first nobel prize in economics was given to
Nobel Memorial Prize in Economic Sciences Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences.[8][9] 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".[6][10][11]
Nobel Prize Between 1901 and 2017, the Nobel Prizes including the Economic Prizes were awarded 585 times to 923 people and organisations.[4] With some receiving the Nobel Prize more than once, this makes a total of 24 organisations, and 892 individuals.[4][12] The prize ceremonies take place annually in Stockholm, Sweden (with the exception of the peace prize, which is held in Oslo, Norway). Each recipient, or laureate, receives a gold medal, a diploma, and a sum of money that has been decided by the Nobel Foundation. (As of 2017[update], each prize is worth SEK 9,000,000 or about US$1,110,000, €944,000, £836,000 or INR 72,693,900)[1] Medals made before 1980 were struck in 23 carat gold, and later in 18 carat green gold plated with a 24 carat gold coating.