Stockholm: The 2021 Nobel prize for economics was awarded to three US-based economists for their work on drawing conclusions from unintended experiments, termed as ‘natural experiments’. The winners were David Card of the University of California at Berkeley; Joshua Angrist from the Massachusetts Institute of Technology; and Guido Imbens from Stanford University
The Royal Swedish Academy of Sciences in their statement said that, the three economists have ‘completely reshaped empirical work in the economic sciences.’
BREAKING NEWS:
The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded with one half to David Card and the other half jointly to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn— The Nobel Prize (@NobelPrize) October 11, 2021
Card worked on research that used restaurants in New Jersey and in eastern Pennsylvania to measure the effects of increasing the minimum wage. He along with his late research partner Alan Krueger, had found out through their studies that an increase in the hourly minimum wage did not affect employment, challenging conventional idea that claimed that, an increase in minimum wage will lead to less hiring. Card’s work also challenged another commonly upheld idea, that immigrants depress wages for native-born workers. He proved that incomes of the native-born can benefit from new immigration, while earlier immigrants who are more at the risk of being negatively affected.
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Angrist and Imbens won the prestigious award for working out the methodological issues that enable economists to draw solid conclusions about cause and effect, even where they cannot carry out studies according to strict scientific methods.
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