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Three American Economists Win The Nobel Economics Prize 2021

Nobel Economics Prize 2021
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Highlights

  • David Card, Joshua Angrist, and Guido Imbens have won the Nobel Economics Prize 2021
  • Their work has been a real-world experiment in the food sector of America
  • The research work has extended to the premises of Castro-era Cuba.

David Card, Joshua Angrist, and Guido Imbens have won the Nobel Economics Prize 2021. They have pioneered some excellent work involving natural experiments about economic impacts. The study has been related to the real-world impacts from the fast-food sector of the United States of America to the migration process of Cuba in the era of Castro.

Their work has received recognition because of the difficulty of conducting experiments in the field of Economics. The three men had worked together in order to find out the real-world impact of certain economic changes in the USA and Cuba.

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Exemplary Work Done By The Winners Of The Nobel Economics Prize 2021

Unlike other scientific subjects, economical theorems cannot be assessed digitally with the help of clinical trials and experiments. The experiments which are conducted by the economist must be related to real-life events and the impact that these events have on the world. This approach has been adopted by other social sciences as well. The Nobel Economics Prize 2021 has been won by these three people because they have set an example in the world of Economics through their experiments.

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Helpful In The Long Run

It has been mentioned that their research has been very helpful in answering the key questions about the economy. This is going to greatly benefit society. The potential of this research is so high that it can help to solve some of the basic economic problems faced in the society of the pre-capitalist era.  The Nobel prizes for economics have always been dominated by the institutions of the United States of America. This year has been no different and this has also sparked some controversies.

The review which was conducted by these three economists challenged the conventional wisdom that an increase in wages in the fast-food sector will always lead to a fall in employment.  

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What Do You Think?

What do you think about the Nobel Economics Prize 2021 winners? Do you think that their experiment was successful enough to have gained such wide recognition? Or do you think that there is greater politics at play in this scenario as well? Let us know your opinion in the comment section given below. 

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