Is the Nobel Memorial Prize in Economic Sciences a real Nobel Prize?

It is not one of the five original prizes established by Alfred Nobel's 1895 will (Physics, Chemistry, Medicine, Literature, Peace). It was established in 1968 by Sweden's central bank and is officially a 'Memorial' prize. However, it is administered by the Nobel Foundation, awarded alongside the other prizes, and is considered equivalent in prestige.

The prize is funded by a donation from Sveriges Riksbank (the Swedish central bank) on the occasion of the bank's 300th anniversary in 1968.

What is the correct shorthand name?

In non-official contexts, 'Nobel Prize in Economics' is widely accepted and understood. Purists and official sources may prefer the full name or 'the economics Nobel'.

Who was the first winner?

The first Nobel Memorial Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen 'for having developed and applied dynamic models for the analysis of economic processes'.

nobel memorial prize in economic sciences

Low

UK/nəʊˌbel mɪˈmɔː.ri.əl praɪz ɪn ˌiː.kəˈnɒm.ɪk ˈsaɪ.ən.sɪz/US/noʊˌbel məˈmɔːr.i.əl praɪz ɪn ˌiː.kəˈnɑː.mɪk ˈsaɪ.ən.sɪz/

Formal, Academic

My Flashcards

Definition

Meaning

A prestigious international award for outstanding contributions to the field of economics, established in memory of Alfred Nobel.

Often referred to informally as the 'Nobel Prize in Economics', it is awarded annually by the Royal Swedish Academy of Sciences to economists whose work has significantly advanced the discipline. While not one of the original Nobel Prizes established by Alfred Nobel's will, it is administered alongside them and carries equivalent prestige.

Linguistics

Semantic Notes

This is a proper noun referring to a specific, singular award. It is often shortened in common parlance to 'Nobel Prize in Economics', though the official name includes 'Memorial' and uses the plural 'Sciences'.

Dialectal Variation

British vs American Usage

Differences

No significant lexical differences. Both varieties use the full official name or the common shorthand.

Connotations

Identical connotations of extreme academic prestige and intellectual achievement.

Frequency

Equally low frequency in both varieties, confined to academic, financial, and news contexts.

Vocabulary

Collocations

strong

win the Nobel Memorial Prize in Economic Sciencesawarded the Nobel Memorial Prize in Economic SciencesNobel Memorial Prize in Economic Sciences laureate

medium

recipient of the Nobel Memorial Prize in Economic Sciencesannouncement of the Nobel Memorial Prize in Economic Sciencesresearch that earned the Nobel Memorial Prize in Economic Sciences

weak

discuss the Nobel Memorial Prize in Economic Scienceshistory of the Nobel Memorial Prize in Economic Sciencescontroversy surrounding the Nobel Memorial Prize in Economic Sciences

Grammar

Valency Patterns

[Institution] awards the Nobel Memorial Prize in Economic Sciences to [Recipient] for [Work].[Recipient] was awarded the Nobel Memorial Prize in Economic Sciences.

Vocabulary

Synonyms

Neutral

Nobel Prize in Economics

Weak

Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobelthe economics Nobel

Usage

Context Usage

Business

Rare, except in high-level financial commentary discussing laureates' theories.

Academic

Primary context. Used in economics literature, university announcements, and academic biographies.

Everyday

Very rare. Might appear in news reports about the annual award announcement.

Technical

Used in official documents from the Royal Swedish Academy of Sciences and related award committees.

Examples

By Part of Speech

adjective

British English

Her Nobel Memorial Prize-winning theory changed macroeconomics.
He is a Nobel Memorial Prize laureate.

American English

Her Nobel Memorial Prize-winning theory changed macroeconomics.
He is a Nobel Memorial Prize laureate.

Examples

By CEFR Level

There is a Nobel prize for economics.

Every year, someone wins the Nobel Memorial Prize in Economic Sciences.

The economist was awarded the Nobel Memorial Prize in Economic Sciences for her groundbreaking work on market design.

Despite not being one of the original prizes stipulated in Alfred Nobel's will, the Nobel Memorial Prize in Economic Sciences is now regarded as the field's highest accolade, often sparking debate about the laureates' influence on public policy.

Learning

Memory Aids

Mnemonic

Think: NOBEL (the founder) + MEMORIAL (in his memory) + PRIZE (the award) + IN ECONOMIC SCIENCES (for economics). It's the 'economics cousin' of the Nobel Prizes.

Conceptual Metaphor

THE PINNACLE OF ACHIEVEMENT IS A PRIZE; INTELLECTUAL WORK IS A CONTEST.

Watch out

Common Pitfalls

Translation Traps (for Russian speakers)

Avoid translating 'Memorial' as 'мемориальный' in a physical monument sense. It means 'в память о'.
The plural 'Sciences' should be translated as 'наук', not 'науки'.
Do not omit 'Memorial' in formal translation; the official Russian name is 'Премия Шведского государственного банка по экономическим наукам памяти Альфреда Нобеля'.

Common Mistakes

Calling it simply 'Nobel Prize in Economics' in very formal writing where the full official name is required.
Misspelling 'Memorial' as 'Memoriam'.
Using a singular verb with the prize (correct: 'The Nobel Memorial Prize in Economic Sciences is awarded...').

Practice

Quiz

Fill in the gap

The official name of the award often called the 'Nobel Prize in Economics' is the Nobel Prize in Economic Sciences.

Multiple Choice

Which institution awards the Nobel Memorial Prize in Economic Sciences?

FAQ

Frequently Asked Questions

: It is not one of the five original prizes established by Alfred Nobel's 1895 will (Physics, Chemistry, Medicine, Literature, Peace). It was established in 1968 by Sweden's central bank and is officially a 'Memorial' prize. However, it is administered by the Nobel Foundation, awarded alongside the other prizes, and is considered equivalent in prestige.
: The prize is funded by a donation from Sveriges Riksbank (the Swedish central bank) on the occasion of the bank's 300th anniversary in 1968.
: In non-official contexts, 'Nobel Prize in Economics' is widely accepted and understood. Purists and official sources may prefer the full name or 'the economics Nobel'.
: The first Nobel Memorial Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen 'for having developed and applied dynamic models for the analysis of economic processes'.