They are all competitive processes. Thus, there always have been and always will be prizes. The ones mentioned here are just the tip of the iceberg. It is appropriate to reward superior talent and excellence. Prizes, as we have seen, are one kind of reward.
Prizes act as a spur to the creativity of others.
Creative juices are stimulated thereby. They also provide excellent publicity, satisfaction, honors, and clout not only to recipients but also to donors, conceptualizers, and awards committees. He who honors others. They make the public aware of the existence of important unsolved problems and hence of the need for public support and encouragement. The Clay prizes call attention to certain specific, fundamental problems selected by the Scientific Advisory Board of the Clay Institute.