Economics Nobel Prize has been awarded in one half to Canadian-born David Card and the other half jointly to Israeli-American Joshua D Angrist and Dutch-American Guido W Imbens.
The committee said that David Card has been awarded the 2021 prize for his empirical contributions to labor economics. Whereas Joshua D Angrist and Guido W Imbens are awarded are for their methodological contributions to the analysis of causal relationships.
David Card is a Canadian labor economist and Professor of Economics at the University of California, Berkeley.
The Nobel committee added in a statement that the researchers were honored for providing them with new insights about the labor market and showing what conclusions about cause and effect can be drawn from natural experiments.
The prize winners will share a sum of 10 million Swedish crowns or $1.14 million.
Economics Nobel Prize History
The history of Nobel prizes started in 1,901 and was only awarded in science, literature, and peace. It was named after Alfred Nobel who started it to honor the biggest achievements in the mentioned fields. Alfred Nobel was a wealthy businessman.
However, the economic Nobel Prize was not part of the original Nobel Prize list. It was started by the Swedish central bank in Alfred Nobel’s memory in 1968. Then every year the Economics Nobel prize was announced.
Earlier Economics Nobel Prize
In the 2020 economics, Nobel Prize was given to two Stanford University economists Paul R Milgrom and Robert B Wilson for tackling the tricky problem of making auctions run more efficiently.
In 2019 couple Esther Duflo and Abhijit Banerjee shared the Nobel prize in economic sciences along with their colleague Michael Kremer. It was mainly given for their experimental approach to alleviating global poverty.