Topline
The 2021 Nobel Prize in Economics was awarded Monday to American economists David Card, Joshua D. Angrist, and Guido W. Imbens for their contributions to labor economics and the drawing of conclusions from natural experiments.
The Nobel... [+] Economics Prize was awarded to Guido Imbens, an Israeli-American and David Card from Canada. They were recognized for their insights into the labour market as well as "natural experiments" and won the Nobel... [+] Economics Prize. TT NEWS Agency/AFP via Getty Images
The Key Facts
The Nobel Committee praised the three economists in a press release. It noted that their work had spread to other fields and revolutionized empirical science. Half of the prize was awarded to Card of UC Berkley and half was divided between Guido Imbens of Stanford University and Massachusetts Institute of Technologys Angrist. Card was honored for his analysis of the labor market effects on minimum wages, immigration, education. Angrist, Imbens received the award for their mid-90s work that demonstrated the accuracy of natural experiments in drawing cause and effect. The 2021 Nobel Prizes winners will be awarded a gold medal, 10 million Swedish Kronor ($1.14 Million) and a 10-million Swedish kronor ($1.14 million).
Important Quote
After announcing the winners, Peter Fredriksson (chair of the Nobel Economic Sciences Committee) said that cards studies of core questions for society, Angrist, and Imbens methodological contributions had shown that natural experiment are a rich source. Their research has significantly improved our ability to answer key causal issues, which has been a great benefit for society.
Surprising Fact
French-American economist Esther Duflo was one of Angrist's doctoral students and was awarded the Nobel Prize in Economics in Economics in 2019, along with Abhijit Bangerjee, Michael Kremer, and others.
Tangent
Monday's announcement means that only Maria Ressa, a Filipino journalist, was named this year's Nobel Prizes winner. She won the peace prize alongside Russias Dmitry Muratov. The presigious prize was awarded to four women last year, Emmanuelle Charpentier and Jennifer A. Doudna for their contributions in literature, chemistry and physics.
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Three US-based economists win the economics Nobel Prize (Associated Press).
The Nobel Prize in Economics goes to David Card and Joshua Angrist, as well as Guido Imbens. (New York Times).
