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US trio wins 2022 Nobel Prize in economics

by Pakistan Latest News Update

STOCKHOLM – Three US-based teachers have gained the Nobel Economics Prize 2022 “for research on banks and financial crises”.

The Royal Swedish Academy of Sciences mentioned on Monday that Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig have been awarded the prize, stating that the trio has “significantly improved our understanding of the role of banks in the economy, particularly during financial crises”.

The prize quantity, 10 million Swedish kronor, might be shared equally between the laureates.

Trendy banking analysis clarifies why now we have banks, easy methods to make them much less susceptible in crises and the way financial institution collapses exacerbate monetary crises. The foundations of this analysis have been laid by Ben Bernanke, Douglas Diamond and Philip Dybvig within the early 1980s. Their analyses have been of nice sensible significance in regulating monetary markets and coping with monetary crises.

Fourteen laureates have been awarded a Nobel Prize in 2022, for achievements which have conferred the best profit to humankind.

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