London: Nobel laureate Amartya Sen has been chosen for this year’s World Economic Prize, popularly known as the Kiel prize, for his contributions to research on fundamental problems in welfare and economics.

Seventy-three-year-old Sen will share the prize with former German chancellor Helmut Schmidt and founder of the Ikea furnishings retail chain, Ingvar Kamprad. The prize is awarded by the Institute for the World Economy at Kiel in the far north of Germany with the Schleswig-Holstein State Chamber of Industry and Commerce and the city of Kiel. It honors economists, politicians and business leaders who enable society to live under free economic principles open to world markets.

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