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US-based economists Card, Angrist and Imbens win 2021 Nobel prize in economics

US-based economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel prize in economics.

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US-based economists Card, Angrist and Imbens win 2021 Nobel prize in economics
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Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.

The award — the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel — comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.

Card, 65, is a professor of economics at the University of Berkeley, California. Angrist, 61, is Ford professor of economics at the Massachusetts Institute of Technology, and Imbens, 58, is a professor of economics at the Stanford Graduate School of Business.  

The Nobel committee said in a statement that the three winners had “provided us with new insights about the labour market and shown what conclusions about cause and effect can be drawn from natural experiments.” 

Their approach had been used in other fields and had “revolutionized empirical research,” the committee added.

Natural experiments

The winners’ research had helped find the cause and effect behind certain big social questions, the committee said.

They did so using “natural experiments,” which looked at how “chance events or policy changes result in groups of people being treated differently, in a way that resembles clinical trials in medicine,” the committee explained.

Card had used natural experiments to analyze the effects of minimum wages, immigration and education on the labor market.

His research from the early 1990s has shown, for example, that increasing the minimum wage does “not necessarily lead to fewer jobs.”

Meanwhile, Angrist and Imbens had made it easier to interpret the data from these natural experiments, through their methodological contributions.

Imbens, speaking via phone to an audience in Stockholm, said that he was “thrilled” to find out he had been awarded the prize, and to share it with his “good friends” Card and Angrist, who was even the best man at his wedding.

He said that a career in economics was a “great choice” for young people because there were “so many interesting questions, in so many areas where economists do useful work, both in policy, as well as these days in many cases in the private industry.”

Peter Fredriksson, chair of the Economic Sciences Prize Committee, said the winners had shown that natural experiments are a “rich source of knowledge.”

“Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society,” Fredriksson added.

Last year, Stanford University economists Paul R. Milgrom and Robert B. Wilson were awarded the prize for their “improvements to auction theory and invention of new auction formats.”

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 53 times to 89 winners between 1969 and 2021.

SOURCE: CNBC
 

Faisal Ali Ghumman

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 4 months.

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According to National Command and Operations Center (NCOC), around 1,004 cases of coronavirus were reported while 28 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,134.

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COVID-19: Pakistan reports 1,004 cases, 28 deaths

Islamabad: Amid a steady decline in Covid-19 infections, Pakistan's coronavirus positivity ratio further fell to 2.31% with 1,004 new cases.

According to National Command and Operations Center (NCOC), around 1,004 cases of coronavirus were reported while 28 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,134.

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There are 33,076 confirmed cases while 350 patients have died from the infection so far.

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There are 106,153 cases in the capital city while 932 people have lost their lives. 

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As fourth wave continues, Pakistan reports over 1000 cases, 27 deaths

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According to National Command and Operations Center (NCOC), around 1,086 cases of coronavirus were reported while 27 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,228.

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As many as 1,194,590 patients have recovered from the disease with 2,132 critical cases.

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Sindh

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Khyber Pakhtunkhwa

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Balochistan

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There are 34,380 coronavirus cases in the AJK while the death toll has reached 740. On the other hand, there are 10,363 cases in GB with 186 coronavirus deaths.

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There are 106,357 cases in the capital city while 936 people have lost their lives. 

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17 more succumb to COVID-19 in Pakistan, toll at 28,269

Islamabad: The novel coronavirus claimed 17 more lives in Pakistan during the previous 24 hours, raising the death toll to 28,269.

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According to National Command and Operations Center (NCOC), around 720 cases of coronavirus were reported while 17 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,269.

The total number of cases has reached 1,262,771.

As many as 1,194,590 patients have recovered from the disease with 1,958 critical cases.

Punjab

The number of patients swelled to 437,316 in the province with 12,821 causalities.

Sindh

The number of infections has surged to 464,746 in the province, while the death toll has reached 7,520.

Khyber Pakhtunkhwa

The confirmed cases have surged to 176,501 in the province with 5,673 casualties.

Balochistan

There are 33,108 confirmed cases while 352 patients have died from the infection so far.

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There are 34,380 coronavirus cases in the AJK while the death toll has reached 740. On the other hand, there are 10,363 cases in GB with 186 coronavirus deaths.

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There are 106,357 cases in the capital city while 936 people have lost their lives.

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