Nobel Minds 2022

Hello, I'm Zainabadawi. Welcome to the Nobel Mines from the Royal Palace Library in Stockholm. Here the Nobel Prize winners meet for the first time in a television debate. We will listen to your innovative contributions. We also have an audience. We are delighted to be joined by Their Royal Highnesses, The Crown Princess and Prince Daniel, as well as family and friends of the awardees and students from Stockholm. Thank you award winners, it is absolutely fantastic to be with you all, congratulations to all, very happy for this wonderful. opportunity to be with all of you. I think we should give them a round of applause.

Now I'm going to start by going around the table very, very quickly to basically get a sense of what winning the Nobel Prize means to you, Douglas Diamond. you are one of the gentlemen awarded in economics um, if I could say that you are a bit of a doctor, no, you will have to explain why. After the prize was announced, I have three colleagues from Chicago Booth who won the economics prize in over the last decade and they all told me to pace myself and, you know, don't overdo it and I went. The second person I talked to was Dick Thaler, who won four years ago and he gave me this little button called Nobel and you press it and it says.

There aren't 500 different ways, so if you're ever tempted to do something, he just presses the up button a few times so you get the joke. no Bell, okay, just check, just check, okay, okay, Professor Caroline Bertoza, you are now one of the chemistry winners. You called your 91-year-old father in the middle of the night to tell him the news. How long did it take before he responded? He responded immediately after my dad is a night owl and was awake at 2am. m. on California time and we had a conversation and he is also a scientist, that is correct, he is a physicist, he is retired from the Massachusetts Institute of Technology in the United States, he is absolutely proud of his daughter, he is absolutely pepper fante, you are the only medicine or physiology prize winner, now actually the son of a Nobel Prize winner, how do you feel about continuing the family tradition?

Hmm, I try not to think about it too much. I think, especially in front of my kids, don't pressure them, but yeah, in some ways it's amazing to think about it now. I have a little surprise for you, Professor Peerbo, because your father, Sune Berstrom, won the Nobel Prize in Physics in 1982, exactly 40 years ago, and we have a video of him during the same discussions we are having now and I want to show you. You tell them, you've never seen it before, tell us what you think. A round table with the 1982 Nobel Prize winners. It's him having coffee.

It is a whole field of medicine. The genetics of our behavior will become increasingly clearer. Our illnesses. State. And probably before. For a long time you can somewhat predict how an individual should behave, how does that make you feel? It's almost creepy. I guess you see that and it's amazing. Yes, I have no pressure on your children for 40 years. He also tends to sit here. I won't do it. I'll be there, so I'm sure I thank you, Professor Barry Sharp, you're also one of the chemistry prize winners. um, he continues his own tradition because he is the fifth person to have won a Nobel Prize twice.

I'm going to keep up the tradition by waiting for a third. I have no plans for that, but I can't help it. I just do my research and I have to do that and that's how it works and that's why I didn't stop. In research, some people I guess go off to their heavenly dream, life after a Nobel Prize, but not many do and most of us carry on as if nothing happened, so it doesn't help you raise money. That's okay, Dr. John Klauser, you are one of the winners of the Physics Prize. He has now said that 90 scientists want to win the Nobel Prize and the other 10 are lying.

What category are you in? Of course, I always wanted to win the Nobel Prize. Nobel Prize winner in the first one, so you are one of the truthful ones. Yes, actually, I may be unique or my mother may be unique in Nobel history. They are both his brother and his son. They are Nobel Prize winners. My uncle won one in the 1950s. His chemistry with Ed McMillan is fine, so there's a great family tradition here at this year's awards. Well, you are one of the winners of the Economic Award and many people know you as the former chairman of the Federal Reserve, the Central Bank of the US 2008 and 2014 Professor President Obama at the time described him during the financial crisis as the epitome of calm.

Have you been taking the news of your Nobel Prize in stride? I've been pretty calm about it. I don't have family members who have won the Nobel Prize. awards, so I had no basis to compare, but it is very rewarding and of course I am very happy to be recognized, but you have to be used to being in the spotlight, yes, but not always in the most favorable circumstances, Professor Anton, exciting, uh. You're also one of the winners of the Physics Prize, so do you enjoy being in the spotlight because that's what happens when you become a Nobel Laureate?

