Nobel Prize in economics awarded to three labor market experts

The United States is once again in the spotlight for the 2021 vintage of the Nobel Prize in economics. After being awarded to two Americans last year, the Nobel in economics was awarded on Monday to three specialists in experimental and empirical economics, the Canadian David Card, the American-Israeli Joshua Angrist and the American-Dutch Guido Imbens.

David Card teaches at Berkeley University in California, Joshua Angrist at MIT in Massachusetts and Guido Imbens at Stanford.

The trio “brought us new ideas in the labor market and showed what conclusions can be drawn from natural experiences in terms of causes and consequences”, greeted the Nobel jury.

“Their approach spread to other fields and revolutionized empirical research“, underlined the jury of”Bank of Sweden Prize in Economics in Memory of Alfred Nobel “, the latest of the famous awards.

The Nobel Prize in economics is endowed with a sum of 10 million Swedish crowns (990,000 euros).

Minimum wage and school resources

For the first half, the prize rewards the Canadian David Card, born in 1956, “for his empirical contributions to labor economics“.

Using natural experiments, Card analyzed the effects of minimum wages, immigration and education on the labor market. “His studies in the early 1990s challenged conventional wisdom, which led to new analyzes and new perspectives.“, according to the Nobel jury.

In particular, the results of his research have shown that increasing the minimum wage does not necessarily mean fewer jobs.

Thanks to his work, “we have also realized that school resources are much more important to the future success of students in the labor market than previously thought “.

Angrist, 61, and Imbens, 58, were jointly awarded “for their methodological contributions to the analysis of cause and effect relationships“.

In the mid-1990s, the two researchers notably demonstrated how precise conclusions about cause and effect can be drawn from natural experiments.

Last year, the prize was awarded to the Americans Paul Milgrom and Robert Wilson, two Stanford teachers and auction experts whose innovative work was used in particular in the allocation of telecom frequencies.

In 2019, the prize was awarded to a trio of researchers specializing in the fight against poverty, the Americans Abhijit Banerjee and Michael Kremer and the Franco-American Esther Duflo, second distinguished woman in the discipline and youngest laureate in history. of this price.

(With AFP)

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