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In 1888, a French newspaper published an obituary of Alfred Nobel. It read: "Alfred Nobel, the Merchant of Death, is dead." It turned out that the obituary for the inventor of dynamite was mistakenly published before his death. One of the people who read it was Alfred Nobel himself. It was then that he decided to leave behind a different legacy.

Seven years after the obituary was published, in 1895, Alfred Nobel wrote a four-page will. He stated that his estate was to be invested in a fund that would go to people who had brought the greatest benefit to mankind. The prize was to be given to those who excelled in the fields of medicine, physics, chemistry, literature, and peace. The prize has been given almost annually since 1901, except during the two World Wars.

In 1968, Sweden's Central Bank established the economics award. It's not technically a Nobel prize, but it is named after Alfred Nobel. The prize comes with a cash reward of over $1.5 million, a unique handcrafted diploma, and a medal. Not to mention the prestige that comes with having the title Nobel laureate forever.

In his testament, Nobel also made several institutions responsible for selecting the awards. Each category would have its own committee, but they would work very similarly. The prize ceremonies take place in Stockholm, Sweden's capital, with the exception of the peace prize, which is given away in Oslo, the capital of Norway.

I bring you greetings from many Americans of goodwill, both black and white, who are committed to the struggle for brotherhood and the Crusade for world peace. On their behalf, I have come to Oslo to accept the Nobel Peace Prize.

For giving out the awards, there are some ground rules in place. Here are a few:

A person has to be nominated by others in the field. You cannot self-nominate. Each award is given to an individual or a maximum of three persons. In some cases, even organizations, such as the Red Cross and UNICEF, have been awarded the Peace Prize in the past.

The Nobel Prize cannot be awarded posthumously.

Quite recently, the awards have come under some attack over their Eurocentricism and lack of diversity in terms of race and gender. In the over 100-year history of the prize, a total of 48 women have received it. This pales in comparison to the number of male Nobel laureates, which is a mammoth 822.

Pakistani activist Malala Yusfzai was only 17 when she was awarded the Nobel Peace Prize, making her the youngest recipient of the award. I am those 66 million girls who are deprived of education.

Leonid Herwitz, the Economist known for his game theory, was the oldest awarded at 90. One of the longest running controversies with the Nobel prizes has to do with Mahatma Gandhi. He was nominated for the Peace Prize in 1937, 1938, 1939, 1947, and finally, a few days before he was assassinated in January 1948. The Nobel committee, which was very critical of him and his policies, decided to respectfully not award the prize that year as it believed no candidate was truly deserving of it. However, in 1989, when the Dalai Lama was awarded the Peace Prize, the committee stated that it was in partial tribute to the memory of the Mahatma.

With the inventors of today belonging to varied fields, the Nobel Prize has also, sadly, not expanded its categories to make itself more relevant. That's why there isn't a Nobel awarded for achievements in fields like engineering, art, and math. The Nobel board has stated that it has no interest in adding new categories anytime soon.