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Nobel Prize

In 1888 Alfred's brother Ludvig died while visiting Cannes and a French newspaper erroneously published Alfred's obituary.[2] It condemned him for his invention of dynamite and is said to have brought about his decision to leave a better legacy after his death.[2][3] The obituary stated Le marchand de la mort est mort ("The merchant of death is dead")[2] and went on to say, "Dr. Alfred Nobel, who became rich by finding ways to kill more people faster than ever before, died yesterday."[4] Alfred was disappointed with what he read and concerned with how he would be remembered. On 27 November 1895, at the Swedish-Norwegian Club in Paris, Nobel signed his last will and testament and set aside the bulk of his estate to establish the Nobel Prizes, to be awarded annually without distinction of nationality. He died of a stroke on 10 December 1896 at Sanremo, Italy. After taxes and bequests to individuals, Nobel's will gave 31,225,000 Swedish kronor (equivalent to about 1.8 billion kronor or 250 million US dollars in 2008) to fund the prizes.[5]
The first three of these prizes are awarded for eminence in physical science, in chemistry and in medical science or physiology; the fourth is for literary work "in an ideal direction" and the fifth prize is to be given to the person or society that renders the greatest service to the cause of international fraternity, in the suppression or reduction of standing armies, or in the establishment or furtherance of peace congresses. There is no prize awarded for mathematics,[6] but see Abel Prize.
The Formulation about the literary prize, "in an ideal direction" (i idealisk riktning in Swedish), is cryptic and has caused much confusion. For many years, the Swedish Academy interpreted "ideal" as "idealistic" (idealistisk) and used it as a reason not to give the prize to important but less Romantic authors, such as Henrik Ibsen and Leo Tolstoy. This interpretation has since been revised, and the prize has been awarded to, for example, Dario Fo and José Saramago, who definitely do not belong to the camp of literary idealism.[original research?]
There was also quite a lot of room for interpretation by the bodies he had named for deciding on the physical sciences and chemistry prizes, given that he had not consulted them before making the will. In his one-page testament, he stipulated that the money go to discoveries or inventions in the physical sciences and to discoveries or improvements in chemistry. He had opened the door to technological awards, but had not left instructions on how to deal with the distinction between science and technology. Since the deciding bodies he had chosen were more concerned with the former, it is not surprising that the prizes went to scientists and not to engineers, technicians or other inventors.

In 2001, Alfred Nobel's great-grandnephew, Peter Nobel (b. 1931), asked the Bank of Sweden to differentiate its award to economists given "in Alfred Nobel's memory" from the five other awards. This has caused much controversy whether the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel is actually a "Nobel Prize" / "Peace Prize".