Ben Bernanke, Douglas Diamond, Philip Dybvig win 2022 Nobel Prize in Economics

The Nobel Prize in Economics is awarded by the Royal Swedish Academy of Sciences.

New Delhi,UPDATED: Oct 10, 2022 15:23 IST

The Sveriges Riksbank Prize in Economic Sciences is awarded in reminiscence of Alfred Nobel. (Photo: AP)

By India Today Web Desk: Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig gained the 2022 Nobel Prize in Economics for analysis on banks and monetary crises.

The committee stated that the three laureates have considerably improved our understanding of the position of banks within the financial system, notably throughout monetary crises, and an essential discovering of their analysis is why avoiding financial institution collapses is important.

“Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond, and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises,” the Nobel announcement learn.

WATCH NOBEL PRIZE IN ECONOMICS ANNOUNCEMENT

The Sveriges Riksbank Prize in Economic Sciences is awarded in reminiscence of Alfred Nobel. While Alfred Nobel didn’t point out the economics prize in his will, the Sveriges Riksbank established the award in 1968 and the Royal Swedish Academy of Sciences was given the duty of choosing the Laureates in Economic Sciences, beginning in 1969.

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The 2021 Economic Nobel was given to David Card, Joshua D Angrist, Guido W Imbens. While one-half of the prize was given to David Card for his empirical contributions to labour economics, the opposite half was given collectively to Joshua D. Angrist and Guido W. Imbens for his or her methodological contributions to the evaluation of causal relationships.

The announcement of the Economic Nobel follows the Nobel Peace Prize, which has been given to civil rights campaigners from Belarus, Russia, and Ukraine. The Nobel Committee gave the Peace Prize to human rights advocate Ales Bialiatski from Belarus, the Russian human rights organisation Memorial, and the Ukrainian human rights organisation Center for Civil Liberties.

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