China News Service, October 10 (Zhou Jinglan) On the afternoon of October 10, Beijing time, the list of 2022 Nobel Prize winners in economics was announced, Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig for "Research on Banking and Financial Crises".

Image source: Nobel Prize official website

　　This year's Nobel Laureate in Economics has made discoveries that have improved the way society responds to financial crises, according to the Nobel Prize's official website.

They have improved our understanding of the role of banks in the economy and helped us understand the role banks played during the financial crisis.

　　The three laureates laid the foundations of a series of modern banking studies in the early 1980s that explained why there are banks, how to make them less vulnerable in crises, and how bank failures can exacerbate financial crises .

Their research is of great significance for supervising financial markets and responding to financial crises.

　　It is worth mentioning that Ben Bernanke, one of the winners of this economics prize, served as the chairman of the Federal Reserve during the global financial crisis.

　　Torre Ellingson, chair of the Economics Prize committee, said this year's winners "improve our ability to avoid serious crises and costly bailouts".

　　Right now, the global economy is once again facing challenges due to factors such as rising energy prices and the spillover effect of U.S. interest rate hikes.

Will this year's Nobel Prize in Economics draw people's attention to the financial crisis?

What will the economics prize bring?

　　From the original monetary theory to the current behavioral economics, the research of economists has paid more and more attention to the direct guiding significance of work and life, and paid more attention to the unity of knowledge and action.

Data map: US dollars.

　　In particular, the research of Nobel Prize winners in economics in recent years is consistent with the trend of academic circles focusing on the practical application of economics in recent years, which also reflects the deep concern of the discipline for real life.

　　The 2021 Nobel Prize in Economics has been awarded to economists David Card, Joshua D. Angrist and Guido W. Inbens for their work with implications for the economics of labor and education broad impact.

For the current economic and social development in the world, such as the reform of the labor market, the adjustment of the minimum wage standard, and the issue of education fairness, there are many aspects that can be used for reference.

　　The 2020 Nobel Prize in Economics was awarded to American economists Paul Milgrom and Robert Wilson for "improvements in auction theory and the invention of new auction formats".

　　The new model of "simultaneous increase auction" proposed by these two scholars has proved its superiority in practice. For example, the US Federal Communications Commission used this simultaneous increase auction method when it sold wireless spectrum licenses to the society.

Some scholars have pointed out that the new auction theory will bring a huge impetus to the marketization of public utilities.

　　How to tackle global poverty has always been a daunting challenge.

Abhijit Banerjee, Esther Duflo and Michael Kramer were awarded the 2019 Nobel Prize in Economics for "experimental approaches to reducing global poverty".

The three scholars have spent more than ten years in the world's poorest rural areas in Asia and Africa, and conducted a large number of investigations, namely "randomized control experiments," to explore the poor people's daily life, education, health and other aspects of life. The real source of poverty.

　　Foreign media commented that these research contributions have a huge impact on real-world economic development.

Their findings, and the numerous findings that follow, provide evidence for poverty reduction in many developing countries.

　　Some people point out that the theory of the Nobel Prize in Economics has helped some people achieve the preservation and appreciation of wealth, but most economics itself is difficult to create wealth, but it can make the whole society run more efficiently.

A "non-Nobel Prize" award

　　The full name of the Nobel Prize in Economics is "Swedish National Bank Commemorates the Alfred Nobel Prize in Economics".

In 1968, the Swedish Nobel Prize Committee officially announced that the Nobel Prize in Economics will be awarded from the following year, aiming to reward those who have made outstanding contributions in the field of economics.

File:Nobel Medal.

　　Although this prize does not belong to the 5 prizes mentioned in Nobel's will in 1895, it is generally considered to have the same status as the 5 prizes.

After the establishment of the Nobel Prize in Economics, different names have been changed in different years. It was not until 2006 that it was changed to the current name "Swedish National Bank Commemorates the Alfred Nobel Prize in Economics".

The Nobel Prize in Economics is the last award established by the Nobel Prize Committee, and the Swedish Nobel Prize Committee also stated that no new awards will be established.

　　The winners of the Economics Prize include some highly influential economists, such as the Austrian economist Hayek who proposed the theory of free money, and Milton Friedman, the author of "Capitalism and Freedom".

An article has pointed out that almost all Nobel laureates in economics have received academic training in mathematics, physics or astronomy.