“The merchant of death is dead” was the headline of a French newspaper which mistakenly reported Alfred Nobel’s death while actually it was his brother’s death. Disappointed of such a legacy, Nobel tried to change this situation.
Therefore, in his final will, he devoted 94% of his great fortune to be invested in a fund so that, from its interest, a prize can be created in five fields: chemistry, literature, physics, physiology/medicine and peace. The prize was set to be given to those who, “during the preceding year, shall have conferred the greatest benefit on mankind”. Well, wish I could see the faces of his relatives.
In 1968, Nobel Memorial Prize in Economic Sciences was added to the Prize list by the Swedish National Bank. Laureates of this prize, often referred to as Nobel Prize in Economics, are chosen by the Royal Swedish Academy of Sciences, and receive the award during the same ceremony. Nobel Prize winners receive a gold medal, a diploma and a sum of $1.1 million.
The ceremony is held every year on December 10 in Stockholm, Sweden. Except for the Nobel Peace Prize which is held annually in Oslo, Norway.