What Is The Nobel Prize?

Alfred Noble of Sweden discovered dynamite and the blasting gelatin. These inventions made him very rich but the chose to put all the money in the Nobel Foundation, he installed it with a sum of thirty three million Swedish korma in 1893. Thus began that great tradition of the Nobel prizes.

According to his will, he desired prizes to be awarded to those "who during the preceding year shall have conferred the greatest benefit on mankind". Initially he instituted five prizes; peace, literature, chemistry, physics and physiology or medicine (surprisingly there is no prize for mathematics). Lot of people from all over the world who served humanity have got Nobel prizes so far with out any difference of racism. Nobel entrusted the responsibility of selecting the peace prize to the Norwegian selected parliament.

Nobel Memorial prize for Economic sciences was established by the National bank of Sweden in 1969. Each of the prizes can be divided between not more than three contestants.

The prizes are announced on the birth day of Alfred Nobel and are officially presented on December 10 every year on his death anniversary.