STOCKHOLM — 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. Instead, natural experiments use real-life situations to study impacts on the world, an approach that has spread to other social sciences. Past Nobel Economics prizes have been dominated by U.S. institutions and this was no exception. They have been awarded since 1901, though the economics prize – created through a donation from Sweden’s central bank on its 300th anniversary – is a later addition that was first handed out in 1969. ($1 = 8.7275 Swedish crowns)RELATED STORYFilipino journalist Maria Ressa one of two 2021 Nobel Peace Prize awardeesSubscribe to our daily newsletter By providing an email address.

Source: Philippine Daily Inquirer October 11, 2021 12:45 UTC