Nobel Prize for Economics 2022: US Trio of Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig received the Sveriges Riksbank Prize in Economic Sciences 2022 (Nobel Prize for Economics 2022) in Memory of Alfred Nobel “for research on banking and financial crises.” The prize money for the Nobel Prize for Economics 2022 total 10 million Swedish kronor, or roughly $900,000. They will be distributed on December 10.
Nobel Prize for Economics 2022: Key Points
- The work done by Bernanke, Diamond, and Dybvig, we now have a better grasp of banks, bank regulation, banking crises, and how to manage financial crises, for which they are being honoured.
- The research presented by this year’s economic sciences prize winners lowers the likelihood that financial crises will turn into protracted depressions with serious societal repercussions, which is most advantageous to all of us.
Ben Bernanke, Douglas W. Diamond and Philip H. Dybvig are awarded the 2022 Nobel Prize in economic sciences “for research on banks and financial crises” https://t.co/sKtdSk4HNg
— Bloomberg Economics (@economics) October 10, 2022
Nobel Prize for Economics 2022 Highlights
- The start of a week of Nobel Prize announcements began on October 3rd, when Swedish scientist Svante Paabo was given the prize in medicine for revealing Neanderthal DNA’s hidden information that was crucial for understanding our immune system.
- The physics award was shared by three scientists.
- The demonstration by the Frenchman Alain Aspect, the American John F Clauser, and the Austrian Anton Zeilinger on the small particles can maintain a connection with one another even after being separated.
- The phenomenon known as quantum entanglement, which can be used for specialised computing and to encrypt data.
- The American scientist Carolyn R. Bertozzi and K. Barry Sharpless, as well as the Danish scientist Morten Meldal, were given the Nobel Prize in chemistry for creating a method of “snapping molecules together.”
- It can be used to explore cells, map DNA, and create drugs that can more precisely target diseases like cancer.
- French author Annie Ernaux is the recipient of this year’s Nobel Prize in literature.
- Her books that bravely draw on her experiences as a working-class woman to examine life in France during the 1940s were praised by the panel for skillfully fusing fiction and autobiography.
- The Nobel Peace Prize 2022: Ales Bialiatski, a jailed human rights activist from Belarus, Memorial, a Russian organisation, and Center for Civil Liberties, a Ukrainian organisation, all received.
Nobel Prize for Economics History
- The Nobel Prize for Economics was established by the Swedish Central Bank in Alfred Nobel’s honour, not by his will, which established the other prizes, in 1895.
- In 1969, the first winner of Nobel Prize for Economics was chosen.
- David Card received half of the prize of Nobel Prize for Economics last year for his analysis of the effects of immigration, education, and the minimum wage on the labour market.
- Joshua Angrist and Guido Imbens each received half of the prize for their suggestions on how to examine problems that don’t readily lend themselves to conventional scientific approaches.