STOCKHOLM – A Canadian is one of three US-based economists called Monday for Economics of 2021 to create a scientific framework to allow them to draw further conclusions for pioneering research on the labor market impacts of the minimum wage, immigration and education. Was awarded the Nobel Prize. from studies that cannot use the conventional method.
David Card, 65, of the University of California in Guelph, Ont., Berkeley, was given half of the prize, while the other half was shared by Joshua Angist of the Massachusetts Institute of Technology, and Dutch-born Guido Imbens, 58, of the Massachusetts Institute of Technology. from Stanford University.
The Royal Swedish Academy of Sciences stated that all three “completely replaced empirical work in economic science.”
Peter Frederickson, chairman of the Committee on Economic Sciences, said, “The study of the card of the main questions for society and the methodological contributions of Angrist and Imbens has shown that natural experiments are a rich source of knowledge.” “His research has greatly improved our ability to answer important causal questions, which has been very beneficial to society.”
Card worked on research that used restaurants in New Jersey and eastern Pennsylvania to measure the effects of raising the minimum wage. He and his late research fellow Alan Kruger found that an increase in the hourly minimum wage did not affect employment, challenging conventional wisdom that held that an increase in the minimum wage would result in less being hired.
Card’s work also challenged another common idea, that immigrants reduce wages for native-born workers. They found that the income of a native can benefit from new immigration, while it is earlier immigrants who are at risk of being negatively affected.
Angrist and Imbens won half their prize for work on methodological issues, which enable economists to draw firm conclusions about cause and effect, even if they cannot study according to strict scientific methods.
Speaking on the phone from his home in Massachusetts, Imbens told reporters that he was asleep when the call came.
“The whole house was sleeping, we had a busy weekend.” Imbes said. “I was absolutely thrilled to hear the news.”
He said he was particularly thrilled to have Angrist, the best man at their wedding.
Unlike other Nobel Prizes, the Economics Prize was not established in the will of Alfred Nobel, but was instituted in his memory by the Swedish central bank in 1968, with the first winner being selected a year later. This is the last award announced each year.
Last week, the 2021 Nobel Peace Prize was awarded to Philippine journalists Maria Russa and Russia’s Dmitry Muratov for their fight for freedom of expression in countries where journalists are subjected to constant attacks, harassment and even violence. have faced murder.
Resa was the only woman to be honored in any category this year.
The Nobel Prize for Literature was awarded to UK-based Tanzanian writer Abdulrajak Gurnah, who was recognized for “the effects of colonialism and his unshakable and compassionate admission of refugee fate”.
The Prize for Physiology or Medicine was given to Americans David Julius and Ardem Patapoutian for their discoveries of how the human body perceives temperature and touch.
Three scientists won the Physics Prize for work that helped to explain and predict the complex forces of nature, as well as expand our understanding of climate change.
Benjamin List and David WC Macmillan won the Chemistry Prize for finding an easy and environmentally clean way to manufacture molecules that can be used to make compounds, including drugs and pesticides.
With files from the Canadian Press