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The award was established by the Sveriges Riksbank (the world's oldest Central Bank ) at its 300th anniversary in 1968. The prize is awarded by the Royal Swedish Academy Of Sciences in accordance with the same principles as those for the original five Nobel Prize s.1 Although it was not one of the awards established in the Will of Alfred Nobel , the economics laureates receive their diploma and gold medal from the Monarch Of Sweden at the same December 10 ceremony in Stockholm as the Nobel Laureates in Physics , Chemistry , Physiology Or Medicine , and Literature . The Nobel Peace Prize is awarded in Oslo, Norway. The amount of money awarded to the economics laureates is also equal to that of the other prizes. AWARD PROCESS The economics laureates, as with the laureates in Chemistry and Physics , are chosen by the Royal Swedish Academy Of Sciences . Nominations of about one hundred living persons are made each year by qualified nominators and are received by a five to eight member committee, which then submits its choice of winners to the Nobel Assembly for its final approval. As with the other prizes, no more than three people can share the prize for a given year and they must be Living at the time the prize is awarded. The final award is presented in Stockholm, accompanied by a cash prize of 10 million Kronor (1 million Euro ). In February 1995, it was decided that the economics prize be essentially defined as a prize in social sciences, opening the economics prize to great contributions in fields like political science, psychology, and sociology. Also, the Economics Prize Committee was changed to require two non-economists to decide the prize each year, whereas previously the prize committee had consisted of five Economist s. CONTROVERSIES AND CRITICISMS The prestige of the prize derives in part from its association with the awards created by Alfred Nobel's will, an association which has often been a source of controversy. Among the most vocal critics of the economics prize is the Swedish human rights lawyer Peter Nobel, who is a great-grandnephew of Alfred Nobel. Peter Nobel sees the economics prize as merely a "PR coup by economists".234 Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the prize should be abolished. In the case of at least the former, however, this objection was based on his opinion that the prize awarded to liberal economists Milton Friedman and Friedrich Hayek was undeserved - not that economics itself did not qualify as a science. Friedrich Hayek stated he would "have decidedly advised against it" if he had been asked about the establishment of the prize.5 Hazel Henderson, the futurist and author, argues that the Nobel Memorial Prize in Economical Sciences is an embarrassment which is diminishing the value of all other Nobel Prizes. She also argues that the theories of economists were largely unprovable hypotheses and therefore the theories cannot be compared with hard sciences such as Physics or Chemistry.67 This controversy may now be less relevant. The rise of experimental economics and empirical testing of many of the underlying theories of economics has countered some objections that economics should count as a science. Also, some of the Nobel Prize recipients were notable mathematicians or social scientists in other fields and this may, in effect, "import" additional credibility to economics and the Nobel Prize for economics. LAUREATES IN POPULAR CULTURE In the television series ''The West Wing'' , the fictional US president Josiah Bartlet is a Nobel laureate in economics. REFERENCES EXTERNAL LINKS
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