3 US and Canadian economists win the 2021 Nobel Prize in Economics

The 2021 Nobel Prize in Economics went to two American economists and one Canadian economist for answering important questions for society through natural experiments.

In a press conference on the afternoon of October 11, the Royal Swedish Academy of Sciences announced the winners of the 2021 Nobel Prize in Economics. Accordingly, the 2021 Nobel Prize in Economics is worth 10 million Swedish krona (VND 26 billion). divided into 2 parts.

Three economists from Canada and the US have won the 2021 Nobel Prize in Economics.

The first part belongs to the Canadian economist David Card , professor at the University of California at Berkeley (USA), for his contributions to the field of labor economics through experiment.

The rest belongs to two American economists Joshua D. Angrist of the Massachusetts Institute of Technology (USA) and economist Guido W. Imbens of Stanford University for their methodological contributions to the analysis of human relations. fruit.

Using natural experimentation since the early 1990s, David Card has analyzed the effects of minimum wages, immigration and education on the labor market. Research shows that raising the minimum wage does not necessarily lead to fewer jobs.

Meanwhile, economists Guido W. Imbens and Joshua D. Angrist have developed a theoretical framework that shows exactly what cause-and-effect conclusions can be drawn from natural experimentation. By clarifying the assumptions necessary to establish causality, this theoretical framework has increased the transparency and reliability of empirical research. The theoretical framework has been widely adopted by scientists working with observational data.

The Nobel Prize in Economics is an award not stated in the will of Swedish scientist and millionaire Alfred Nobel. In fact, the award is officially called the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel. The award was created by the central bank of Sweden in 1968 to celebrate the bank's 300th anniversary.

Each year, the Nobel Prize in Economics is awarded to one or more individuals who have produced works of great importance in the field of economic science. The Royal Swedish Academy of Sciences selects the winners of the Nobel Prize in Economics according to the same principles as other Nobel laureates. However, the prize money for the winner will be paid by the Sveriges Riksbank.

From 1969 to 2020, the Nobel Prize in Economics was awarded 52 times to 86 laureates. Most of them are American economists and only two women have ever received the Nobel Prize in Economics. In 2020, two American economists Paul Milgrom and Robert Wilson won the Nobel Prize in Economics for their discovery of theory that improved auctions and the invention of new auction formats.