The former head of the US Federal Reserve Ben Bernanke is named as one of three winners of the 2022 Nobel Prize in Economic Sciences for his work on how banking collapses were a major factor in the Great Depression of the 1930s. He shares the prize with two fellow US academics, Douglas Diamond and Philip Dybvig. Tim Harford discusses the significance of their work focusing on the role of banks and why their smooth functioning is so important to society.

Presenter: Charlotte McDonald

(Image: Former Federal Reserve chairman Ben Bernanke speaks after he was named among three U.S. economists awarded the 2022 Nobel Economics Prize, during a news conference at the Brookings Institution in Washington, U.S., October 10, 2022. REUTERS/Ken Cedeno)