| The Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences screens the nominations and selects the final candidates for the Nobel Memorial Prize in Economic Sciences. The Prize Committee has five members, elected from among the members of the Academy. Each year, the Prize Committee sends out thousands of requests, asking professors from around the world to nominate worthy candidates for the Prize. Several hundred candidates are nominated each year. The Prize Committee screens the nominations, selects preliminary candidates, and sends these names to carefully selected experts for independent assessment. The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen for their development and application of dynamic models for the analysis of economic processes. |
Nobel economics prize rewards work on minimum wage
Stockholm, Oct. 12.– David Card, Joshua Angrist and Guido Imbens have been awarded this year's Nobel prize for economics for work that "challenged conventional wisdom".
The trio shared the prize for pioneering work in the use of "natural experiments".
Natural experiments use real-life situations to work out the impact of government decisions.
Prof Card is best known for his study of the impact of minimum wage increases on employment in US states.
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