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Pradeep Kumar

12/10/21 09:00 AM IST

Nobel prize for Economics

In news

Three US-based economists won the 2021 Nobel prize for economics.

Highlights
  • They won the prize for pioneering research on the labour market impacts of minimum wage, immigration and education, and for creating the scientific framework to allow conclusions to be drawn from such studies that can’t use traditional methodology.
  • Canadian-born David Card of the University of California at Berkeley was awarded one half of the prize, while the other half was shared by Joshua Angrist from the Massachusetts Institute of Technology and Dutch-born Guido Imbens, 58, from Stanford University.
  • Using natural experiments, David Card has analysed the labour market effects of minimum wages, immigration and education.
  • His studies from the early 1990s challenged conventional wisdom, leading to new analyses and additional insights.
  • The results showed, among other things, that increasing the minimum wage does not necessarily lead to fewer jobs.
Source: Indian Express

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