2021: Card, Angrist & Imbens

The 2021 Sveriges Riksbank Prize in Economic Sciences was divided between David Card, Joshua D. Angrist and Guido W. Imbens "for their methodological contributions to the analysis of causal relationships".

As a social science, Economics often encounters issues when trying to understand cause and effect, given the difficulty in running experiments with control groups as pure sciences do.

Angrist & Imbens have made incredible contributions to this issue, extending the methodological literature in empirical economics and showing how it is possible to draw precise conclusions about cause an effect from natural experiments.

Card has used these methodolical advances to analyze labor market dynamics, and show the effects of minimum wages, immigration and education.