The Royal Swedish Academy of Sciences announced on Monday that Ben Bernanke, Douglas Diamond and Philip Dybvig had won the 2022 Nobel Economics Prize for their work on banking and financial crises.
“Ben Bernanke demonstrated in a 1983 paper using statistical analysis and historical sources that bank runs led to bank failures and that this was the mechanism that turned a relatively ordinary recession into the depression in the 1930s, the world’s most dramatic and severe crisis that we have seen in modern history,” AFP quoted John Hassler, member of the Nobel Prize committee, as saying.
Previous winners of the prize include luminaries like Paul Krugman and Milton Friedman. The majority of former laureates have been Americans. Only Elinor Ostrom in 2009 and Esther Duflo in 2019 have ever won. The economics prize was not one of the original five awards established by businessman and dynamite inventor Alfred Nobel in his testament in 1895.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was founded by Sweden’s central bank and was first given in 1969. The rewards are worth 10 million Swedish kronor (almost $900,000) and will be awarded on December 10.
Unlike the other prizes, the economics award was established by the Swedish central bank in Alfred Nobel’s memory rather than by his will in 1895. In 1969, the first winner was chosen. The week of Nobel Prize announcements began on October 3 with Swedish scientist Svante Paabo earning the award in medicine for revealing secrets of Neanderthal DNA that provided critical insights into our immune system.
Three scientists were awarded the Nobel Prize in Physics on Tuesday. Alain Aspect of France, John F. Clauser of America, and Anton Zeilinger of Austria proved that even when separated, minuscule particles can maintain a connection, a phenomenon known as quantum entanglement, which can be used for specialized computing and cryptography.
On Wednesday, the Nobel Prize in chemistry was awarded to Americans Carolyn R. Bertozzi and K. Barry Sharpless, as well as Danish scientist Morten Meldal, for developing a method of “snapping molecules together” that can be used to explore cells, map DNA, and design drugs that can more precisely target diseases like cancer.
On Thursday, French author Annie Ernaux was awarded the Nobel Prize in Literature. The panel applauded her for successfully combining fiction and autobiography in novels that fearlessly use her experiences as a working-class woman to investigate life in France since the 1940s.
On Friday, the Nobel Peace Prize was awarded to jailed Belarus human rights campaigner Ales Bialiatski, the Russian organization Memorial, and the Ukrainian charity Center for Civil Liberties.
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