GENERAL KNOWLEDGE

Detailed explanation-1: -In 1968, Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. The prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the bank’s 300th anniversary.

Detailed explanation-2: -Amartya Sen, (born November 3, 1933, Santiniketan, India), Indian economist who was awarded the 1998 Nobel Prize in Economic Sciences for his contributions to welfare economics and social choice theory and for his interest in the problems of society’s poorest members.

Detailed explanation-3: -This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises.

Detailed explanation-4: -Alfred Nobel was an inventor, entrepreneur, scientist and businessman who also wrote poetry and drama. His varied interests are reflected in the prize he established and which he lay the foundation for in 1895 when he wrote his last will, leaving much of his wealth to the establishment of the prize.