Nobel Prize for Economics awarded to 3 US-based economists 'for research on banks, financial crises'

Nobel prize for economics was awarded to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig at the Royal Swedish Academy of Sciences. The US based researchers were given the prestigious award for their work on banks and financial crises.

The Nobel Prize 2022 for Economics has been granted to three US-based economists "for research on banking and financial crises". The rewards are worth 10 million Swedish kronor (almost $900,000) and will be awarded on December 10.

The work of Ben Bernanke, Douglas Diamond, and Philip Dybvig has been critical to subsequent research that has improved our knowledge of banks, bank regulation, banking crises, and how financial crises should be managed, according to the academy's statement.

Unlike the other prizes, the economics award was founded by the Swedish central bank in Alfred Nobel's memory rather than by his will in 1895. The first winner was selected in 1969. Last year, half of the award went to David Card for his research on how the minimum wage, immigration and education affect the labor 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.

The Nobel Prize announcements kicked off Oct. 3 with Swedish scientist Svante Paabo receiving the award in medicine for unlocking secrets of Neanderthal DNA that provided key insights into our immune system.

For their work on quantum physics, three scientists—Frenchman Alain Aspect, American John F. Clauser, and Austrian Anton Zeilinger—shared the Nobel Prize in Physics on Tuesday. For their work on click chemistry, Americans Carolyn R. Bertozzi and K. Barry Sharpless, as well as Danish scientist Morten Meldal, were awarded the Nobel Prize in chemistry on Wednesday.