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The Nobel Prize in Economics wasn't in Alfred Nobel's wil... | funfact.wiki | funfact.wiki
The Nobel Prize in Economics wasn't in Alfred Nobel's will. His 1895 will named only physics, chemistry, physiology/medicine, literature, and peace. Sveriges Riksbank, Sweden's central bank, created the economics prize in 1968 for Nobel's tercentenary and awarded it first in 1969.
  • Nobel Prize in Economics
  • Alfred Nobel
  • Sveriges Riksbank
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Economist Kenneth Arrow mathematically proved in his doctoral thesis that no voting system with three or more candidates can satisfy all basic fairness conditions for democracy at once. This "impossibility theorem" earned him the Nobel Prize in Economics.
  • Voting
  • Mathematics
  • Economics
  • Democracy
  • Nobel Prize in Economics
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