At 4:50 p.m. on October 10 (Hanoi time), the Royal Swedish Academy of Sciences announced that the 2022 Nobel Prize in Economics went to Ben Bernanke, Philip Dybvig and Douglas Diamond.

Ben Bernanke is the former Chairman of the US Federal Reserve (Fed) from 2006-2014.

Douglas Diamond and Philip Dybvig are also Americans.

Three scientists were awarded the Nobel Prize in Economics: Ben Bernanke (left), Philip Dybvig and Douglas Diamond.

The Royal Swedish Academy of Sciences assessed that these three scientists had `significantly improved our understanding of the role of banks in the economy, especially during financial crises, as well as

Their research shows why preventing banks from collapsing is essential.

Bernanke was honored for his research into `the worst economic crisis in modern history`.

Meanwhile, Diamond and Dybvig were awarded for showing `how banks offer optimal solutions` for transferring savings to investments, in the role of intermediaries.

Last year, the award was awarded to three scientists David Card, Joshua Angrist and Guido Imbens.

Economics is the last prize awarded each annual Nobel season, after the Nobels in Medicine, Physics, Chemistry, Literature and Peace.

However, the process of nominating, selecting and awarding the Nobel Prize in Economics remains similar to other fields.

To date, the Nobel Prize in Economics has been awarded 53 times.

Nobel Economics List for the years 2011 – 2021

Year

Award winner

Construction

Nation

2021

David Card, Joshua Angrist and Guido Imbens

Labor economics and methodology in causality

Canada, USA and Netherlands

2020

Paul R. Milgrom and Robert B. Wilson

Auction theory

America

2019

Abhijit Banerjee, Esther Duflo and Michael Kremer

An empirical approach to reducing global poverty

America and France

2018

William Nordhaus

Paul Romer

Climate economics

Endogenous growth theory

America

2017

Richard H. Thaler

Behavioral economics

America

2016

Oliver Hart and Bengt Holmström

Contract theory

America and Finland

2015

Angus Deaton

The relationship between consumption, poverty and well-being

America

2014

Jean Tirole

How to manage large corporations and companies in the market.

France

two thousand and thirteen

Eugene F. Fama, Lars Peter Hansen, Robert J. Shiller

Asset price analysis

America

2012

Alvivin E. Roth and Lloyd S. Shapley

Stable distribution theory and market creation practice

America

2011

Thomas J. Sargent and Christopher A. Sims

The relationship between macroeconomic policies and their impact on the economy

America