- Nobel Prize in Economics announced
- 3 American economists got this honor
- This honor was given for research on banks and financial crisis
Nobel Prize 2022: Three US economists, including a former Federal Reserve chairman, have been chosen for this year’s Nobel Prize in Economics. He has been given this award for “Research on Banks and Financial Crisis”. The Nobel Committee at the Royal Swedish Academy of Sciences in Stockholm on Monday announced the Nobel Prize in Economics to Ben S. Bernanke, Douglas W. Diamond and Philipp H. Diebwig. Ben S. Bernanke is the former chairman of the US central bank Federal Reserve. The award carries a cash prize of 10 million Swedish kronor (approximately nine million US dollars). The award will be presented on 10 December.
Received this award for research on banks and financial crisis
The Nobel Committee stated that their research explained “why it is important to avoid a bank collapse.” laid the foundation of Bernanke, 68, is currently with The Brookings Institution in Washington, DC. He researched the Great Depression of the 1930s and pointed out how dangerous a bank could be if panic-stricken savers pulled out their deposits. In their research, Diamond, 68, of the University of Chicago and 67-year-old Diabwig, of Washington University in St. Louis, described how government guarantees on deposits could prevent a financial crisis from escalating.
Earlier Nobel was not given for economics
Torey Ellingson, chairman of the committee for the Nobel Prize in Economics, said, “The insights of the prize winners have improved our ability to survive both a dire crisis and a massive relief package.” Unlike other Nobel Prizes, Economics The prize was not mentioned in Alfred Nobel’s 1895 will, but the prize was instituted in his memory by Sweden’s central bank. The first winner was chosen in 1969. Last year the Nobel Prize in Economics was awarded to David Card and Joshua Angrist and Guido Imbens. Card was awarded for research into how minimum wages, immigration and education affect the labor market. The prizes were awarded to Angrist and Imbens for their studies on subjects that are not clear by traditional scientific methods.
Nobel Prize given to these people in other categories
This year the Nobel Prize for Literature has been awarded to French writer Anne Arnoux. This year’s Nobel Peace Prize has been announced to Belarusian jailed rights activist Ales Bilyatsky, the Russian group Memorial and the Ukrainian organization Center for Civil Liberties. The Ukrainian organization has been selected for the award at a time when Ukraine has been facing Russian attacks since February and the armies of the two countries have clashed in several areas. This year’s Nobel Prize in Chemistry goes to Caroline R. Bertozzi, Morten Meldl and K. Barry Sharpless for developing a method of ‘simultaneous fragmentation of molecules into equal parts’.
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