The History of the Nobel Prize
The Nobel Prize was established by Swedish inventor and philanthropist Alfred Nobel in 1895. Nobel, who amassed a significant fortune through his inventions, including dynamite, decided to use his wealth to reward individuals who had made outstanding contributions to humanity.
The Origin
Nobel's decision to establish the prize was reportedly influenced by a newspaper obituary that mistakenly announced his death in 1888. The obituary described Nobel as a "merchant of death" due to his invention of dynamite. This prompted Nobel to reconsider his legacy and decide to use his wealth to promote peace and scientific progress.
The Will
In his will, Nobel stipulated that the interest from his fortune should be used to establish five annual prizes:
- Physics: Awarded for outstanding contributions to the field of physics.
- Chemistry: Awarded for outstanding contributions to the field of chemistry.
- Physiology or Medicine: Awarded for outstanding contributions to the field of physiology or medicine.
- Literature: Awarded for outstanding contributions to the field of literature.
- Peace: Awarded for outstanding contributions to peace.
Nobel also specified that the prizes should be awarded to individuals who have made the greatest benefit to mankind during the preceding year.
The First Awards
The first Nobel Prizes were awarded in 1901, five years after Nobel's death. The initial awards were presented in Stockholm, Sweden, and Oslo, Norway.
The Nobel Foundation
To manage the Nobel Prizes, the Nobel Foundation was established in 1900. The foundation is responsible for selecting the winners, awarding the prizes, and ensuring that Nobel's legacy is preserved.
The Prizes
The Nobel Prize is accompanied by a gold medal, a diploma, and a cash prize. The cash prize varies each year depending on the size of the Nobel Foundation's investment portfolio.
The Nobel Peace Prize
The Nobel Peace Prize is the most widely known of the Nobel Prizes. It is awarded by the Norwegian Nobel Committee, a five-member committee appointed by the Norwegian Parliament. The Peace Prize can be awarded to individuals, organizations, or groups.
The Nobel Prize in Economics
While not technically a Nobel Prize, the Nobel Memorial Prize in Economic Sciences was established in 1968 by the Sveriges Riksbank, the central bank of Sweden.
The Nobel Prize has become one of the most prestigious awards in the world. It recognizes outstanding achievements in various fields and serves as a testament to the importance of scientific progress and human endeavor.