Nobel Prize awarded to 3 economists for real-life experiments

19:09, 11 October 2021
Nobel Prize awarded to 3 economists for real-life experiments Photo: C.K. Koay/CC BY-NC 2.0/

The Economics Nobel Prize was awarded to three scientists whose experiments in real life met many economical questions.

One of the prize winners is David Card who was born in Canada and works at the University of California.

He received the award for analyzing natural experiments which allowed him to prove that the increase of the minimum wage does not mean that less jobs would be available. 

While the other two winners, Guido Imbens a US-Israeli citizen who works at Massachusetts Institute of Technology and Dutch-born Joshua Angris who works at Stanford University used natural experiments to achieve conclusions on cause and effect.

"I was just absolutely stunned to get a telephone call, then I was just absolutely thrilled to hear the news," Imbens, who is 58-years-old said commenting on his win.

He also added that he was glad to have the prize along with his two good friends as the 61-year-old Angrist was his best man during his wedding.

"Card's studies of core questions for society and Angrist and Imbens' methodological contributions have shown that natural experiments are a rich source of knowledge. Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society," Peter Fredriksson, chair of the Economic Sciences Prize Committee, said in a statement.

The studies made by the 65-year-old Card were even used by politicians to urge the President of the United States Joe Biden into increasing the minimum wage in the United States.