The economics prize is the only Nobel award established to complement the five prizes that dynamite-inventor Alfred B. Nobel created in his will at the end of last century. It was instituted in 1968 by Sweden's Central Bank.
Nobel's original prizes in physics, chemistry, medicine, peace and literature have been awarded since 1901.
The economics prize is awarded by the same body that awards Nobel's physics and chemistry prizes and follows the same guidelines, including Nobel's wish that the prize shall be awarded to those who have "conferred the greatest benefit on mankind."
The Nobel physics and chemistry prizes are to be announced today. Last week, Mexican poet and essayist Octavio Paz won the prize for literature. Two American doctors, Joseph E. Murray, a professor of surgery emeritus at Harvard Medical School, and E. Donnall Thomas, won the prize in medicine for pioneering organ and bone marrow transplants.
Soviet President Mikhail S. Gorbachev was awarded the peace prize on Monday.
The prizes are presented December 10, the anniversary of Nobel's death in 1896. The peace prize is given in Oslo, and the others in Stockholm.