JUST IN: The Nobel Prize in economics has been split between three economic scientists for contributions to labor economics and the analysis of cause and effect
David Card was recognized by the Royal Swedish Academy of Sciences for groundbreaking work on minimum wages, immigration and education. He showed, using a natural experiment — where researchers study situations as they unfold in the real world — that increasing the minimum wage does not necessarily lead to fewer jobs.The other half of the prize was awarded to Joshua Angrist and Guido Imbens for demonstrating how precise conclusions about cause and effect can be drawn from natural experiments.
Card, for example, compared fast food workers who happened to live in Pennsylvania to those in New Jersey.Nobel Prize in economics awarded to trio for work on poverty. One is the youngest winner everAngrist and Imbens helped advance the use of natural studies by showing what conclusions about causation can be drawn from them.
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