STOCKHOLM (AP) — A Canadian is among the many three U.S-based economists awarded the 2021 Nobel prize for economics on Monday for pioneering analysis on the labor market impacts of minimal wage, immigration and training, and for creating the scientific framework to permit conclusions to be drawn from such research that may’t use conventional methodology.
Guelph, Ont., born David Card, 65, of the College of California at Berkeley was awarded one half of the prize, whereas the opposite half was shared by Joshua Angrist from the Massachusetts Institute of Know-how and Dutch-born Guido Imbens, 58, from Stanford College.
The Royal Swedish Academy of Sciences mentioned the three have “fully reshaped empirical work within the financial sciences.”
“Card’s research of core questions for society and Angrist and Imbens’ methodological contributions have proven that pure experiments are a wealthy supply of knowlege,” mentioned Peter Fredriksson, chair of the Financial Sciences Committee. “Their analysis has considerably improved our capacity to reply key causal questions, which has been of nice profit for society.”
Card labored on analysis that used eating places in New Jersey and in jap Pennsylvania to measure the consequences of accelerating the minimal wage. He and his late analysis associate Alan Krueger discovered that a rise within the hourly minimal wage didn’t have an effect on employment, difficult typical knowledge which held that a rise in minimal wage will result in much less hiring.
Card’s work additionally challenged one other generally held thought, that immigrants depress wages for native-born employees. He discovered that incomes of the native-born can profit from new immigration, whereas it’s earlier immigrants who’re susceptible to being negatively affected.
Angrist and Imbens received their half of the award for understanding the methodological points that allow economists to attract strong conclusions about trigger and impact even the place they can’t perform research in line with strict scientific strategies.
Talking by cellphone from his house in Massachusetts, Imbens informed reporters gathered for the announcement that he had been asleep when the decision got here.
“The entire home was asleep, we had a busy weekend.” mentioned Imbens. ”I used to be completely thrilled to listen to the information. ”
He mentioned he was particularly thrilled for Angrist, who was finest man at his marriage ceremony.
Not like the other Nobel prizes, the economics award wasn’t established within the will of Alfred Nobel however by the Swedish central financial institution in his reminiscence in 1968, with the primary winner chosen a yr later. It’s the final prize introduced annually.
Final week, the 2021 Nobel Peace Prize was awarded to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia for his or her struggle for freedom of expression in nations the place reporters have confronted persistent assaults, harassment and even homicide.
Ressa was the one girl honored this yr in any class.
The Nobel Prize for literature was awarded to U.Okay.-based Tanzanian author Abdulrazak Gurnah, who was acknowledged for his “uncompromising and compassionate penetration of the consequences of colonialism and the destiny of the refugee.”
The prize for physiology or medicine went to Individuals David Julius and Ardem Patapoutian for his or her discoveries into how the human physique perceives temperature and contact.
Three scientists received the physics prize for work that discovered order in seeming dysfunction, serving to to clarify and predict advanced forces of nature, together with increasing our understanding of local weather change.
Benjamin Record and David W.C. MacMillan received the chemistry prize for locating a better and environmentally cleaner option to construct molecules that can be utilized to make compounds, together with medicines and pesticides.
With recordsdata from The Canadian Press
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