This year, the Nobel Prize in Economics goes to three economists: a Canadian, an American and a Dutchman. All three are currently working in the United States. According to the Swedish Nobel Prize Committee, the three men “have completely re-directed empirical research in economics”. This year’s prestigious award was dedicated to “drawing conclusions from unintended experiments”.
Canadian native David Card will receive one half of the award for his “empirical contribution to the labor economy”. He is currently a professor at the University of California, Berkeley. Card specializes in labor economics and the role of compensation and migration. He showed, among other things, that raising minimum wages does not necessarily lead to fewer jobs. Something that was generally accepted until then.
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