The 2021 Nobel Prize in Economic Sciences: Winners and Contributions
In the latest round of Nobel Prizes, the coveted 2021 Award in Economic Sciences has been divided between David Card, a Canadian-born economist, and Israeli-American Joshua D Angrist with Dutch-American Guido W Imbens. Each laureate was recognised for their unique advancements in economic studies.
The Recipients and Their Contributions
David Card received half of the award for his empirical contributions to labour economics. His research mainly focuses on how elements such as minimum wages, immigration, and education affect the labour market. Particularly noteworthy is his finding that increasing minimum wages does not automatically result in fewer jobs. Card’s research brings new understanding to the effects of immigration on both native-born residents and earlier immigrants and underlines the importance of resources availability in schools for the future job market prospects of students.
The other half of the 2021 prize was jointly awarded to Joshua D Angrist and Guido W Imbens. This pair of economists were honoured for their methodological contributions to understanding causal relationships in economics. Their work demonstrates how robust conclusions about cause and effect can be drawn from natural experiments.
The 2020 Nobel Prize in Economic Sciences recipients were Paul R Milgrom and Robert B Wilson, recognised for enhancing auction theory and creating innovative auction formats.
A Brief History of the Nobel Prize in Economics
Unlike its counterparts, the Nobel Prize in Economics was not established by Alfred Nobel in his will. Instead, it was introduced by the Swedish central bank in 1968 as a memorial tribute.
Nobel Prizes 2021: A Complete Overview
Providing a comprehensive view of the 2021 Nobel Prize landscape, here are the laureates across all fields:
Chemistry: Benjamin List and David W.C. MacMillan were recognised for finding an easier and greener method to construct molecules, a process used in the synthesis of various compounds, including medicines and pesticides (organocatalysis).
Physics: Syukuro Manabe, Klaus Hasselmann, and Giorgio Parisi were awarded for their contributions to the understanding of complex physical systems.
Medicine: David Julius and Ardem Patapoutian were honoured for their work in the field of somatosensation, the ability of specialised organs such as eyes, ears, and skin to see, hear and feel.
Peace Prize: Maria Ressa and Dmitry Muratov were recognised for their efforts in safeguarding freedom of expression, a prerequisite for democracy and lasting peace.
Literature: Abdulrazak Gurnah received the award reflecting his in-depth and compassionate exploration of colonialism’s effects and the fate of refugees caught between cultures and continents.
Economics: David Card, Joshua Angrist, and Guido Imbens were awarded for their research on wages and jobs. Their findings have significant implications for economic policy and labour market regulations.
While these awards highlight the best in their respective fields, they also inspire the next generation of thinkers, leaders, and innovators. Whether it’s economics, literature, or physics, each laureate represents the pinnacle of achievement in their discipline.
