Which of the following statement is/are not true about the Nobel prize in economics? 1) In 1958 Sweden's Central Bank established the Prize in Economic Sciences in the memory of Alfred Nobel. 2) In 2019 Nobel Prize in Economics was shared by three people. 3) The 2019 Laureates in Economic Sciences are Abhijit Banerjee, Esther Duflo and Michael Kremer.

Which of the following statement is/are not true about the Nobel prize in economics? 1) In 1958 Sweden's Central Bank established the Prize in Economic Sciences in the memory of Alfred Nobel. 2) In 2019 Nobel Prize in Economics was shared by three people. 3) The 2019 Laureates in Economic Sciences are Abhijit Banerjee, Esther Duflo and Michael Kremer. Correct Answer Only 1

The correct answer is Only 1.

Important Points 

• In 1968, Sweden's central bank established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. Hence statement 1 is incorrect.
• The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Bank’s 300th anniversary.
• The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
• The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.
• Nobel Prize in Economics 2019:
  • It is shared by three people. 
  • It was awarded by the Royal Swedish Academy of Sciences to Indian-American Abhijit Banerjee, his wife, Esther Duflo, and Michael Kremer of the United States. Hence statement 2 and 3 are correct.
  • It was awarded for their ‘experimental approach to alleviating global poverty.