Which bank established the Nobel Memorial Prize in Economic Sciences in 1968?

Sveriges Riksbank established the Nobel Memorial Prize in Economic Sciences in 1968. It created the award to mark the central bank’s 300th anniversary, making it the only Nobel-associated prize not established in Alfred Nobel’s original 1895 will.

The first award was presented in 1969, jointly to Ragnar Frisch and Jan Tinbergen. The prize is formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, although it is widely known as the Nobel Prize in Economics.

Sveriges Riksbank is Sweden’s central bank and one of the world’s oldest central banks. A common mix-up is assuming that Alfred Nobel personally created the economics prize; the original Nobel prizes covered physics, chemistry, physiology or medicine, literature, and peace.

The economics prize follows the Nobel prizes in its nomination, selection, announcement, and presentation procedures. Laureates receive their medals and diplomas in Stockholm during the annual Nobel celebrations.