3 US-based economists win Nobel prize for societal research

STOCKHOLM — A U.S.-based economist has won the Nobel prize for economics for pioneering probe that showed an summation successful minimum wage doesn't pb to little hiring. His enactment besides showed that immigrants bash not little wage for native-born workers.

The enactment by David Card of the University of California, Berkely, challenges 2 commonly held ideas connected the tract of economics, meaning his theories could reshape economical argumentation astir the world.

Two different economists — Joshua Angrist from the Massachusetts Institute of Technology and Guido Imbens from Stanford University — shared the grant Monday for creating a mode to survey Card's theories.

Angrist and Imbens developed earthy experiments — situations that originate from existent beingness — that attempted to beryllium Card's theories.

"Card's studies of halfway questions for nine and Angrist and Imbens' methodological contributions person shown that earthy experiments are a affluent root of knowledge," Peter Fredriksson, seat of the Economic Sciences Prize Committee, said successful a statement. "Their probe has substantially improved our quality to reply cardinal causal questions, which has been of large payment to society."

In 2020, Americans Paul R. Milgrom and Robert B. Wilson were awarded the Nobel committee's prize for economics for enactment that presented "improvements to auction mentation and inventions of caller auction formats."