Nobel focus turns to economics, last of this year's awards to be announced
10/15/2012STOCKHOLM — A Swedish committee is getting ready to present the winners of the Nobel Memorial Prize in Economic Sciences, the last of this year's Nobel awards to be announced.
The economics prize was not among the original prizes established in the will of Alfred Nobel, a Swedish industrialist also known for inventing dynamite. It was created by the Swedish central bank in Nobel's memory in 1968, and has been handed out with the five other prizes ever since.
Like the other prizes, it's worth 8 million Swedish kronor, or about $1.2 million.
Last year's economics prize went to U.S. economists Thomas Sargent and Christopher Sims for describing the cause-and-effect relationship between the economy and government policy.