The committee that awards the Nobel Prize in economics introduced Monday it has chosen three U.S. economists for the 2022 prize: former Federal Reserve Chairman Ben S. Bernanke, Douglas W. Diamond of the College of Chicago and Philip H. Dybvig of Washington College in St. Louis. The award is for “analysis on banks and monetary crises.” The committee praised the winners for doing work “of nice sensible significance in regulating monetary markets and coping with monetary crises.” Many financial economists would disagree.
A careless reader of Mr. Bernanke’s prize-winning work may need seen it as including just a few particulars to Milton Friedman and Anna J. Schwartz’s 1963 guide, “A Financial Historical past of the USA, 1867-1960.” Actually, it was fairly completely different. “I want to say to Milton and Anna: Relating to the Nice Melancholy. You’re proper, we did it. We’re very sorry. However because of you, we received’t do it once more,” stated Mr. Bernanke, then a member of the Fed’s board of governors, at Friedman’s ninetieth birthday celebration in 2002. Sadly, as Fed chairman, Mr. Bernanke, along with his fellow Fed governors, did do it once more.
