The first Nobel Prize in Economics was awarded in which year?

The first Nobel Prize in Economics was awarded in 1969, making it one of the more recent additions to the prestigious Nobel Prize categories. Unlike the original Nobel Prizes in Physics, Chemistry, Medicine, Literature, and Peace—which were established in 1901 according to the will of Alfred Nobel—the Economics Prize was introduced much later. Officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, it was created by the central bank of Sweden (Sveriges Riksbank) on its 300th anniversary in 1968. The first award, therefore, took place the following year, in 1969.

The inaugural winners were Ragnar Frisch from Norway and Jan Tinbergen from the Netherlands, both recognized for their pioneering work in econometrics—a field that merges economic theory, mathematics, and statistics to analyze economic problems. Their foundational contributions helped transform economics into a more scientific and data-driven discipline.

The introduction of the Nobel Prize in Economics was significant because it acknowledged the growing importance of economic understanding in shaping global financial systems, government policies, and societies. By 1969, the world was experiencing rapid economic development, shifts in global trade, and greater integration between nations, making the study of economics more essential than ever.