Winners Of The Nobel Prize In Economics Have Been Announced

The winners of the Nobel Prize in Economics have been announced. Joshua D. Angrist and Guido W. Imbens received the 2021 Nobel Prize in Economics along with David Card.

The Nobel Prize in economics was awarded to David Card for his empirical contributions to the economics of employment, and to Joshua D. Angrist and Guido W. Imbens for their methodological contribution to the analysis of causal relationships. Half of the prize went to David Card, while the other half was split between Angrist and Imbens. It was noted that the approaches of the award-winning economists could extend to other areas and introduced revolutionary innovations in empirical research. In the award statement, it was stated that Angrist and Imbens showed what inferences can be drawn from natural experiences regarding cause and effect. The framework developed by the duo has been widely adapted by researchers working with observational data. The award goes to studies involving real-world applications of economics in recent years. Paul Milgrom and Robert B. Wilson had won the award the previous year. Economics Nobel Prize winners earned $1.1 million. In the statement, it was emphasized that David Card analyzed the effects of education, immigration and minimum wage on the employment market, using natural experiences. It was noted that Card's work since the early 1990s challenged conventional teachings and led to additional perspectives with new analyzes. It was said that the results of these studies indicate that the minimum wage increase does not lead to less employment. In the statement, following expressions were used: "We now know that while the incomes of people born in a country take advantage of new migrations, there is a risk of being negatively affected by those who immigrated to the country early. We also realized that resources in schools are much more important than previously thought for the future success of students in the employment market."