Economists debunk the banking system and win the Nobel Prize

Three economists were awarded the Nobel Prize in economic sciences for their decades of research on societal reactions to financial crises and avoiding bank collapses.

Three economists were awarded the Nobel Prize in economic sciences on Oct. 10 for their discoveries which are said to have improved “how society deals with financial crises.”

Ben Bernanke, Douglas Diamond and Philip Dybvig conducted research on the economic role played by banks during times of financial crisis. According to the Nobel Prize Organization, this research included an important finding on why it is not only important but “vital” to avoid the collapse of banks.

Tore Ellingsen, the chair of the committee for the prize in economic sciences, said that:

“The laureates’ insights have improved our ability to avoid b

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