Nobel economics prize to 'natural experiments' pioneers

TPL | Published: 7:38 PM Oct 11 2021
World Nobel economics prize to 'natural experiments' pioneers

Economists David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel economics prize today (11) for pioneering "natural experiments" to show real-world economic impacts in areas from minimum wage increases in the US fast-food sector to migration from Castro-era Cuba.

Unlike in medicine or other sciences, economists cannot conduct rigidly controlled clinical trials.

Instead, natural experiments use real-life situations to study impacts on the world, an approach that has spread to other social sciences.

"Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society," says Peter Fredriksson, chair of the Economic Sciences Prize Committee.

Past Nobel Economics prizes have been dominated by U.S. institutions and this was no exception.

Canada-born Card currently works at the University of California, Berkeley; Angrist, a dual US and Israeli citizen, at Massachusetts Institute of Technology; and Dutch-born Imbens at Stanford University.

(Reuters)

TPL | Published: 7:38 PM Oct 11 2021

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