Economists David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel economics prize on Monday for pioneering “natural experiments” to show real-world economic impacts in areas from the US fast-food sector to migration from Castro-era Cuba.
Past Nobel Economics prizes have been dominated by US institutes and this was no exception. Card works at the University of California, Berkeley; Angrist at Massachusetts Institute of Technology, Cambridge and Dutch-born Imbens at Stanford University. Another studied the impact of a move by Fidel Castro in 1980 to allow all Cubans who wished to leave the country to do so. Despite high ensuing migration to Miami, Card found no negative wage or labour effects for Miami residents with low levels of education.
Mörk, economics professor at Uppsala University, noted that the pandemic had created scope for a good natural experiment on education outcomes due to the varying disruption caused to children in different school years but whose birth times in some cases were only separated by hours. “I was just absolutely stunned to get a telephone call, then I was just absolutely thrilled to hear the news,” Imbens said on a call with reporters in Stockholm, adding he shared the prize with two of his good friends. Angrist was best man at his wedding.
Canadian-born David Card among 3 winners of Nobel in economics Research that showed that increase in minimum wage does not lead to less hiring AND immigrants do not lower pay for native-born workers, challenging commonly held ideas.
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