The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.1 million).

American economic historian Claudia Goldin won the 2023 Nobel economics prize for "having advanced our understanding of women's labour market outcomes", the Royal Swedish Academy of Sciences said today

She has been coming to this hotel for the last 28 years, ever since her mother died, and has chosen to stay in the exact same room as she does every year. She uses the same road from the hotel to travel to her mother’s resting place and buys flowers from the same African woman.

It is perhaps true that unhealthy habits are more concentrated among poor Americans, a disproportionate number of whom are black. But these habits themselves are a consequence of economic conditions, not to mention the stresses of racism.

Unfortunately, the world's rich countries currently are making things worse. Foreign aid – transfers from rich countries to poor countries – has much to its credit, particularly in terms of health care, with many people alive today who would otherwise be dead. But foreign aid also undermines the development of local state capacity.

Scotland-born Angus Deaton wins the Nobel memorial prize in economics.

The 2015 Nobel season wraps up with the announcement of the winner of the economics prize, which could go to research into the job market or consumer behaviour, though no obvious frontrunner stands out.