Nobel Prize

Nobel Prize
When Alfred Nobel’s father (Immanuel Nobel: 1801-1872) died, the local newspaper accidentally posted Alfred’s obituary. The next morning, Alfred read the morning paper and was stunned at what he read about his life story. The paper only focused on his invention of dynamite and how it contributed to war deaths. Alfred did not want to be known as the person who invented dynamite that killed so many people. In his will, he decided to put money into a foundation that would encourage accomplishments in specific areas.

The Nobel Prize is awarded each year to an individual who has made either a great single breakthrough or has made a great number of accomplishments in their lifetime in the fields of chemistry, physics, literature, medicine and peace. The prize has been given since 1901 and consists of a medal, a personal diploma, and a prize amount.

In Alfred Nobel's will he laid out the instructions for how the prize should be awarded. He stated that his remaining estate shall be invested in safe securities, and that the interest on this estate shall be annually distributed in the form of prizes to those who have met the written requirements.

In 1968, the Prize in Economic Sciences was established by the Bank of Sweden (Sveriges Riksbank) in memory of Alfred Nobel.