Banks win Riksbank Prize in 2022 Nobel

This year’s Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Dr. Ben S. Bernanke, Dr. Douglas W. Diamond, and Dr. Philip H. Dybvig for their research on banks and financial crises.

For the economy to function, savings must be channeled to investments. In their theory, the laureates show how banks offer a way to make this possible: by accepting deposits from many savers, banks can allow depositors to access their money when they wish, while also offering longterm loans to borrowers.

They also analyzed the Great Depression of the 1930s and showed how “bank runs” were a decisive factor in the crisis’ severity and prolonging. The banks collapsed, so valuable information about borrowers was lost and could not be restored immediately. The ability to channel savings to productive investments was hence diminished.

“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” said Tore Ellingsen, Chair of the Committee for the Nobel Prize in Economic Sciences.

tochondria, and later published in 2010 a Neanderthal genome sequence, this time of a nuclear genome—the first of its kind.

2008 saw another groundbreaking discovery by Pääbo: the Denisova, a previously unknown hominin determined to have coexisted and interbred with Homo sapiens and Neanderthals.

Paleogenomics, the new scientific discipline co-founded by Svante Pääbo through his work, gives significant insight into the unique physiology of the modern human, under the functional implications of genetic differences with our archaic human ancestors.

Physics Nobel awarded for quantum entanglement

The 2022 Nobel Prize in Physics was awarded to Alain Aspect, John Clauser, and Anton Zeilinger for their experiments with quantum entanglement.

In quantum entanglement, the correlation between entangled particles was attributed to hidden variables that indicate observed values. In the 1960s, John Bell hypothesized that these hidden values imply that the correlation between the results of a large number of measurements will never exceed a certain value.

However, quantum mechanics implies that measurements derived from entangled particles will exceed the value expected. Clauser developed Bell’s work through