3 U S -based economists win Nobel prize for their societal research tampabay.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tampabay.com Daily Mail and Mail on Sunday newspapers.
When the phone rang around 2 a.m. telling David Card that he won the Nobel Prize for Economics, the Canadian-born economist thought it was a stunt. But when he saw the phone showing a Swedish number he thought maybe it wasn't a joke after all.
By Simon Johnson and Niklas Pollard STOCKHOLM (Reuters) - Economists David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel economics prize on Monday for pioneering natural experiments to show real-world economic impacts in areas from minimum wage increases in the U.S. 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 U.S. and Israeli citizen, at Massachusett