Three United States-based economists shared the Nobel Prize in economics for a study on raising the minimum wage and a study on immigration in the workforce.
David Card, an immigrant from Canada working at the University of California, Berkeley, received half the award for his studies on the effects of raising the minimum wage. The foundation said Joshua Angrist from the Massachusetts Institute of Technology and Dutch American Guido Imbens from Stanford University received credit “for their methodological contributions to the analysis of causal relationships.”
Peter Fredriksson, the chairman of the Economic Sciences Prize Committee, said the work has been a “great benefit for society.”
“Card’s studies of core questions for society and Angrist and Imbens’s methodological contributions have shown that natural experiments are a rich source of knowledge,” Fredriksson said. “Their research has substantially improved our ability to answer key causal questions.”
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Card’s study that earned the award speculated that raising the minimum wage does not affect the number of workers at a business — the study argued that the negative effects of raising the minimum wage are small. A different study by Card found that immigration does not make it harder to find employment for those born in the U.S. but does take work from other immigrants.
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Card conducted his research alongside colleague Alan Krueger, who died in 2019 at the age of 58. The Nobel Prize, which consists of a gold medal and $1.14 million in prize money, does not give out the award posthumously, so his name is not included in the award.
