Economists David Card, Joshua Ingersoll and Guido Ambience won the Nobel Prize in Economics.Past Nobel Prize in Economics has been dominated by American institutions and was no exception.Unlike medicine or other sciences, economists cannot conduct strictly controlled clinical trials.

STOCKHOLM: Economists David Card, Joshua Ingrest and Guido Ambience won the 2021 Nobel Economics Prize on Monday for "natural experiments" ranging from raising the minimum wage in the US fast food sector to Castro's migration. To show the real world economic effects in the regions. -Ira Cuba


Unlike medicine or other sciences, economists cannot conduct strictly controlled clinical trials. Instead, natural experiments use real-life situations to study the effects on the world, an approach that has spread to other social sciences.


Peter Frederickson, chairman of the Economic Sciences Prize Committee, said: "His research has significantly improved our ability to answer basic questions, which has been very beneficial to society."


Past Nobel Prize in Economics has been dominated by American institutions and was no exception. The Canadian-born card currently operates at the University of California, Berkeley. English, dual American and Israeli citizen at the Massachusetts Institute of Technology and Dutch-born Ambience at Stanford University. In the US state of New Jersey, a card experiment on the effects of the minimum wage increase on the fast food sector in the early 1990s extended the traditional wisdom in the economy that such an increase would always lead to job losses. Should.


His work on the subject, often in collaboration with prominent economist Alan Kruger, who died in 2019, has been used as empirical evidence to emphasize legislation, including in the Biden administration, in the United States. 15 for the minimum wage.                                                                                                                                                                                                                                        Another studied the effects of Fidel Castro's move in 1980 to allow all Cubans wishing to leave the country to do so. Despite the high migration to Miami, the card did not find any negative wage or wage effects for Miami residents.


"It's about trying to get more scientific relevance and evidence-based analysis in economics," he told the Berkeley website. "Most old-fashioned economists are very ideological, but these days, a big part of economics is really very nuts and bolts."


Nobel panelist Eva Mark said this year's winners showed that "it is still possible to answer these broad questions about cause and effect, and the way to do so is to use natural experiments."


Mark, a professor of economics at Uppsala University, noted that the epidemic has created a good natural experiment on educational outcomes because of the different barriers children face in different academic years but whose birth times in some cases Only separated by the hour.