The Nobel Memorial Prize in Economic Sciences is an award established in 1968 by the Swedish central bank in memory of Alfred Nobel, the founder of the original Nobel Prizes. It recognizes outstanding contributions to the field of economics, honoring individuals whose work has significantly advanced economic knowledge. The prize is awarded annually and is considered one of the most prestigious honors in economics. Recipients, known as laureates, are selected by the Royal Swedish Academy of Sciences based on their research and impact on economic theory and practice.