Nobel Memorial Prize in Economic Sciences

Imagine a special prize given to people who have super smart ideas about how money and jobs work. That's the Nobel Memorial Prize in Economic Sciences! It's like a gold medal for grown-ups who figure out how to make things fair and helpful for everyone when it comes to money. It's not one of the original Nobel Prizes, but it's given out with them and is just as special!

This prize is a bit newer than the others. It was started in 1968 by a big bank in Sweden called Sveriges Riksbank. They wanted to celebrate their 300th birthday and remember Alfred Nobel, the person who started the other Nobel Prizes.

So, they created this prize to honor people who are brilliant at understanding economics. The very first winners were two clever men who made special computer models to study how economies work.

This prize matters because it helps us understand how to make the world a better place with money and jobs. The people who win have ideas that can help countries, businesses, and even families make smarter choices. Their ideas can help create more jobs, make sure everyone has enough, and help us understand big problems like poverty. It's like having a secret map to a happier, fairer world!

Picking the winners is a big job! A special group of very smart scientists in Sweden, called the Royal Swedish Academy of Sciences, chooses who gets the prize. They think very carefully about all the amazing work people have done in economics. They announce the winners at the same time as the other Nobel Prize winners, and everyone gets their prize at a fancy ceremony. It's a huge honor!