The Nobel memorial prize in economics, the final award in this year’s cycle, will be announced Monday by the Royal Swedish Academy of Sciences in Stockholm.

The prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sweden’s central bank created it in 1968 as a memorial to Alfred Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and founded the original five Nobel Prizes. Although some note that the economics award is technically not one of the prizes established by Nobel himself, it is always presented with the others on December 10, the anniversary of his death in 1896.

Last year, three researchers who study business innovation received the prize for their work explaining how new products and inventions drive economic growth and human welfare, even while displacing older companies. Nobel honors in medicine, physics, chemistry, literature and peace were announced the previous week.

This year’s prize money stands at 12 million Swedish kronor, or about $1.2 million. The sum may go to an individual, a small group of laureates or an organization.

(ABCNews)