Nobel Prizes are given every year to persons who make excellent contribution in the field of physics, chemistry and physiology or medicine, also to persons who have created the most outstanding literary works and who have made giant contribution towards world peace. The Nobel Prize for economic science was started in 1969. Other Nobel Prizes were started in 1901.
The name in whose name the Nobel Prizes were established was Alfred Bernhard Nobel, a Swedish chemist. He was born in Stolckholm on 21 October 1833. His father Immanuel Nobel was a Scientist. Alfred Nobel has his education at St. Petersburg in Russia and in Stolckholm. He contributed his whole life to the field of Science. The discovery of dynamite enabled Nobel to become rich and earn fame as days passed.
Alfred Nobel died on 10 December 1896 at the age of 63. He left behind a fabulous sum of $9.2 million as a foundation for the Nobel Prizes. The amount of each prize varies according to the interest from the fund. Each Nobel Prizes consists of a citation, a gold medal and about one million dollars. The prize may be shared by two or three and if no prize is given the money is returned to the foundation. The selection of winners is done by the distinguished persons of integrity and scholarship. The prizes are awarded every year on December, the anniversary of Nobel’s demise.