No data to display.

3 U.S.-based economists win Nobel Prize for Economics

By Yashasvini on Oct 11, 2021 | 04:31 AM IST

nobelprize.jpg


KEY POINTS:

-- Economists David Card, Joshua D. Angrist, and Guido W. Imbens won the Nobel Prize for Economics this year

-- The laureates will be rewarded with a cash prize of $1.1 million and a gold medal

Three U.S.-based economists were awarded the Nobel Prize for Economics for 2021, for their research that provides a better understanding of how the job market works.

Economists David Card (65), Joshua D. Angrist (61), and Guido W. Imbens (58) would be sharing the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel along with a cash prize of 10 million Swedish krona ($1.1 million) and a gold medal.

Card, a professor of economics at the University of Berkeley, California, won the award for his contributions to labor economics. 

Angrist is a Ford professor of economics at the Massachusetts Institute of Technology, and Imbens is a professor of economics at the Stanford Graduate School of Business. Both of them were rewarded for their contributions to the analysis of causal relationships. 

The Nobel committee said in a statement that the three laureates had “provided us with new insights about the labor market and shown what conclusions about cause and effect can be drawn from natural experiments.” The committee added that their approach had been used in other fields and had “revolutionized empirical research”.

Card analyzed the labor market effects of minimum wages, immigration, and education, using natural experiments. The results of his studies which go back to the early 1990s showed, among other things, that increasing the minimum wage does not necessarily lead to fewer jobs.

READ MORE: September records the lowest job growth rate in 2021

Angrist and Imbens demonstrated how precise conclusions about cause and effect can be drawn from natural experiments. They made it easier to interpret data through their methodological contributions.

Commenting on their achievement, Peter Fredriksson, chair of the Economic Sciences Prize Committee, said, “Card’s studies of core questions for society and Angrist and Imbens’ methodological contributions have shown that natural experiments are a rich source of knowledge. Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society.”

Picture Credits: The Indian Express

Stock View