October 22, 2021

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The Nobel Prize in Economics has been awarded to David Card, Joshua Ingreste and Guido Empains

The Nobel Prize in Economics has been awarded to David Card, Joshua Ingreste and Guido Empains

the prize Nobel Prize in Economics Monday got David Card “For his empirical contributions to the labor economy” and Joshua Angreste and Guido Imbenz “For his methodological contributions to the analysis of causal relationships.”

“The work of the 2021 Laureates in Economics has revolutionized experimental research in the social sciences and has greatly enhanced the ability of the research community to answer questions of great importance to all of us,” the award authorities said at the conclusion of the award ceremony. season.

Canadian Card, which won half the award, analyzed the effects on the labor market in terms of minimum wages, immigration and education. Together with the late Alan Krueger, they used a naturalistic experiment to investigate how higher minimum wages affected employment. Comparative data for Pennsylvania and New Jersey showed that wage increases did not affect the employment rate, upsetting one of the main arguments for a wage increase..

Regarding her work in the field of migration, the Swedish Academy highlighted: “Now we know it The income of people born in a country can benefit from new immigrationWhereas people who migrated in an earlier era are at risk of being negatively affected. We have also realized that school resources are far more important to students’ future success in the labor market than previously thought.

Announcing the winners
Announcing the winners

American Israeli angry The Dutch American Imbens demonstrated the inferences about cause and effect that can be drawn from natural experiments. The framework he developed has been widely adopted by researchers working with observational data.

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Card studies on fundamental issues of society and the methodological contributions of Angrist and Imbens Showed that natural experiences are a rich source of knowledge. Their research has greatly improved our ability to answer key causal questions, which have been of great benefit to society,” says Peter Frederickson, chair of the Economic Sciences Prize Committee.

Sometimes called the “False Nobel” because it was created by the Bank of Sweden more than 60 years after the other five (medicine, physics, chemistry, literature and peace), the Economics Prize for 2021 was to be announced at 11:55 local time (9:55 GMT) in Stockholm.

With only 2 women out of 86 award winners (American Elinor Ostrom in 2009 and French Esther Duflo 10 years later), economics is the most masculine in Nobel.

As with all Nobel laureates, the list of “usual suspects” was long.

Last 10 winners

2020: Paul Milgrom and Robert Wilson (US) for “improving auction theory and inventing new forms of auctions” for “the benefit of sellers, buyers, and taxpayers worldwide”.

Economists Paul Robert Milgrom and Robert Butler Wilson, winners of the 2020 Nobel Prize in Economics (Nobel Prize for Communication/Elena Zhukova/published via Reuters)
Economists Paul Robert Milgrom and Robert Butler Wilson, winners of the 2020 Nobel Prize in Economics (Nobel Prize for Communication/Elena Zhukova/published via Reuters)

2019: Esther Duflo (France/US), Abhijit Banerjee (US) and Michael Kramer (US) for their work to reduce global poverty.

2018: William Nordhaus and Paul Romer (US) for their models on the impact of economic activity on climate.

– 2017: Richard H. Thaler (US) for his studies on psychological and social mechanisms that influence consumer and investor decisions.

2016: Oliver Hart (UK/US) and Bent Holmstrom (Finland), contract theorists.

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2015: Angus Deaton (UK/US), “For his analysis of consumption, poverty, and well-being.”

2014: Jean Tirol (France) for his work in “Market Authority and Regulation”.

2013: Eugene Fama, Lars Peter Hansen and Robert Schiller (US) for their studies on financial markets.

2012: Lloyd Shapley and Alvin Roth (US), for their work on how best to reconcile market demand and supply, with examples of organ donation and education.

2011: Thomas Sargent and Christopher Sims (US), for their analyzes that made it possible to understand how unforeseen events and public policies affect macroeconomic indicators.

The other winners

The “53rd Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel” concludes a season in which committees frustrated the expectations of experts and gamblers.

While freedom of the press was the favorite for the Peace Prize, The Norwegian Nobel Committee chose to honor two investigative journalists, Filipino Maria Ressa and Russian Dmitriy Muratov.

And the novelist literature book, Abdul Razzaq Jarna, was rewarded. Of Tanzanian descent and exiles in the United Kingdom.

In medicine, mRNA vaccines against COVID-19 have not been given, and The laurel fell on the American researchers David Julius and Ardam Patbutian (Lebanese origin) for its action on tactile nerve receptors.

Physics Prize awarded to two climate experts for the first time, German Klaus Haselmann and Japanese American Siokoro Manabe, with Italian theorist Giorgio Baresi.

Meanwhile, the Chemistry Prize honored the pioneers of a new type of catalyst, List of German Benjamin and Scottish-American David Macmillan.

(With information from AFP)

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