Given today’s gut-wrenching markets, a Nobel Prize for studying fear makes sense

A trio of U.S. economists, including the University of Chicago’s Douglas Diamond, has won a Nobel Prize for explaining the causes of bank runs and other financial crises. Their research sheds light on the economic effects of fear. How fitting for the moment through which we’re living. Global financial markets are facing their most treacherous period since the Great Recession of 2007-08. Another recession appears to be brewing, as central banks and policymakers grapple with persistent inflation. The Fed has been jacking up interest rates aggressively. At each of its last three policymaking meet...