David Card, Joshua Angrist and Guido Imbens have been awarded the 2021 Nobel Prize in economic sciences for contributions to labor economics and analysis of causal relationships, the Royal Swedish Academy of Sciences announced on Monday.

Card was recognized for his work on labor markets, immigration and education. His experiments showed that increasing the minimum wage “does not necessarily lead to fewer jobs.” “We now know that the incomes of people who were born in a country can benefit from new immigration,” said the Nobel committee in a statement.

The other half of the prize was awarded to Angrist and Imbens for demonstrating how “precise conclusions about cause and effect can be drawn from natural experiment.”

“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.

Card was born in Guelph, Canada and is a professor at the University of California, Berkeley. Angrist is a professor at the Massachusetts Institute of Technology. Imbens was born in Eindhoven, Netherlands and is a professor at Stanford University in California.

Card will receive one half of the 10 million Swedish kronor ($1.1 million) prize. The other half of the prize money will be split between Angrist and Imbens.

American economists Paul Milgrom and Robert Wilson were awarded last year’s economics prize for their work on auction theory.

The 2021 Nobel Peace Prize was awarded to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia for their fight for freedom of expression in countries where reporters have faced persistent attacks, harassment and even murder.

This year, no Nobel prizes in science went to women. This has led many to urge the Nobel committee to increase the diversity of their members and the transparency of their selection criteria.

From : pk.mashable.com

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