TIME's Claire Suddath recounts the history of the Nobel prizes, and Lev Grossman reacts to the bestowing of the 2008 literature prize.
How Nobel Winners Spend Their Prize Money
The honor and prestige of winning a Nobel may be priceless, but nobody would pursue prestige if it didn't pay. The Nobel Prize's 2009 cash value: a cool $1.4 million. Inside, a look at what laureates have done with the purse. — By Richard Friebe