Well it's a bit strenuous, you know you have to do it, you have to give yourself time for minutes and obviously all the journalists want to talk to you and I want to talk to everyone I want to make you happy you as focused artists it's a high quality problem , it's a high quality problem, well, I'm certainly very happy talking to you, um, you're talking to you, yeah, great, that's very good, Professor Alan Aspe, you're also a physics laureate, so now that It's this Nobel Prize, it puts you right at the top of the physics tree, doesn't it?

I am considered one of the most brilliant scientists in the world. Do you feel bright? No. I feel like I feel lucky. Why don't you feel bright? Because I think there are many people who I consider much better than me. That's why I think I am. I'm lucky to get this award, but because I have it I want to say that I have the opportunity to talk to young people and promote science, okay, okay, build a great supervisor, even very interesting, with whom you really thrived and yet , he didn't have time for you, yeah. So Doug and I had the same advisor, Steve Ross, and we would hang out with the other PhD students at the bay window on the way to his office and we didn't know when he was going to come in, but we would wait there and along the way, you just know, do you have weather today?

He says no or you have time today in 15 minutes and then in 15 minutes he was leaving and you were entering his office. and he'd say 30 seconds and you have to say very concisely what you've been doing all week and I'll say move on or, you know, try looking at this and then you actually had it. 30 seconds was no joke, but the simplicity really helped inform your research. Afterwards, they will try to keep things clear and simple and it really means something. If you take two hours, you did yourself a favor and then a Morton Middle Deli. you're one of the noriades of chemistry, but I know you're also a very accomplished rock guitarist, you even build your own guitars, so you've been rocking out since you got the award, no, I haven't had the time, sorry, but also I would like to do it in the future because I believe that arts and sciences are two places of the same coin and you can learn a lot about creativity by doing arts, which is very useful in your scientific discoveries.

Yes, absolutely, that interface is so important and of course every year there is a literature award, so now let's discuss a little bit about why they won the award and let's start with medicine and teachers, let's talk about their Work first, but first let's give you this brief overview of why you won your award. How did modern humans evolve? The question of our origins has captivated and baffled us throughout the centuries. Well, Svante Pebo has helped us learn more about what it is. To be human, he found a way to extract genetic material from extinct hominid species.

He then discovered how to sequence the Neanderthal genome and identified another ancient hominid. Denisovan Professor Pebble found traces of gene transfer from both species in modern humans. proving that homo sapiens in some parts of the world had coexisted and interbred with Neanderthals and Denisovans, this ancient gene flow helps us better understand our physiology in terms of the development of diseases and infections and how we deal with them, just describe us in a few words. How did we modern humans have been so successful in surviving and becoming billions of people on Earth, unlike Neanderthals? The Indonesians, well, we don't really know, but we hope that having the Neanderthal genome can help us address that question that we know, for example, what Neanderthals are. brains as big as modern humans, it may not have been that they were individually smarter than us, but it could have been, for example, that modern humans tended to have larger populations, we know that they contribute to the genetic material of people today and when we look now.

In early modern humans, the Mets Neanderthals almost all have family members who were Neanderthals. In reality, it may be that one more or less absorbed these other groups into larger human populations, as almost happened with the Neanderthals and Denise. Evans also has the ability of the power of speech, for example, they could create art and use tools. If they were very similar to us, I think they were very similar. Clearly they must have had vocal communication. We know a little bit about a gene that has something to do with articulation they probably shared it with us if it's just if they had a language, it's just a language that we would have studied in school or if it was more different in some way we don't know fascinating, does it? have you discovered how much?

Neanderthal you have in your I know I've been doing that actually, yeah, gosh, I would have thought that would be the first thing you would analyze. Fascinating, isn't it? I mean, fellow laureates, do you have anything you want? Professor Purple about his research, I mean, but and so on, I think you're fascinated with evolution, aren't you? And what makes us human. Actually, I'd like to know how you define humans. You know there must be a limit or something. So, if you go further back, where do you start, what's going on, you know that there are things like walking on two legs or using fire and stone tools that go back millions of years and that were clearly very similar to us. and then there are completely modern humans, the direct ancestors of everyone I do today, things are quite special over time, at least since 70,000 years ago, you begin to be very numerous, you begin to have technology and culture that change very quickly and you see that, because it is regionalized, an expert can See immediately whether the stone tools come from Central Asia or Western Europe and become numerous scattered across the water where the land cannot be seen.

