NOBEL MEMORIAL PRIZE IN ECONOMIC SCIENCES
- The award’s official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
- The prize was established in 1968 by a donation from Sweden’s central bank Sveriges Riksbank to the Nobel Foundation
- To commemorate the bank’s 300th anniversary.
- The prize was first awarded in 1969.
WHAT IS DEVELOPMENT ECONOMICS?
- Development economics is a branch of economics that deals with the improvement of the economies of developing countries.
- It aims at establishing strategies that apply to different developing countries depending on their unique social, political, and economic factors.
- Development economics as a discipline first arose in the 1950s.
- Development economics studies the transformation of emerging nations into more prosperous nations.
- UNDP has applied development economics in an attempt to help developing countries to improve their economic positions by assisting them.
WHAT THE ACADEMY HAS SAID ABOUT THE PRIZE?