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Highlights
- US economists David Card, Joshua D Angrist, and Guido W Imbens have received this year’s Nobel Prize for economics.
- The 2021 Nobel winners will share the prize money of 10 million Swedish crowns or around US$1.14 million.
- The Nobel committee said their research provided a better understanding of the labor market and ways to arrive at a precise conclusion from natural experiments.
US professors David Card, Joshua D Angrist, and Guido W Imbens were awarded this year’s Nobel Prize for economics. Card, an economics professor at the University of California, Berkeley, has won the prize for his contribution to labor economics. At the same time, Angrist and Imbens received the award for their contributions to the analysis of causal relationships.
About the winners
Card was born in Guelph, Canada, in 1956. His research gave new insights into the effects of labor market on education, wage, and immigration. His study challenges the conventional idea that more pay leads to fewer jobs.
Card’s study also shows that the negative effect of immigration has decreased significantly today compared to earlier times, and education played a critical role in professional success.
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On the other hand, Angrist and Imbens richly contributed to the analysis of causal relationships.
Angrist, an Israeli American, was born in Columbus, US, in 1960. He is a professor at the Massachusetts Institute of Technology (MIT) in Cambridge.
US economists Card, Angrist and Imbens awarded 2021 Nobel Prize
Imbens, a Dutch American, is a professor at Stanford University in Stanford, California. He was born in Eindhoven, Netherlands, in 1963.
Their research was about how precise conclusions can be drawn from natural experiments relating to cause and effect. Their study has challenged conventional wisdom.
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Source – pixabay
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About Nobel Prize
The Nobel Prize is given every year for outstanding contributions in science, literature, and peace. It was instituted in the memory of Swedish businessman Alfred Nobel.
The Nobel prize for economics was not declared in Alfred Nobel’s original will. But it was instituted by Swedish Central Bank in his memory, earlier called as Sveriges Riksbank Prize.
The 2021 Nobel prize winners of economics will share the prize money of 10 million Swedish crowns or around US$1.14 million. Card will receive one half of the prize money, while Angrist and Imbens will share the other half.
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In a statement, the Nobel committee said that their research provided a better understanding of the labor market and how a precise conclusion can be drawn from natural experiments.
In 2020, Stanford University economists Paul R Milgrom and Robert B Wilson had bagged the Nobel prize in economics for their work on auction theory and resource allocation. In 2019, Esther Duflo, Abhijit Banerjee, and Michael Kremer had jointly received the award for their research on poverty reduction.
