Three US-based economists win 2021 Nobel Prize for economics | Daily Current Affairs 2021
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Three US-based economists win 2021 Nobel Prize for economics

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2021 Nobel Prize for Economics

2021 Nobel Prize for Economics: Three US-based economists have won the 2021 Nobel Prize for economics.

Key Details:

  • The 2021 Sveriges Riksbank Prize in Economic Sciences has been jointly awarded to David Card, Joshua D. Angrist and Guido W. Imbens.
  • As per the statement by the Royal Swedish Academy of Sciences, the three economists have ‘completely reshaped empirical work in the economic sciences’.
  • They have been awarded for pioneering research on the labour market impacts of minimum wage, immigration and education, and for creating the scientific framework to allow conclusions to be drawn from such studies that can’t use traditional methodology.
  • The prize has been awarded with one half to Card, while other half jointly to Angrist and Imbens.
  • Canadian-born David Card has been awarded half the 2021 prize in economic sciences for his research on how minimum wage, immigration and education affect the labor market.
  • Joshua D. Angrist from the Massachusetts Institute of Technology and Dutch-born Guido Imbens from Stanford University have been awarded the 2021 prize in economic sciences “for their methodological contributions to the analysis of causal relationships.”

About Prize in Economic Sciences:

  • Unlike the other Nobel prizes, the economics award wasn’t established in the will of Alfred Nobel.
  • It was established by the Swedish central bank in his memory in 1968, with the first winner selected a year later.
  • The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Bank’s 300th anniversary.
  • It is the last prize announced each year.
  • The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
  • The Prize is awarded by the Royal Swedish Academy of Sciences in Stockholm.
  • The Sveriges Riksbank Prize in Economic Sciences has been awarded 52 times to 86 laureates between 1969 and 2020.
  • The first female winner of Economics Prize was Elinor Ostrom. She was awarded the Sveriges Riksbank Prize in economic sciences for work on human cooperation.

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