When was the Nobel Prize established?

When was the Nobel Prize established?

Alfred Nobel was a highly successful inventor and industrialist, but an unsuccessful novelist and playwright. He invented dynamite, which had tremendous destructive power.

Alfred Nobel happened to read his own obituary in a newspaper, which described him, as a ‘merchant of death’. Nobel was deeply hurt by this remark. He set aside nearly 94 percent of his immense wealth to create awards for persons for outstanding and path breaking works in Physics, Chemistry, medicine, literature and peacemaking. Nobel died in 1896. The first Nobel prizes were conferred in 1901 by the King of Sweden.

In 1968, the Central Bank of Sweden instituted a prize for Economics in memory of Alfred Nobel. Today the value of the Nobel Prize is about a million dollars. It is without doubt the most coveted academic prize in the whole world.