Nobel Prize in Economics 2021

Three United States-based economists namely, David Card, Joshua D Angrist and Guido W Imbens have been conferred the “Nobel prize in Economics 2021”.

Highlights

  • They were conferred with the prize for their work on “use of natural experiments” on the impact of minimum wage, immigration and education on the labour markets.
  • One half of the prize was awarded to David Card, while the other half of the prize is shared by Joshua Angrist and Guido Imbens.

Sveriges Riksbank Prize in Economic Sciences

  • Sveriges Riksbank Prize in Economic Sciences, is conferred in memory of Alfred Nobel and is widely known as Nobel Prize for Economics.
  • This prize was started in the year 1968 by donation from central bank of Sweden called “Sveriges Riksbank” to the Nobel Foundation in order to commemorate the 300th anniversary of the central bank.
  • Prize comprises of a 10 million Swedish kronor award money which roughly accounts for Rs 8.33 crore.
  • It is officially titled as “Sveriges Riksbank Prize in Economic Sciences” in the Memory of Alfred Nobel”.

2021 edition

  • In the year 2021, David Card has been conferred the award “for his empirical contributions to labour economics”. He analysed the effects of minimum wages, immigration and education on the labour market.
  • Angrist and Imbens have been awarded “for their methodological contributions to the analysis of causal relationships”. Both of them developed a research framework which have been adopted by many researchers who work with observational data.

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