3 economists share 2022 Nobel Prize in Economics

The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig 'for research on banks and financial crises.'

In a telephone interview on site, Diamond said the news 'did come as a surprise.' Talking about the current situation, he said: 'We are certainly much better prepared today, compared with 2008 financial crisis.'

He said that financial crises become worse when people lose faith in the financial system, and that banks should be prepared to ensure the stability of the financial sector.

The prize amount is 10 million Swedish kronor (about 880,000 U.S. dollars) and will be shared equally among the three laureates.