The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel are announced. The prize has been given half to David Card and half to Joshua D. Angrist and Guido W. Imbens. David Card has received the honor for his contributions to labor economics. Meanwhile, Joshua D Angrist and Guido W Imbens have received the award for drawing accurate conclusions about cause and effect from natural experiments.
Canadian economist David Card
David Card is a Canadian economist and professor of economics at Berkeley, California. However, he received this Nobel Prize for his contribution to labor economics. His studies in the early 1990s also challenged conventional wisdom, leading to new analyzes and additional information. The results also show that raising the minimum wage does not necessarily reduce jobs.
Researchers gave new information about the labor market
Whereas Joshua D. Angrist and Guido W. Imbens have received the Nobel Prize for their contribution to the analysis of formal relations. In the mid-1990s Joshua Angrist and Guido Imbens showed how to draw precise conclusions about cause and effect from natural experiments.
Meanwhile, the Nobel committee also released a statement regarding 2021 Sveriges Riksbank Prize in Economic Sciences. It said that the committee has honored the researchers for providing us with new information about the labor market. They have also showed us how to draw conclusions about cause and effect from natural experiments.