On the other side there is some madness there, the modern cowboy city, yes, we set sail from Africa 60 70 000 years ago to populate other parts of the world without having any idea what distribution is there Karen Bertozi, did you want to ask something interesting? I have a question for you. You don't know your Neanderthal percentage, but I know mine. I have had that analysis. I'm 2.3 Neanderthal, it's something I can be proud of, yeah I think it really depends on how you think about it. Neanderthals don't usually have a very good reputation, so to speak, but I think that's changing, actually a lot of people are proud. to be named at all and I think there are a lot of things that we learn about variants that are good to carry and that come from Neanderthals that prevent things like miscarriages and things like that, there are other bad things that are bad in the current pandemic, for For example, so it really depends on what parts you would have, I would say because they are known for having very wide musculature, you know, a little brutal.

I don't want to say anything bully about you in this episode. My question is: Is there a big difference between making a Hubble telescope? and a stone axe, not the same genes I thought were necessary for that. I think they are the same genes. I think that, um, there's something with us that makes us want to explore Sail Out across the oceans. a technology for that and now yes, we need to go to the moon and Mars, it seems like there is no stopping. I think there's something special there. Dr. John, closer, you think there wasn't that much migration by sea, being a sailor.

I've sailed across oceans myself and it's surprisingly easy and in fact, I think Thor hired him, I'll demonstrate before, how easy it was, you could jump on a bale of hay and boom, you're on the other side of the ocean. I suspect that your entire field of study significantly underestimates the amount of trade and travel, there was an exploration. Yeah, does that mean we have no evidence that earlier forms of humans ever reached the Americas, Australia, Madagascar, you know, for example? That's really something that comes with humans having skeletons and behavior like ours. It's surprising to me in a way that humans didn't arrive in the Americas until 20 or 30,000 years ago and I think there's something special about someone who insists that Denise Evans. and the neanderthalsThey were sailors like him, but here we go.

He was thinking it's Friday. Dad was trying. We're talking about why some humans would look around, take risks, and get on boats. Humans need to know the limits of where they can do this. being and nothing is more important than the land to live on and the opportunities of the land, which she gives more in certain places and nothing in others, so I think that risk factor had to be there with Denise Evans and Neanderthals too thanks For fascinating things, we could go on for hours and hours discussing this, right? But really, very innovative research, well, if Spontane Perebo's work could help us gain a better understanding of our physiology and how we approach diseases and the same goes for this year's chemistry prize, many pharmaceutical groups have been inspired by natural substances, so the imitation of natural molecules that perform the same function is crucial for the industry.

Barry Sharpness and Modern Meldel receive the award for discovering a new way of putting molecules together called click chemistry and laid the foundation for a functional form of chemistry in which molecular building blocks come together quickly and efficiently. It is now commonly used in both research and product development. Marilyn Bertozi began using the click chemistry technique to map cells with a method. She called it bio-orthogonal reaction, this contributes to the manufacture of drugs that target diseases such as cancer more effectively and also has many other important applications. You say you are highly motivated in your work because you want to provide health benefits, so how does your research work? help us attack diseases better yes, well, we developed a type of chemistry that is called bioorthogonal chemistry and it is chemistry that can be done in living systems, including humans, and by doing chemistry in humans we can do things like direct a drug to a fabric. of interest and keep it away from other tissues and this turns out to be important in the treatment of very acute cancer you say that chemicals make connections like no one else what do you mean by that oh I don't think so uh I think human right makes connections brilliantly and art and literature everything uh connections means well now I'm sitting next to you I want to hold your hand but if I open my hand against yours that would be that we are associated we have something that unites us it's like velcro but yes it's easy to separate, yes, but if I take your hand, that's an even better bond, but if I have one of these, like the car seat buckles, you have the man and the woman, forget that part, yeah, but I'm bonded if I click, yeah, so we.

