NOBEL Prize in Economics

On October 10, 3122 Sveriges Riksbank Pro in comic Sciences for 2022 was awarded Americas Ben S Bemanke, Douglas W Diamond and Philip H Dybig for significantly improving “our understanding of the role of banks in the economy, particularly during financial crises.”

Ben S Bernanke

  • Bemanke demonstrated how failing banks played s decisive role in the global depression of the 1930, the economic crisis in modern history
  • His research was based on–
    • If baking collapses can cause so much damage, could we manage without banks?
    • Must banks be so unable and, if, so why?

Douglas W Diamond and Philip H Dybvig

  • Both Diamond and Debig worked together to develop theoretical models explaining
    • Why banks exist;
    • How their role in society makes them vulnerable to rumours about their impending collapse, and how society can lessen this vulnerability.

They are awarded for research on banks and financial crises.

Previous Years’ Nobel in Economics

  • David Card “for his empirical contributions tolabour economics”
  • Joshua D. Angrist and Guido W. Imbens “for their methodological contributions to the analysis of causal relationships”