Nobel Prize for Economic Sciences, 2021

In News

• The 2021 Nobel Prize in Economic Sciences has been awarded in one half to Canadian-born David Card and the other half jointly to Israeli-American Joshua D Angrist and Dutch-American Guido W Imbens.
  • Unlike the other Nobel prizes, the economics award wasn’t established in the will of Alfred Nobel but by the Swedish central bank in his memory in 1968.

2021 Edition of Nobel Prize in Economics

• In the year 2021, David Card has been conferred the award “for his empirical contributions to labour economics”. 
  • He analysed the effects of minimum wages, immigration and education on the labour market.
• Angrist and Imbens have been awarded “for their methodological contributions to the analysis of causal relationships”.
  • Both of them developed a research framework which has been adopted by many researchers who work with observational data.

Image Courtesy: Barrons

Sveriges Riksbank Prize in Economic Sciences

• The Nobel peace prize in Economics is officially titled as “Sveriges Riksbank Prize in Economic Sciences” in Memory of Alfred Nobel”.
• Inception: 
  • This prize was started in the year 1968 by the donation from the central bank of Sweden called “Sveriges Riksbank” to the Nobel Foundation in order to commemorate the 300th anniversary of the central bank.
• Prize money
  • Comprises a 10 million Swedish kronor award money which roughly accounts for Rs 8.33 crore.

Source: TH