Lagatar24 Desk
Stockholm, Oct.11: The Nobel Prize in Economic Science has been awarded to David Card, Joshua D Angrist, and Guido W Imbens in 2021. The Nobel Committee gave David Card half of the prize for his empirical contributions to labour economics, and Joshua D. Angrist and Guido W. Imbens shared the other half for their methodological contributions to the analysis of causal relationships.
“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 Swedish Academy said in a statement.
The academy added that Many of the big questions in the social sciences deal with cause and effect. How do immigration affect pay and employment levels? How does a longer education affect someone’s future income? “This year’s Laureates have shown that it is possible to answer these and similar questions using natural experiments,” the statement said.
BREAKING NEWS:
The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded with one half to David Card and the other half jointly to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn— The Nobel Prize (@NobelPrize) October 11, 2021
The Royal Swedish Academy of Sciences in Stockholm bestows the Nobel Prize in Economic Sciences. The Nobel Prize was established in 1968 as a result of a gift from Sveriges Riksbank to the Nobel Foundation on the occasion of the Bank’s 300th anniversary.
Paul R. Milgrom and Robert B. Wilson shared the 2020 Economic Prize for advancements to auction theory and innovations of new auction formats. Researchers use auction theory to try to understand the consequences of various bidding and final price regulations, as well as the auction format.
“The laureates started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” chair of the Prize Committee had said.
The Economic Nobel was announced following the Nobel Peace Prize, which was awarded to journalists Maria Ressa and Dmitry Muratov for their work to protect freedom of expression, which is a precondition for democracy and sustainable peace. Dmitry Andreyevich Muratov is the editor-in-chief of the Russian daily Novaya Gazeta, while Maria is the CEO of the Philippines-based news portal Rappler.