We're united, yes, we're united and that's what's fine, that's what chemistry is all about, but we might have to get up from the table later, so just yeah, chemistry, right? Yeah, you know, clicking things together and a fade. Melder has very useful applications beyond medicine, doesn't it? For example, the paint that adheres best to a surface is very sharp. This was frustrating now, but you're also experimenting with a new strong material made from barley that you say has real, you know, really good environmental properties, yeah, I think if we're going to look into the future, we have to look at all of them. our possibilities of using waste streams in production to make new materials that can replace some of the materials we already use.

Today, I would like to ask the three gentlemen on the other side, the Philippines and Doc, about the importance of long-term considerations in economics and sustainability in particular. Now they are regulating their way out of a planned situation. crisis, but what about very long-term regulation to consider sustainability? Climate issues and sustainability issues are a problem because no individual has an incentive to do anything about it. Cooperation between governments and the like is required, but one point to highlight is what people say. Well, economic growth is going to strangle us because we know too many things, etc., but economic growth means that things are not necessarily or more, but that they are better and that they can be made more efficiently and with better materials.

Sustainability and economic growth are not inconsistent, but they require some cooperative agreements not only within a country but globally to move in that direction. Do you think chemistry will play a role there in the future? Absolutely because I think the only way to do this without imposing, see, the concern that people have is that, you know, zero carbon type of growth will impose a lot of economic hardship, people can't have gas for their cars, etc., the way to achieve it. You have to find ways to continue to improve living standards or maintain living standards, but also do so in a way that uses less fossil fuels.

In a sense, you've gone beyond scientific research in some ways because you're involved in a number of startups, so you've become something of an entrepreneur, do you think we've seen how, during the undercover time, of course scientists came up with vaccines etc. you think scientists should be more commercially minded and that they should have access to financial investments and everything else uh not all scientists need to be financially minded. I think it's great to have a sector of our scientific colleagues interested in translating their research into products that can benefit humanity at the same time. I think we need a solid investment in very basic science, curiosity-driven science that obviously won't translate into a product in a person's lifetime and both types of investments I think are equally important Alan Ospo, yes, peace, yes, a comment on that if you take my case, I'm sure I'm not good at going to the application, but throughout my life I have explained to my graduate student, etc., that if they have a good idea they should go, it is not having Dirty hands to go to the request.

As a result, there are now many new products in Quantum Technologies and when my former students start a company they come and talk to me and ask me to come as a Scientific Advisor and I think this is a good process. I give talks. I explain to you what. I've been doing it as basic science and people around hear it and say oh, we could use that for something. I think well, in your case apparently you can win over both sides, but in my case I was on the first side, but I encouraged people. on the other, ah, you're inspirational, okay, let's get a little response from our audience.

Here we have some students from Sweden, so we have a physics student from Stockholm University, Nicola Bull Nikolai, your question please, as scientists. You received the most famous scientific award. Do you think you can have more impact than people and associations on governments and companies to make them think more about big global problems? But since you're a physics student, Nicola, I'm going to go to the physics lawyers. First, can you help us address big global challenges like climate change? Ally, it looks like you're ready to talk. I am ready to ask if we can influence governance.

We will do the best we can, but we also know that our governments have elections they want to win and so the question is where do these issues push up the to-do list? I'll try my best to put them on the to-do list, but I'm not sure I'll be successful. Carolyn, obviously, you. You're the only woman at the table and you're only the eighth woman to have won a Nobel Prize in Chemistry, so this gives you an enhanced platform, right? And I know you've been a very powerful advocate for women in science, you had a lot of trouble at first trying to find a place in a lab, so are you going to use your voice in an enhanced way as an advocate?

Well, I think people would probably like to see me use my voice. that way and I'm very happy to be the person who stands between having one woman here and zero women here, it's probably a question best posed to the men around the table, okay, why are there so many more and are they I'm in a position to make a trade that's nine times bigger than my own position, so okay, I'd post it. Maybe you can say that the numbers in chemistry are on a very good trajectory. I mean, we've had, I think, four of those eight women. have received awards in the last four years um economics, it is probably the worst represented of all the awards.

