The Nobel Prize in Economics announced!

At 12 o’clock on October 11th, local time in Sweden, the winner of the 2021 Nobel Prize in Economics was announced.

According to foreign media reports, most of the previous Nobel Prize winners in economics are scholars working in American academic institutions

Theory Boosts Minimum Wage Legislation

According to foreign media reports, David Card has been focusing on studying some unexpected experiments to test whether raising the minimum wage will cause people to lose their jobs and other economic problems

His research is used as empirical evidence to promote government legislation, including the Biden government’s requirement to set a minimum wage of $15 in legislation that is also based on his theory

According to the report, many of Card's related studies were done with Krueger, a former White House consultant

Another well-known study by Card is about the impact of Fidel Castro's move by former Cuban leader Fidel Castro in 1980 to allow all Cubans who wish to leave to leave Cuba

How does additional education affect income?

At the same time, Angrest and Inbens, through their research methodology, helped economists use reality to test some major theories, such as how additional education affects income

They estimate that an extra year of education can increase income by 9%

The Royal Swedish Academy of Sciences stated that the three economists "completely reshaped empirical research in economic science

David Card said on the phone that he had just attended the memorial service of his deceased grandmother when he heard the news of the award, and it took only 20 minutes to go home from the airport

Red Star News reporter Xu Chang