The Nobel Prize in Economics, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is awarded annually to individuals who have made significant contributions to the field of economics. Established in 1968, it recognizes research that enhances our understanding of economic processes and theories. The prize is awarded by the Royal Swedish Academy of Sciences and is one of the six Nobel Prizes established by Alfred Nobel's will. Recipients, known as laureates, receive a medal, a diploma, and a monetary award, celebrating their impactful work in economics.