I think that's the number I learned this week, so maybe we can redirect the question to the economics laureates about how your voice can be used to change this, well, economics laureates, I agree that economics has a track record as poor as physics, chemistry and other sciences, still has low proportions of women and minorities, has been increasing over time, the economy hasn't improved as much and it's a bit of a puzzle why that's the case I was president of the American Economic Association a few years ago and we tried to implement programs to help mentor young women economists to bring people into the field to address a variety of issues and I hope that those things will bear fruit, but it is a disappointment and a problem.

It makes a difference when there are more women in the field, it changes the things people work on, it changes perspectives, so I hope that improves over time, Barry Sharp. Very quickly I always felt strange that there were more women in chemistry who mostly went into medicine and biology and I knew I had an undergraduate student that I was mentoring and she was like the smartest girl at MIT and almost Dan Kemp. and I were trying to get her to go to graduate school, but she also thought about having a life and a family and I just didn't know if she wanted to make that sacrifice.

Now let's move on to this year's Nobel Prize in Physics. here is a brief guide to it this year's physics prize is awarded for discoveries in quantum mechanics physics at the micro level dealing with the smallest particles laureates alan aspe jean-clauser and anton zeilinger have demonstrated the potential to investigate and control particles that are in entangled states when two particles are entangled, that is the scientific term for quantum bonding, what happens to one of the pairs has an instantaneous effect on the other, no matter how far apart they are, the fundamentals of mechanics Quantum computing has a huge and profound impact on our world, the technology opens up the possibility of quantum computing, so huge amounts of data can be processed in a few minutes, instead of the millions of years it would take a normal computer. .

The laureates' experiments lay the foundation for current research in quantum information science, which can lead to new and unexpected ways to store information and protect data, as well as develop drugs and vaccines faster. Foreign ERS, so you have shown that the phenomenon called quantum teleportation sounds very exciting, like something out of the science fiction series Star Trek, but what applications can you see for your work? In quantum teleportation, my quantum teleportation is a child of science fiction in a sense, because it was in movies like Star Trek and so on, and they were wrong, they thought that to teleport someone you have to teleport the substance that they are made of and so on. , that's a big mistake in quantum mechanics.

We discovered that it is enough to transmute to transport the quantum state, which is the embodiment of all the information that characterizes you, as in your body. You could exchange all the carbon. atoms against carbon atoms of Orion antennas or whatever, you would still be the same person because it's the information, it's how it combines, which is which besides you and that's what we can do in quantum teleportation, so my friend Danny Greenberger, who is here at They once asked the audience in teleportation what would happen to the soul and he said that it is only the soul that teleports, for example, they could transfer all the information from their fine brains to mine, so He would be very happy as a multiple Nobel Prize winner. enough billions here billions of years until we go down that road I'm not sure, no, but what we really do is teleportation is not a means of transporting information from the output of one quantum computer to the input of another . quantum computer in the future this is the best computer ever invented isn't the human brain that's what we believe?

But how would you prove it? Because in some things not and in one aspect because you developed another aspect of quantum mechanics. quantum physics and cryptography, which means you can have telecommunications systems that are impossible to access, so tell us a little about that and who might find it useful. A few come to mind in quantum cryptography, security is based on very basic laws. of quantum physics, so until the moment whenLet's find out that quantum mechanics is no longer good, we can be sure with quantum cryptography. Now you wonder who would be interested in that. Take the case of diplomacy if we now have big ears somewhere collecting all the information. and they can't decrypt it, but they keep it, they keep the records and within five years standard computers have improved and now they can decipher if it's a diplomatic secret, there will be a big upheaval, a big problem if quantum cryptography is used even in 5 or 10 or 20 years in principles you can't figure it out, so I think that military, of course, but diplomacy would be very happy to have this kind of thing, Dr.

John Clauser, and here you are, the irony is that it is a prize Nobel Prize in Physics for quantum physics and yet I said at one point that I don't understand quantum physics. I still do not understand physics and in fact it was the quest to understand quantum mechanics that has kept me active all this time and unfortunately in the process I believe that I have killed what I loved, which is the entire legacy of Einstein, in the process. Well, you mention the great scientist Einstein and he said that if an idea is not absurd at first, then there is no hope for it.

