US-based 3 Economists win 2021 Nobel Prize in Economics

US-based three economists have won the 2021 Nobel prize in the field of economics for pioneering the use of "natural experiments" to understand the causal effects of economic policy and other events.They were Economists David Card of the University of California at Berkeley, Joshua Angrist from the Massachusetts Institute of Technology;  and  Guido Imbens from Stanford University. The Royal Swedish Academy of Sciences Monday said the three have completely reshaped empirical work in the economic sciences.

Canadian-born David Card of the University of California, Berkeley, was awarded half of the prize for his research on how minimum wage, immigration and education affect the labor market. The other half was shared by Joshua Angrist from the Massachusetts Institute of Technology and Dutch-born Guido Imbens from Stanford University for their framework for studying issues that can’t rely on traditional scientific methods.  The economics award wasn’t established in the will of Alfred Nobel but by the Swedish central bank in his memory in 1968, with the first winner selected a year later. It is the last prize announced each year.