Economics award caps a week from Nobel Prizes

STOCKHOLM — The winner of this year’s Nobel Prize in economics will soon be declared Monday, coming just as a lot of the planet experiences the worst downturn since World War II due to the effect of the coronavirus pandemic.

The award caps a week of Nobel Prizes and is known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Since its establishment in 1969, it’s been awarded 51 occasions and has become widely regarded as one of the Nobel awards.

Last year’s award went to two investigators from the Massachusetts Institute of Technology and a third from Harvard University, for their groundbreaking research into attempts to reduce international poverty.

Few economists might have predicted last fall that the world would come to a virtual standstill in months, as authorities closed their boundaries, enforced lockdowns, and arranged other steps to block the spread of COVID-19, triggering a sharp dip in company activity globally.

The prestigious award includes a 10-million krona ($1.1 million) cash prize and a gold trophy.

Tuesday’s prize for math honored discoveries in understanding the mysteries of cosmic black holes, along with the chemistry prize on Wednesday moved to scientists supporting an effective gene-editing tool.

The literature prize was given to American poet Louise Glück on Thursday because of her”blunt and uncompromising” work. The World Food Program won the Nobel Peace Prize on Friday for its attempt to fight hunger worldwide.