Nobel Economics Prize
In short
The Nobel Economics Prize is an annual award given to researchers who have made significant contributions to the field of economic science. It was established in 1968 by Sweden's central bank to honour Alfred Nobel.
In plain words
It is a prestigious award for people who discover new ways to understand how money, markets, and societies work. While not one of the original five prizes, it is treated as part of the Nobel family.
A simple example
A scientist might win the prize for creating a new mathematical model that explains why some countries stay poor while others get rich.
Why it matters
Winning this prize brings global recognition and can influence how governments create laws and manage their national finances. It highlights the most important breakthroughs in human social science.
Easy to mix up
Do not confuse it with the original five Nobel Prizes, as this one was funded by a bank rather than Alfred Nobel's personal will.