Funding of The Prize
An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award. Since 2001, the monetary portion of the Prize in Economics has totalled 10 million Swedish kronor (during January 2008, approx. US$1.6 million; 1.1 million Euro). This is equivalent to the amount given for the original Nobel Prizes. Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; 0.7 million Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize in the Nobel Foundation's internet webpage.
Read more about this topic: Nobel Memorial Prize In Economic Sciences
Famous quotes containing the word prize:
“Eternall God, O thou that onely art
The sacred Fountain of eternall light,
And blessed Loadstone of my better part;
O thou my hearts desire, my souls delight,
Reflect upon my soul, and touch my heart,
And then my heart shall prize no good above thee;
And then my soul shall know thee; knowing, love thee;
And then my trembling thoughts shall never start
From thy commands, or swerve the least degree,
Or once presume to move, but as they move in thee.”
—Francis Quarles (15921644)