Nobel Prize on Economics 2021

Economists David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel economics prize for pioneering "natural experiments" to show real-world economic impacts in areas from minimum wage increases in the U.S. fast-food sector to migration from Castro-era Cuba.
With one half to David Card, University of California, Berkeley, USA “for his empirical contributions to labour economics” and the other half jointly to Joshua D. Angrist, Massachusetts Institute of Technology, Cambridge, USA and Guido W. Imbens Stanford University, USA “for their methodological contributions to the analysis of causal relationships”
Using natural experiments, David Card has analysed the labour market effects of minimum wages, immigration and education.
His studies from the early 1990s challenged conventional wisdom, leading to new analyses and additional insights.
The results showed, among other things, that increasing the minimum wage does not necessarily lead to fewer jobs.
Data from a natural experiment are difficult to interpret, however, In the mid-1990s, Joshua Angrist and Guido Imbens solved this methodological problem, demonstrating how precise conclusions about cause and effect can be drawn from natural experiments.