News of business and economics goes to the pioneers of the Nobel Prize in Economics ‘Natural Test’

U.S. economists David Card, Joshua Angrist and Guido Embence have won the 2021 Nobel Prize in Economics.

Economists David Card, Joshua Angrist and Guido Embence won the 2021 Nobel Prize in Economics for using “natural experiments” to understand economic policy and the effectiveness of other events.

Natural experiments affect the world using real life situations, a method that has spread to other fields and revolutionized experimental research.

1 A Canadian-born economist on the New Jersey minimum wage increase in the early United States in the United States in the early United States in the United States, led researchers to review their opinion that such an increase could always lead to employment.

Eva Mark, a member of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences, told a news conference about the impact of this approach across all social sciences.

The Nobel Prize in Economics of the past has been influenced by American institutions and it was no exception.

Card currently works at the University of California, Berkeley; Angrist of Dutch descent at Massachusetts Institute of Technology, Cambridge and Stanford University.

“I was absolutely shocked to receive a telephone call, then I was absolutely thrilled to hear the news,” Imbens said in an application with reporters in Stockholm, as he was thrilled to share the prize with two of his best friends. Angrist was the best man in her marriage.

The prize, officially known as the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, saw Nobel’s final harvest this year and the winners share 10 million Swedish crowns ($ 1.14 million).

Experimental contribution

The academy said the card received a half-prize “for its empirical contribution to the labor economy”.

Angrist and Imbens shared the other half “for their methodological contributions to causal relationship analysis.”

The prestigious awards for achievements in science, literature and peace were created and funded by the will of the Swedish dynamite inventor and wealthy businessman Alfred Nobel.

They have been awarded since 1901, although the Economics Prize – created by a grant on the 30,000th anniversary of the Central Bank of Sweden – is a later addition that was first given in 1969.

Although the Economics Prize has often maintained a tendency to live in the shadow of the famous winners for peace and literature, the winners over the years include many influential economists such as the Austrian-British Friedrich August von Hayek and the American Milton Friedman.

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