On the 11th of October, Monday, the 2021 the Nobel Prize Award for Economics was announced. This year, Mr. David Card, Mr. Joshua D. Angrist and Mr. Guido W. Imbens won the Nobel Prize in Economic Sciences.
The prize would be given to Mr. David Card for his empirical contributions to labour economics and the other half to Mr. Joshua D. Angrist and Guido W. Imbens who worked as a team jointly for their methodological contributions to the analysis of causal relationships. While Mr. David Card is from the University of California at Berkeley, Mr. Joshua Angrist is from the Massachusetts Institute of Technology and Mr. Guido Imbens is from Stanford University.
The award was based on their research on the labour market and its cause and effect through a natural experiment. They have shown real world issues of migrants and established a detailed study about market and labour in the U.S., during the pandemic.
The Swedish Academy, which announced the award said, “This year’s Laureates David Card, Joshua Angrist and Guido Imbens have provided us with new insights about the labour market and shown what conclusions about cause and effect can be drawn from natural experiments. Their approach has spread to other fields and revolutionised empirical research.”
The Nobel Award for Economics is officially known as the Sveriges Riksbank Prize in Economic Sciences. Unlike other awards, the Nobel Prize in Economic Sciences was instituted by the Sveriges Riksbank (Sweden’s central bank) in 1968.
With the Nobel Prize winner for Economics, the series of prizes (Medicines, Physics, Literature, Peace and Chemistry) for season 2021 concluded today, the 11th of October.
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