The 2021 Nobel Prize in Economics was presented on Monday to three economists who pioneered research that would bring new insights into the labor market.
Joshua Angrist, an American economist at the Massachusetts Institute of Technology, and Guido Imbens, a Dutch-born economist at Stanford University, jointly received half of the prize for their methodological contributions to the analysis of causality. .. The awarding organization is statement..
David Card, a Canadian-born economist working at the University of California, was awarded the other half for his study of how minimum wages, immigration and education affect the labor market.
The award is accompanied by a prize of SEK 10 million (approximately $ 1.14 million) and is shared among three economists based in the United States.
Card published his study in the early 1990s, and his study provided new analysis and additional insights to help raise the minimum wage. He also found that indigenous workers’ incomes could benefit from new migrants, but early arriving migrants were at risk of being adversely affected.
In a study, the card found Burger King, KFC, Wendy’s, and Roy Rogers when New Jersey raised the minimum wage from $ 4.25 to $ 5.05 using a restaurant adjacent to eastern Pennsylvania as a control or comparison group. I investigated what happened to my work. In contrast to previous studies, he and his research partner, Alan Krueger, died in 2019 and found that raising the minimum wage did not affect employee numbers.
According to another survey by Card, the income of natively born workers can benefit from new migrants. To study the impact of immigrants on work, he compared Miami’s labor markets and became known as the Mariel Boat Lift following a sudden decision by Cuba to relocate people in 1980. Left 125,000 people in.
This decision increased the city’s workforce by 7%. By comparing wage and employment changes in four other cities, the card found no negative impact on poorly educated Miami residents. Follow-up work has shown that increased immigration can have a positive impact on the incomes of people born in the country.
In the mid-1990s, Angrist and Imbens jointly tackled methodological issues, allowing economists to draw firm conclusions about causality, even if they were unable to carry out their studies according to rigorous scientific methods.
The duo has developed a statistical method to avoid these challenges and to more accurately determine what can really be said about the causes and effects of natural experiments.
“Card’s core questions about society and research on Angrist and Invens’ methodological contributions show that natural experiments are a rich source of knowledge. Their research answers important causal questions. It has greatly improved our capabilities and has brought great benefits to society, “said Peter Fredrickson, Chairman of the Economic Science Awards Committee.
Last week, the award-winning group announced five Nobel Prizes, including the Nobel Peace Prize, to two journalists, Maria Ressa and Dmitry Muratov, for their efforts to protect freedom of expression in the Philippines and Russia.
Others included a physiology or medicine award awarded to Americans David Julius and Ardem Patapoutian for discovering how the human body perceives temperature and contact. .. The Nobel Prize in Physics was awarded to three scientists who did seemingly chaotic work to help explain and predict the complex forces of nature.
Benjamin List and David WC McMillan were selected as Nobel Laureates for Chemistry for finding an easier and more environmentally friendly way to build molecules that could be used to make compounds such as pharmaceuticals and pesticides.
The Nobel Prize in Literature was awarded to the British-based Tanzanian novelist Abdul Razak Gruna, who focused on colonization and refugees.
The Associated Press contributed to this report.
from NTD News