedure to be adopted in respect of proposals for candidates for the prize, adjudication and presentation of the Prize, the rules for award of the Nobel Prize shall, where relevant, be complied with.
The Committee appointed by the Academy of Sciences to pronounce an opinion concerning the award of the Prize shall be called the Prize Committee.
§ 3 If an amount is reserved for award of the prize in the succeeding year but is not awarded in that year either, or in the event that a person nominated as winner of the prize declines the prize or fails to draw the amount within the stipulated time, the amount shall be placed at the disposal of Sveriges Riksbank.
§ 4 The funds placed at the disposal of the Nobel Foundation by Sveriges Riksbank for defrayment of its expenses shall, after deduction of the administrative expenses incurred by the Nobel Foundation in conjunction with the donation and other general expenses, be used for defrayment of the expenses incurred for the presentation of the prize. The amount not used to cover the year’s expenditure shall be reserved for future expenditure.
§ 5 The funds placed at the disposal of the Nobel Foundation by Sveriges Riksbank, their administration and auditing, and the access to documents for the Minister of Education or officer appointed by him, shall be governed by the same rules as are stipulated for other funds of the Nobel Foundation.
§ 6 A proposal for amendment of these statutes may be raised by the Academy of Sciences or the Board of the Nobel Foundation. An opinion on such proposals shall be given by the Trustees of the Nobel Foundation and by Sveriges Riksbank.
An amendment of the statutes shall be decided jointly by the Academy and the Board. If they cannot agree on the proposed amendment, the proposal shall fall. If the proposal is adopted, it shall be submitted by the Board for the approval of the Government.
These statutes shall enter into force on 1 January 1969; the provisions of the statutes shall notwithstanding be applicable prior thereto in respect of measures required for implementation of the statutes after they have entered into force.
Statutes with special regulations concerning the award by the Royal Academy of Sciences of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968, with later amendments inserted
A proposal for award of the Prize may be made by:
1) Swedish and foreign members of the Academy of Sciences;
2) members of the Economic Sciences Prize Committee;
3) persons who have been awarded the Prize in Economic Sciences in Memory of Alfred Nobel;
4) the professors of subjects falling under this category at the universities and schools of economics in Sweden, Denmark, Finland, Iceland and Norway;
5) the holders of corresponding chairs at at least six universities or corresponding institutions selected by the Academy of Sciences having regard to the appropriate distribution of the commission among the various countries and seats of learning; and
6) other scientists whom the Academy may otherwise see fit to call upon or this purpose.
Decisions concerning selection of the teachers and scientists referred to in points 5 and 6 shall be made every year before the end of the month of September.
The Prize Committee shall consist of five members, all of whom shall be elected by the Academy. Election shall be for a period of three years. A retiring member may be re-elected twice in succession. Thereafter, election for a maximum of one more three-year period may occur after three years. A member who has reached seventy years of age may not be re-elected.
The Academy shall appoint one member from among the members of the Prize Committee to be its chairman for one year at a time. The chairman may be re-elected twice.
If a member retires prior to the expiry of his term of office, another person shall be elected for the remainder of the period.
Before the election of the chairman and other members of the Prize Committee takes place, proposals for nominations shall be made by the Ninth (Social Science) Class of the Academy. The proposals shall be submitted to the Academy before the end of the month of November.
If the Class deems it necessary for the drawing up of such proposals, it may co-opt an expert member of another Class of the Academy.
In the absence of the chairman of the Prize Committee, the member who is most senior in age among those present shall act as chairman.
The secretary of the Prize Committee shall be nominated by the Academy; proposals for the appointment shall be made by the Ninth Class.
A quorum of the Prize Committee shall exist when at least three members are present. Voting shall be by open ballot. In the event of a tie, the chairman shall have the casting vote.
Every year in the month of September the Prize Committee shall issue invitations to the persons who, under § 1, are entitled to make proposals concerning the award of the Prize to submit their proposals and evidence in support of them, prior to February 1 of the following year.
Before the end of the month of September the Prize Committee shall submit to the Academy a report and proposal concerning the prize award of the year.
Subsequently the Ninth Class shall, before the end of October, submit its opinion on the matter to the Academy. If the Class deems it necessary for that purpose, it may co-opt an expert member from another class of the Academy.
The Academy shall bring up the matter for final decision prior to the middle of the following November.
The discussions, opinions and proposals of the Prize Committee concerning the award of the Prize may not be published or otherwise disclosed.
Remuneration for members and co-opted members of the Prize Committee or for experts engaged by the Prize Committee for specific purposes with the approval of the Academy, shall be determined by the Academy after an opinion on the matter has been obtained from the Ninth Class.
A gold medal in memory of Alfred Nobel shall be awarded on each occasion to each member of the Academy attending the meeting when, in accordance with the second paragraph of Statute 7, the Ninth Class states its final opinion or, in accordance with the third paragraph of the same Statute, the Academy makes a decision on the Prize award. Such a gold medal shall also be awarded to the keeper of the minutes.
Questions pertaining to the Prize in Economic Sciences shall be considered by the Ninth Class and by the Academy at special meetings. The minutes recorded at these meetings shall not be coordinated with the minutes of meetings which are not concerned with Nobel matters. All the expenses incurred by these meetings shall be defrayed by the Nobel Foundation.
Proposals to amend these Statutes may be made by members of the Academy or of the Prize Committee. Before the Academy deals with any such proposals, an opinion on the matter shall be obtained from the Prize Committee and from the Ninth Class. Proposals approved by the Academy shall be submitted for the approval of the Government.
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