Nobel Prize in Economics, Winners Searching for Methods to Overcome the Limitations of Social Sciences

Yugyeong Jeong

In 2021, the 53rd Nobel Prize in Economics was awarded jointly by American economist David Card, a professor at the University of California at Berkeley, Joshua Angrist, a professor at Massachusetts Institute of Technology (MIT), and Guido Imbens, a professor at Stanford University. Professor David Card, one of the masters in the field of labor economics, has drawn the conclusion that an adequate minimum wage increase has a small negative impact on the job market, such as job loss, through a paper on the causal relationship between a minimum wage increase and employment. Prof. Joshua Angrist and Prof. Guido Imbens are also scholars who have stood out for developing and deepening methodologies through causality analysis.

The Royal Swedish Academy of Sciences announced on the 11th that the winners were selected because they provided new insights into the labor market and showed that natural experiments in the social sciences can derive causal relationships. Since Angus Stewart Deaton, a professor at Princeton University, was awarded the prize in 2015, the Nobel Prize in Economics is considered to have continued this year as it is awarded to scholars who have contributed to solving various social problems such as poverty, inequality, and climate change. This year’s winners also have in common that they conducted a variety of researches and methodologies that can overcome the limitations of social science, where it is not easy to identify causality, unlike natural science.

Leave a comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: