Economics Nobel honours ‘natural experiments’, from minimum wage to migration

Published by
Reuters

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 substanti…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *