Nobel Prize

In 1888, Alfred Nobel's brother, Ludvig died while visiting France. A French newspaper wrongly published a notice of Alfred Nobel's death instead of his brothers .

It condemned Alfred Nobel for his invention of dynamite and said,"The merchant of death is dead".

The newspaper then said, "Dr. Alfred Nobel, who became rich by finding ways to kill more people faster than ever before, died yesterday." Alfred was upset and concerned with how he would be remembered.

So, on the 27th of November, 1895, Nobel signed his last will and testament and set aside most of his estate to establish the Nobel Prizes, which were to be awarded annually. Nobel's will allocated 94% of his total assets, 31,225,000 Swedish kronor, ($5,492,544.23 New Zealand dollars),to create the Nobel Prizes.

The Nobel prizes are awarded for:

1.Eminence in physical science

2.In chemistry 

3.In medical science or physiology

4.In literature

5.The Peace Prize  

6.The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

 

In 2001, Alfred Nobel's great-great-nephew, Peter Nobel, asked the Bank of Sweden to change its award to economists to be given "in Alfred Nobel's memory." This request added to the disscussion over whether the Bank of Swedens' Prize in Economic Sciences in Memory of Alfred Nobel, is actually a "Nobel Prize."