Three US economists have been awarded the Nobel Peace Prize

Three American economists, David Card, Joshua Agrist and Guido Imbens, have been awarded the 2021 Nobel Prize in Economics. He has devised a scientific method to study the impact of minimum wage, migration, and education on the labor market. Although conclusions can be drawn from the general study method, they are not very accurate, so the scientific method discovered by these three is important.

According to the Royal Swedish Academy of Sciences, the trio have done tangible work in economics. Card has studied the questions of society. Agrist and Imbens did some natural experiments based on perfect sources, said Peter Frederickson, chairman of the Economics Committee. The research of all these has revealed the causality of some of the issues and it will be of great benefit to the society.
Born in Canada, David Card is a professor at the University of California, Berkeley, and will receive half the prize. The rest will go to Joshua Agrist of the Massachusetts Institute and Guido Imbens, a Dutchman born at Stanford University. Card studied some restaurants in East Pennsylvania and New Jersey to examine the impact of the minimum wage increase. He and his late research partner, Alan Kruger, have shown that an hourly minimum wage increase has no effect on job creation. He misunderstood the traditional notion that wage increases would provide employment to fewer people.
Another misconception from Card's research is that migrants affect the wages of native workers. According to him, migrants can only benefit the native workers. However, this can have a negative effect on the salaries of migrants who come earlier. Agrist and Imbens will receive half the prize money, and they have shown that economists can explain causality in some ways, but not strictly in the scientific way.