The awards recognize the trajectory of the winners in the fields of labor economics and the analysis of causal relationships
David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in Economics in 2021 for their work in the fields of labor economics and the analysis of causal relationships.
Card has been selected “for his empirical contributions to the labor economy”, which has delved into the impact of the minimum wage, immigration and education on the market. For their part, Angrist and Imbens have been chosen “for their methodological contributions to the analysis of causal relationships.”
The presentation highlighted that the winners have shown that “many of the great questions of society” can be answered. ‘His solution is to use natural experiments, situations that arise in real life that resemble random experiments. The 2021 economics laureates have provided us with new insights into the job market and shown what conclusions about cause and effect can be drawn from natural experiments. His approach has spread to other fields and revolutionized empirical research, ”the speakers remarked.
At the end of a Nobel Prize season that frustrated many forecasts, the economics award was presented this Monday in Stockholm. The winners succeed American auctioneers Paul Milgrom and Robert Wilson, laureates last year.
Sometimes described as the ‘false Nobel’ for having been created by the Bank of Sweden more than 60 years after the other five (medicine, physics, chemistry, literature and peace), the 2021 economics prize has been announced at 11:45 hours in Stockholm.
With only two women among the 86 winners of the award (the American Elinor Ostrom in 2009 and the French Esther Duflo 10 years later), the economics prize is the most masculine of the Nobel laureates. The season that concludes has been not very feminine, with only one woman awarded, the Filipina Maria Ressa with the peace award, despite the promise of the Nobel committees to seek greater parity, in accordance with the presence of women in the first steps of the world research.
The 53rd Bank of Sweden Prize in Economic Sciences in memory of Alfred Nobel closes a season in which the committees have frustrated the forecasts of experts and gamblers. While freedom of the press was a favorite for the peace prize, the Norwegian Nobel committee chose to honor two investigative journalists, the Filipino Maria Ressa and the Russian Dimitri Muratov.
The literature award rewarded the novelist Abdulrazak Gurnah, of Tanzanian origin and exiled in the United Kingdom. In medicine, messenger RNA vaccines against covid-19 were not awarded, and the laurel went to American researchers David Julius and Ardem Patapoutian (of Lebanese origin) for their work on nerve touch receptors.
The physics award was for the first time for two climate experts, the German Klaus Hasselman and the American-Japanese Syukuro Manabe, shared with the Italian theorist Giorgio Parisi. While the chemistry award recognized the pioneers of a new type of catalyst, the German Benjamin List and the Scottish-American David MacMillan.