Nobel Memorial Prize in Economic Sciences
Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".
Nobel Prize controversies
After his death in 1896, the will of Swedish industrialist Alfred Nobel established the Nobel Prizes. Nobel's will specified that annual prizes are to be awarded for service to humanity in the fields of physics, chemistry, physiology or medicine, literature, and peace. Similarly, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is awarded along with the Nobel Prizes. Since the first award in 1901, the prizes have occasionally engendered criticism and controversy.