section_path: History/Prize in Economic Sciences
section_name: Prize in Economic Sciences
paragraph_text: Prize in Economic Sciences
  
  After World War II, economics evolved rapidly as an academic discipline and came to be increasingly recognized as a significant scientific field. In 1968, Sweden's central bank, Sveriges Riksbank, celebrated its 300th anniversary and donated a sum of money to the Nobel Foundation to be used to set up a new award in the field of economic sciences. The following year, 1969, the Prize in Economic Sciences was awarded for the first time. The Royal Swedish Academy of Sciences is required to select the economics laureate in the same way as it does for the science Nobel Prizes. The first laureates for the Economics Prize were Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes". The board of the Nobel Foundation decided that after this addition, it would allow no further new prizes.