Have any of your ideas been thought about? crazy, oh, don't do it Diamond, one of the economists. I think you're on record as saying that the best new ideas often seem stupid. I put that into practice when dealing with my own PhD students, I don't want to dismiss ideas too early because they seem stupid, sometimes they completely disagree with things that everyone they know for sure, but they know for sure that they are correct. You have to push them quite a bit before you tell them and then at some point you get the idea that some of them are actually stupid, so you want to prevent the student from wasting his life trying to do something that is clearly wrong.

Anyone else has been considered crazy. because of his ideas about whether Caroline bertozi Carolyn bertozi yes, in a nutshell, they considered me crazy because the places where people usually carry out chemical reactions look a lot more like this and not so much like this, but I will say that for a chemist we are probably the three. We have had the experience that in the life cycle of chemistry you start with an idea, people say it's crazy, it will never work, you prove that it works, people don't believe you at first, over time, eventually they believe you. people join in and recognize it. that works and they repeat the work in their own labs and it works wonderfully and everyone accepts it to the point where now people forget that you invented it in the first place because it just becomes part of the fabric, let's get another reaction from the audience during our discussions I put a question here from a medical student Shirley leedman Shirley your question to the awardees please yes I wonder where you get your best ideas oh where you get your best ideas out of nowhere yes We don't really know the process, it just comes to You're like Archimedes in the bathtub, it's like something that can't not happen, it just happens in your brain, but you have to think about something, think about it, and think about it, and certainly that's probably the common thing is that you have this focus on your conscious mind Obsession, we must have obsessions.

I would like to mention the group effort in science. I think almost all the ideas I have come exactly from the group and have a stupid atmosphere. Ideas can be put on the table without fear and you know that nine of the ideas that come up will be wrong, but there will be that great idea One by blood I mean I smell blood when I want to get close to something that is important it's like an animal I mean actually it's not the smell of blood but I see something and I think my God why hasn't that been done it should be known and then I discover that it hasn't It's no, that's so evocative Professor, well, I'm an animal, so how much Neanderthal you have here, I don't know, well, now let's move on to our final category of Nobel Prize winners and that is economics, it can be fundamentally unstable and, for Therefore, sometimes it is necessary to regulate it properly, such as in the global financial crisis of 2008.

Banks can fail, putting pressure on the entire system, this can result in an economic crisis with higher borrowing costs and falling prices. Economies may enter a downward phase. spiraling unemployment and rapidly rising bankruptcies thanks to this year's economics awards the world has improved its ability to avoid both serious financial crises and costly bailouts Douglas Diamond and Philip Divig developed theoretical models that explain why banks exist and why are vulnerable to rumors of collapse and how regulation can reduce a bank run stabilizing our financial system is an essential precondition for economic recovery Ben Bernanke's research on the Great Depression provides insight into the thinking behind the formulation of economic policies during the most recent financial crises The work of all of this year's honorees played an important role in ensuring that the covid economic slowdown did not become a new Great Depression Professor Ben Bernanke we saw it in the 2008 financial crisis when the Banks were rescued, in many cases they were investment banks.

The money that had been lost was money that belonged to other financial institutions and it was the taxpayer who had to pay to rescue them and that caused a lot of consternation and anger. It did cause a lot of consternation because people thought correctly why we are helping the people who caused the crisis in First of all, I would like to point out that if the system collapses, not only the people on Wall Street but the people on Main Street will hardly be harmed. and I think it's important for people to know that all the money that was put in the banks was paid back.

I'll come back with interest, but Doug Diamond, I mean, his combined research with Phil Dibvig looks at this need for governments to provide deposit insurance so that when ordinary consumers put their savings into a bank, not everyone is going to withdraw their money. If they think the bank is going to collapse because you say it's a self-fulfilling prophecy. So tell us what your work shows about the need for that type of deposit insurance. So the point of the work that Phil and I did is that the basic function is basic. The job that banks do is to make their deposits more liquid than the underlying assets they have, which means paying people more than they could pay everyone if they took out their money, so there is a problem like baby in the bathwater if you're doing it. this activity that is somehow subject to this execution problem, self-fulfilling execution and there are several incomplete ways to solve it, but it seems that the one that has worked best is to have a solvent government that guarantees the deposits as you say.

