Updated By: LatestGKGS Desk
Nobel: Economy, research on wages
Nobel Prize in Economy: U.S. Based Economist showed that the higher minimum wages do not hurt hiring
About :
- Sveriges Riksbank Prize in Economic Sciences is given in memory of Alfred Nobel and popularly(but incorrectly) known as Nobel Prize in Economics
- As it is not one of the five Nobel Prizes that Alfred Nobel established in his will in 1895, it is not a Nobel Prize
- It was created in 1968 by a donation from Sweden's Central Bank Sveriges Riksbank to the Nobel Foundation to commemorate the bank's 300th anniversary and includes a 10 million Swedish Kronor Award Money - roughly Rs. 8.33 crore
- It is officially titled the "Sveriges Riksbank Prize in Economy Sciences in Memory of Alfred Nobel"
Context :
- Three US-based economists won the 2021 Nobel Prize for economics for pioneering research on the labor market impacts of minimum wage, immigration and education, and for creating the scientific framework to allow conclusions to be drawn from such studies that can't use traditional methodology.
Details :
- Canadian-born David Card of the University of California, Berkeley, was awarded one half of the prize for his research on how minimum wage, immigration and education affect the labor market
- The other half was shared by Joshua Angrist from the Massachusetts Institute of Technology and Dutch-born Guido Imbens from Stanford University for their framework for studying issues that can't rely on traditional scientific methods