The Royal Swedish Academy of Sciences awarded the Nobel Prize in Economic Science which is formally known as the ‘Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021′ to David Card for his empirical contributions to labour economics and Joshua D. Angrist and Guido W. Imbens for their methodological contributions to the analysis of causal relationships.
- The prize for economic science consists of a gold medal and a cash prize of 10 million Swedish kronor (SEK).
- The academy has decided to award one half of the prize(5 million SEK) to David Card(½) and the other half jointly to Joshua D. Angrist(¼) and Guido W. Imbens(¼), 2.5 million SEK each.
About Sveriges Riksbank Prize in Economic Sciences:
i.The Sveriges Riksbank Prize in Economic Sciences was established by Sveriges Riksbank, the central bank of Sweden, in memory of Alfred Nobel, the founder of the Nobel Prize.
ii.The prize is based on the donation received by the Nobel Foundation in 1968 from the bank on its 300th anniversary.
iii.The prize is awarded according to the principles of the Nobel prize.
iv.The first ever Sveriges Riksbank Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
About David Card:
David Card was born in 1956, Guelph, Canada.
He is a Canadian American labour economist, who is working as a Professor of Economics at the University of California, Berkeley.
- He won the prize for analysing the labour market effects of minimum wages, immigration and education using natural experiments.
About Joshua D. Angrist and Guido W. Imbens:
Joshua D. Angrist was born in 1960 in Ohio, the United States of America(USA).
He is an Israeli American economist and Ford Professor of Economics at the Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts, USA
Guido W. Imbens was born on 3rd September 1963 in The Netherlands.
He is a Dutch-American economist, who is working as a Professor of Economics at Stanford University, USA.
- Joshua D. Angrist and Guido W. Imbens won the prize for demonstrating how precise conclusions about cause and effect can be drawn from natural experiments.
Facts on Prize in Economic Science:
i.Between 1969 and 2021, 89 individuals have been awarded with the Prize in Economic Sciences.
ii.Elinor Ostrom who won the prize in 2009 became the first female to win the prize in Economic science. In 2019, Esther Duflo became the 2nd woman.