NOBEL PRIZE FOR ECONOMICS GOES TO THREE US BASED ECONOMISTS

The Nobel committee has awarded three American economists with the Nobel Prize for Economics of 2021. The economists were given the prestigious award for reshaping empirical research in the fields of economics. David Card of University of California at Berkeley was awarded one half of the prize, while the other half was shared between Joshua Angrist from the Massachusetts Institute of Technology and Guido Imbens from Stanford University.

They were honoured on Monday for their pioneering research on impacts created by the labour market on minimum wage, immigration, education and for creating frameworks to draw conclusions from studies that are not approached with traditional methodologies.

Cahir of economic sciences committee Peter Fredriksson said that David Card’s studies of ‘core questions’ for society, and that Angrist and Imben’s methodological contributions showed natural experiments are a rich source of knowledge. Card used restaurants as the field to study the impact of change in minimum wage. Angrist and Imbens won their award for their work on helping economists find their space with new methodologies when there are constrains.

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