Nobel Prize in Economics awarded for research on labor and causation

(NobelPrize.org)

The Swedish National Bank's Alfred Nobel Memorial Prize for Economics 2021 was awarded to David Card for his contributions to empirical research in labor market economics.

It was also awarded to Joshua Angrist and Guido Imbens for their contributions to methodology analysis of cause-and-effect relationships.

The Prize in Economics, unlike the Nobel Prizes in Physiology and Medicine, Physics, Chemistry and Literature, was established not by Alfred Nobel himself, but by the Bank of Sweden in 1968.

Its size is equal to the size of the other awards.

This year's laureates have been honored for their research on causation in the social sciences.

In particular, David Card of the University of California has been researching, since the 1990s, how changes in minimum wages, immigration and educational levels of the population affect the labor market.

His findings indicated, inter alia, that raising minimum wages does not necessarily mean job losses.

Two other laureates, Joshua Angrist of the MIT and Guido Imbens of Stanford University, investigated how causality can be established in natural experiments looking for the relationship between educational attainment and income.

Last year’s Economics Prize went to Paul Milgrom and Robert Wilson for developing auction theory and inventing new auction formats.

The laureates have researched how auctions work and developed new auction formats to sell goods and services that are difficult to sell using traditional methods.

Source:

• Nobelprize.org: https://www.nobelprize.org/

#nobelprize #economics #science #news #stem #labor