Nobel Economics Prize Awarded to Three US Economists Including 'Labor Market Analysis' Card (Summary)

David Card, Joshua Angrist, and Guido Imbens Jointly Awarded
Recognized for Contributions to Labor Market Insights and Causal Inference through Natural Experiments

The Royal Swedish Academy of Sciences Nobel Committee announced on the 11th (local time) that David Card, Joshua Angrist, and Guido Imbens, all American citizens, have been selected as the 2021 Nobel Prize in Economic Sciences laureates. (Image source=Screenshot from the Nobel Committee's YouTube)

[Sejong=Asia Economy Reporter Moon Chaeseok] The 2021 Nobel Prize in Economics was awarded to three American economists?David Card, Joshua Angrist, and Guido Imbens?for their contributions to labor economics and the development of empirical research methodologies. They were recognized for providing insights into the labor market and proposing advanced methodologies for 'natural experiments' that derive causal relationships using real-world situations.

On the 11th (local time), the Nobel Committee of the Royal Swedish Academy of Sciences announced that David Card, Joshua Angrist, and Professor Guido Imbens were selected as the 53rd Nobel Prize laureates in Economics. All three are currently conducting research in the United States.

Professor Card was highly praised for his empirical contributions to labor economics. Born in Canada in 1956, he is a professor of economics at the University of California, Berkeley (UC Berkeley). He has mainly studied the effects of minimum wage, immigration, and education on the labor market. He once demonstrated that an increase in the minimum wage from $4.25 to $5.05 at a New Jersey restaurant did not significantly affect employment.

Professors Angrist and Imbens were recognized for their contributions to methodologies for causal inference analysis. According to the Nobel Committee, they have explored how accurately conclusions about cause and effect can be drawn through natural experiments. Professor Angrist teaches at the Massachusetts Institute of Technology (MIT), and Professor Imbens mentors students at Stanford University.

Peter Fredriksson, Chair of the Economics Section at the Royal Swedish Academy of Sciences, emphasized, "Their research has significantly enhanced the ability to provide answers to questions about causality, which brings great benefits to our society."

The Nobel laureates receive a prize of 10 million kronor (approximately 1.35 billion KRW). Half of the prize money goes to Card. Angrist and Imbens, who work in the same research field, share the remaining half.

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