The 2021 Nobel prize for economics has been awarded to three US-based economists David Card, Joshua D Angrist, and Guido W Imbens. They won the award for their work on drawing conclusions from unintended experiments, or so-called ‘natural experiments’. One half of the prize was awarded to David Card and the other half jointly to Angrist and Imbens.
Commenting on the work of the three winners, the Royal Swedish Academy of Sciences said the three have ‘completely reshaped empirical work in the economic sciences’. The Nobel for Economic Sciences differs from the others awarded by the Royal Swedish Academy of Sciences, in the sense that it is officially known by a different name.
Officially called the Sveriges Riksbank Prize in Economic Sciences, the award was instituted by the Sveriges Riksbank (Sweden’s central bank) in 1968, in memory of Alfred Nobel.
According to reports, David Card, a Canadian, is from the University of California at Berkeley, and Joshua Angrist a US citizen, belongs to the Massachusetts Institute of Technology. The third winner Guido Imbens is from Stanford University.
Nominations are by invitation only, and the names of the nominees cannot be revealed until 50 years later. The winner is selected by the Academy from the names of the candidates recommended by the Economic Sciences Prize Committee. Till now, only two Indians have managed to win the Economics Nobel, namely Amartya Sen in 1998 and Abhijit Banerjee in 2019.