Three US-based economists win Nobel Prize 2021 in Economics

11 Oct 2021

Three US-based economists win Nobel Prize 2021 in Economics

Three US-based economists win Nobel Prize 2021 in EconomicsThe 2021 Nobel Prize in Economics has gone to three US-based economists David Card, Joshua Angrist and Guido Imbens.

They have won the award for pioneering (leading) research on the labour market impacts of minimum wage, immigration and education. They also created the scientific framework to allow conclusions to be drawn from such studies that can’t use traditional methodology.

David Card is Canadian-born and works at the University of California at Berkeley. He was awarded one half of the prize. The other half was shared by Joshua Angrist from the Massachusetts Institute of Technology and Dutch-born Guido Imbens, from Stanford University.
Their research
Card worked on research that measured the effects of increasing the minimum wage. He and his late research partner Alan Krueger found that an increase in the hourly minimum wage did not affect employment.

Angrist and Imbens won half of the award for working out the methodology that helps economists to draw solid conclusions about cause and effect. This is even when they cannot do studies according to strict scientific methods.
Nobel Prize in Economics
Unlike the other Nobel prizes, the economics award wasn’t established in the will of Alfred Nobel. But the Swedish Central Bank created it in his memory in 1968. It is also called the Sveriges Riksbank Prize in Economic Sciences.

This year, Maria Ressa was the only woman who honoured a Nobel prize this year in any category.

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