Three US-based economists won the 2021 Nobel prize for economics : WHO ARE THEY?
By The Space
NOBEL PRIZE: On 11th October 2021, three US-based economists won the 2021 Nobel prize for economics.
In-Depth
The Nobel laureate won the prize for pioneering research on the labour market impacts of minimum wage, immigration and education, and for creating the scientific framework to allow conclusions to be drawn from such studies that can’t use traditional methodology.
Canadian-born David Card of the University of California at Berkeley, shared by Joshua Angrist from the Massachusetts Institute of Technology and Dutch-born Guido Imbens, from Stanford University.
The three have “completely reshaped empirical work in the economic sciences", as stated by the Royal Swedish Academy of Sciences.
David Card has been awarded the 2021 prize in economic sciences “for his empirical contributions to labour economics.” Joshua D. Angrist and Guido W. Imbens have been awarded the 2021 prize in economic sciences “for their methodological contributions to the analysis of causal relationships.”
The prize, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, The winners shall share a sum of 10 million Swedish crowns ($1.14 million).
Nominations are by invitation only, and the names of the nominees cannot be revealed until 50 years later.
The winner is picked by the Academy from among the candidates recommended by the Economic Sciences Prize Committee, after screening nominations and selection of the final candidates.
The first prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
So far only two Indians have won the Economics Nobel- Amartya Sen in 1998 and Abhijit Banerjee in 2019. However, Kolkata-born Banerjee had taken US citizenship when he won the prize. The US leads the countries’ list in producing the most Economics Nobel laureates. 9 Indians have so far been awarded the Nobel Prize in different categories.
Rabindranath Tagore was awarded the Nobel Prize for Literature in 1913 for his poetry collection Gitanjali
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