Alfred Nobel, inventor of dynamite, left over 90% of his estate to establish awards in physics, chemistry, medicine, literature, and peace. The prizes are awarded by specific bodies and represent the best contributors in each field. The economics award is not technically a Nobel Prize. The Prize includes a medal, recognition, and money. Over 750 prizes have been awarded since 1901, but they tend not to be awarded posthumously. The absence of a Nobel prize for mathematics led to the creation of the Abel Prize in 2002.
The Nobel Prize is the brainchild of Alfred Nobel, a Swedish chemist best known in his lifetime for the invention of dynamite. Upon his death in 1896, a reading of his will revealed that over 90 percent of his estate was to be used to establish awards in five categories: physics, chemistry, medicine, literature, and peace.
Many wonder why Nobel instituted the prizes, and it has often been speculated that he sought compensation for creating dynamite. Nobel glimpsed a French obituary for himself when his brother died and a French newspaper assumed he was dead. Among other colorful terms, newspapers called Alfred Nobel a “merchant of death.” Therefore, restitution to reward the positive aspects of the world remains the popular theory on the institution of the Nobel Prize.
Alfred Nobel died in 1896 and the first prize was awarded in 1901. Nobel stipulated exactly how prizes should be determined and which bodies should be responsible for their selection and award.
According to Nobel’s will, the Swedish Academy of Sciences was to award an annual prize in physics and chemistry. The Caroline Institute in Stockholm would award the prize for medicine. The Stockholm Academy would determine the prize for literature. Five members selected by the Norwegian government select the recipient of the annual Peace Prize. The Peace Prize is awarded in Oslo, Norway, while the others are awarded in Stockholm, Sweden. Each award was to be given regardless of nationality and was to represent the best and brightest contributors in each field.
There is some confusion about a sixth category, the economics award. This isn’t technically a Nobel Prize winner because it wasn’t listed in Nobel’s will and doesn’t use Nobel’s foundation to award funds. This award was established in 1969 and is awarded by the Swedish Academy of Sciences, with funds awarded by the Bank of Sweden.
Typically, the Nobel Prize includes a medal, international recognition, and an amount of money for ongoing work in the winner’s field. Often, the money isn’t very important as the people who receive the award tend to be at the end of their careers. Currently, those receiving the Prize could receive just over $1 million US Dollars (USD).
Over 750 prizes have been awarded since the inception of the Prize. They tend not to be awarded posthumously, which has sparked some controversy. Some of the award recipients have also been criticized. For example, Mahatma Gandhi never won the Nobel Peace Prize, despite his efforts to promote non-violent protest and fair governance in India.
Others lamented the absence of a Nobel prize for advances in mathematics. In 2002, the Niels Henrik Abel Memorial Fund was created to fill this absence. Each year, five mathematicians from the Norwegian Academy of Sciences and Letters select the recipient of the Abel Prize for outstanding achievements in the field.
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