The Nobel Prizes

The Nobel prizes are a group of awards given each year for outstanding achievement in six areas; physics, chemistry, medicine, literature, peace, and economics. The prizes are awarded from a fund created by Swedish inventor Alfred Nobel, who wanted to use some of his large fortune to help improve world conditions. 

Several institutions determine who receives the prizes. Each institution was chosen by Nobel in his will. The Royal Swedish Academy of Science chooses the the prizes for physics, chemistry, and economics.The caroline Institute of Stockholm picks the winner for medicine. The Swedish Academy chooses the recipient for literature, while the Norwegian Nobel Committee determines the winner of the peace prize.

Each award consist of a gold medal, a diploma, and a sum of money. The amount of prize money each year depends on the income of the Nobel Foundation, which is the organization established to oversee the prize giving. Prizes may be given only to idividuals, except the peace prize, which may be awarded to a group. Prizes are open to persons of all races, nationalities, and religious and political beliefs.

The first Nobel prizes were handed out on December 10,1901, the fifth anniversary Of Alfred Nobel's death. Nobel was a chemist, engineer, and inventor. His most significant invention was dynamyte, which helped to make him a wealthy man. Despite giving the world such a destructive device, Novel opposed violence and war. He therefore left much of his money to the establishment of the Nobel prizes, which he stated in his will should go "to these who, during the preceding year, shall have conferred the greatest benefit on mankind.

Officials originally handed out only five prizes each year. The prize for economics was established by the Bank of Sweden in 1968, and the first award was given in 1969. In some years prizes have not been awarded because there were no worthy candidates. In addition, no prizes were awarded doring World War I and II. Some award recipients have refused to accept their prizes for either personal or political reasons.