Economics Nobel 2021
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2021 has just been awarded to David Card “for his empirical contributions to labour economics”, and Joshua Angrist and Guido Imbens “for their methodological contributions to the analysis of causal relationships”.
A well-deserved award for economists who have contributed to our understanding of the causes of important social and economic problems.
Natural experiments - that is experiments the researchers don’t create themselves - open up investigation of issues that can’t be tackled with randomised control trials, but the difficult problem is untangling causality in a world that experimenters don’t control.
This award nicely complements the recent one to Esther Duflo, A.Banerjee, and Michael Kremer for their work on control trials.