Depressions, Recessions, & Banking: The 2022 Sveriges Riksbank Prize in Economic Sciences (in Memory of Alfred Nobel)
How do individuals respond to financial crises? What role do financial institutions play? What can we learn from past financial events to make better choices in the future?
The 2022 Sveriges Riksbank Prize in Economic Sciences (in Memory of Alfred Nobel) has been awarded to three economists; Ben S. Bernanke, Douglas W. Diamond, & Philip H. Dybvig for their “research on banks and financial crises.” The Nobel Committee said of their work:
This year’s laureates have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.
Watch the Presentation:
In December 2022, Dr. Brian C. Albrecht, Chief Economist at the International Center for Law and Economics and Assistant Professor at Kennesaw State University, discussed the winners of the 2022 Nobel and explored their backgrounds and contributions to the practice of economics. During this virtual session, educators and students learned about the winner’s research on financial crises like the Great Depression as well as how they developed and used economic models to learn about bank runs & collapses. Watch the full lecture below!
Connections to Arkansas Learning Standards:
Economics:
EM.3.E.3 Evaluate intended and unintended consequences of government policies created to improve market outcomes
NE.6.E.1 Compare and contrast the roles and functions of financial institutions in the United States including banking practices and regulation of savings and investments
NE.6.E.2 Examine monetary policy tools used by the Federal Reserve System
Quantitative Literacy:
SP.3.QL.6 Evaluate the validity of claims based on experimental and theoretical probabilities
SP.3.QL.3 Analyze statistical information from studies, surveys, and polls to make informed judgements as to the validity of claims or conclusions (e.g., bias, limitations, sampling, causation vs correlation, misuse of statistics)
BF.5.QL.5 Analyze how inflation changes the value of a dollar over time.
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