Nobel Prize in Economics
The prize commonly called the Nobel Prize in Economics is officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Established by Sweden’s central bank in 1968, it was not one of the original prizes created by Nobel’s will.
The Nobel Prize in Economics wasn't in Alfred Nobel's will. His 1895 will named only physics, chemistry, physiology/medicine, literature, and peace. Sveriges Riksbank, Sweden's central bank, created the economics prize in 1968 for Nobel's tercentenary and awarded it first in 1969.
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Economist Kenneth Arrow mathematically proved in his doctoral thesis that no voting system with three or more candidates can satisfy all basic fairness conditions for democracy at once. This "impossibility theorem" earned him the Nobel Prize in Economics.
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