January 29, 2022

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Nobel Prize 2021 – Nobel Prize in Economic Sciences for new insights into the labor market – News

  • This year’s Nobel Prize in Economic Sciences is awarded to three economists researching in the United States, David Card, Joshua Angrist and Guido Impense.
  • According to the Royal Swedish Academy of Sciences in Stockholm, David Card, Joshua D. Angrist and Guido W.
  • The card was awarded “for his experiential contributions to the labor economy” and the other two for “formal contributions to the analysis of causal relationships”.

As the academy’s general secretary, Goran Hanson, said in a statement, the Canadian card receives half of the prestigious award for experiential contributions to the labor economy. Angrist and the Dutch-American scientist Impense from the US state of Ohio share the other half for their formal contributions to the analysis of causal relationships. All Nobel laureates for this year have been named.

All three researchers “provided us with new knowledge about the labor market and showed what conclusions can be drawn about the cause and effect from natural experiments”, the academy justified its decision. “Your approach spread to other areas and revolutionized experiential research.”

“The economy is a little more precise”

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Business Message on SRF TV President Roman Messalma’s assessment: “The economy is not a perfect science”, economists tend to say – especially if they make a mistake in their predictions. Thanks to three new Nobel laureates in economics, David Card, Joshua Angrist and Guido Impense, and their research into causal relationships, the economy has become a little more precise.

For example, Cardal was able to show that a higher minimum wage does not mean lower employment – something that has long been considered is not another reason. Especially in times of crisis like this, it is very important to put economic facts in the right context, to identify the causes and consequences or to sometimes exclude links.

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How does the economic freeze affect the spread of the virus? And what does it cost? Thanks to Card, Angrist and Impense, questions like these can now be answered more accurately. “

Many of the big questions in the social sciences are related to cause and effect – such as how immigration affects wages and employment levels. These questions are difficult to answer because there are no comparisons. “We don’t know what would have happened if there had been less immigration,” the academy says. However, this year’s award winners have shown that they can answer these and similar questions through natural experiments.

Not the classic Nobel Prize

The Nobel Prize in Economic Sciences, which has been awarded since the late 1960s, did not return to the will of Alfred Noble (1833-1896), the only prize sponsor and inventor of dynamite. It was donated by the Swedish Central Bank, so definitely, this is not a classic Nobel Prize. Nevertheless, it will be awarded on December 10, the year of Nobel’s death, along with other prizes.

German was the only Nobel laureate to win the Nobel Prize in Economics: Bon scientist Reinhard Sheldon in 1994 for his pioneering contributions to the theory of non-cooperation with John Nash and John Harzani. Scientists from the United States are especially honored with economic awards. Last year, U.S. economists Paul R. Milchrom and Robert B. Went to Wilson, who was credited with advancing the bidding theory and the invention of new bidding forms.

The Nobel laureates in medicine, physics, chemistry, literature and peace were already announced last week. List of two Germans selected, meteorologist Klaus Hazelmann and physicist Benjamin.

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