It seems that for this set of activities of regulated commercial banks it has worked quite well now the problem is that this activity of creating liquidity you do not need to be a bank to do it, so over time it has been transferred to these other unregulated institutions and you already know Lehman. Brothers, we were talking about how to operate Lehman Brothers and it seemed like in 2008 the leak was spreading to all these financial institutions that are short-term funded and then unless you end up having deposit insurance for everyone, it's very difficult. It is very difficult to use that solution, the interesting thing is that it is unusual for a practitioner like you, Ben Bernanke, your former chairman of the Federal Reserve, the Central Bank of the US to receive the Nobel Prize, it was for his work that there was done previously. about the Great Depression, but are Duggan and Phil tempted to jump into the real-world fray, so to speak, in terms of working with politicians and policymakers, or are they quite happy just doing their research during the Great Depression? ?

In the period from 2007 to 2010, when we had the global financial crisis, we actually got involved in politics for the first time, you know some in the White House and they went to... I was invited to a seminar at the Federal Reserve on flights to Quality. Enjoy it initially, but then there's this thing called being a public intellectual where people throw insults at you, which wasn't my favorite part. Did you understand that Ben Bernanke? Oh yeah, they created a stress ball. You know your stress balls. Your squeeze, you know, they created my shape, so people got upset, they could squeeze, you know, but uh, so there was a lot of uh, there was certainly a lot of pushback.

Bill did Big, what about you? Would you be tempted to go? in the uh I thought about this from time to time and I'm willing to do it remotely. I mean, I have a friend who's had the uh at the SEC and I often try to find time in meetings to ask what are the political things that are going on and I talk about it, but uh, and at one point, I was actually visiting the St. Louis Fed periodically hoping to have some clout and policy and a chance to give back something right but I felt like I didn't have any there, not yours yeah but I guess I'm generally more into curiosity and fundamental research, so the division of labor makes sense for me to do that, so I want to say clearly, unlike you scientists. you say that they are applauded when they enter the Realms of BR, you know the practical world for coming up with new medicines and pills etc., but you say that sometimes they throw bricks at you now, I mean, I must ask you.

Obviously, because there are a lot of people concerned about what's happening in the global economy, we now have all kinds of factors at play, obviously the food and energy crisis, we have the slowdown in China, which has also brought down the global economy. growth and so on, gentlemen, are you worried about a global recession? Is it going to get worse? Ben Bernanke, well, it's certainly possible. I mean, our problem now is high inflation in many countries. We are much better. I think in the 1970s. Because central banks are much more focused on inflation, they have much more credibility with the public, but as the Federal Reserve, the Bank of Rick and the European Central Bank, etc., they increase the interest rates to combat inflation, potentially a side effect would be a slowing economy or even a moderate recession.

I don't know, but it's a possibility, Phil, do you think we're in for a tough time? Oh, I'm a little worried about the economy, but I have to make a disclaimer. that the problems that concern me are outside my core experience and I do not see at least in the United States a financial crisis. Starting at this point, there is some sort of mini financial crisis in cryptocurrencies which is another story, but cryptocurrencies are small and relatively unimportant to the economy at the moment, so let's look at a final reaction from one of our students to what has been discussed.

David Sturman, you are a physics student at Stockholm University, what do you want? Ask the awardees if they think about the specific work for which you will receive the award. Do you now think differently about your work and perhaps wish something was done differently? Oh, that's very difficult, what's your reaction? No, no, No, no, I have to say that that is the shortest answer I have received from Nobel laureates to a question, so David, I think it was a very emphatic no that can be answered like that. Ask me, can you explain quantum physics in a minute?

It will be the same answer no, that's fine, thanks to all the winners and renewed congratulations to everyone. It's been a pleasure and a privilege for me to discuss some of the great challenges of our day with some of the brightest

minds

and um. thank you to my audience here, including their royal highnesses, and to you of course, wherever you are watching this program from the library of the Royal Palace in Stockholm, that's all of this year's Nobel mines from me, Zane Abadawi and the rest of the team, goodbye foreigner.