WorldNobel Economics Prize: Three American economists awarded the Nobel Prize in Natural...

Nobel Economics Prize: Three American economists awarded the Nobel Prize in Natural Experimental Studies

Own report: Three American economists – David Card, Joshua de Angrist and Guido W. Imbens – were awarded the Nobel Prize in Economics in 2021. David Card will receive a portion of the prize, while Angrist and Imbens will receive the rest. The trio has been nominated for ‘Natural Experimental’ research. According to The Royal Swedish Academy of Sciences, their empirical research has restructured the economic sciences.

The Swedish Academy said in a statement that David Card, Joshua D Angrist and Guido W Imbens have shown new directions in the labor market. They have shown that it is possible to know the cause and effect on the basis of natural experience. In addition, how much impact does immigration have on wages and employment? How can future income be affected if education is prolonged? Nobel laureates seek answers to all these questions on the basis of natural experience.

Economists cannot do clinical trials like medicine or other sciences. Rather, he researches real-life situations using natural experience. Which is being used in other social sciences. In the words of Peter Fredrickson of the Chair of Economic Sciences Prize Committee, “This study answers important general questions. Which is very beneficial for the society.

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