Text/Li Guangdou
The results of the 2021 Nobel Prize in Economics were announced as scheduled, and unlike the popular directions and economic masters that were generally predicted before the lottery, the Royal Swedish Academy of Sciences awarded this year's Nobel Prize in Economics to economists David Card, Joshua Schwartz, and so on. Joshua D. Angrist and Guido Guido W. Imbens. This year's Nobel Prize in Economics was awarded 10 million Swedish kronor (about $1.14 million), of which David Cade was awarded half the prize for his "contribution to empirical research in labor economics"; Joshua K. D. Angelist and Guido W. Bens received the other half of the prize for his "methodological contributions to causality analysis."
In this regard, Peter Fredriksson, chairman of the Nobel Prize in Economics, said: The work of the 2021 Economic Science Prize laureate has revolutionized the empirical research of the social sciences, making the ability of the academic community to answer questions that are of great importance to all the public. Card's research into the core issues of society, as well as the methodological contributions of Angelist and Inpens, suggest that natural experiments are a rich source of knowledge. Their research has greatly improved our ability to answer key causal questions, which is of great benefit to society.
The three new Nobel Laureates in economics are all world-renowned professors, Born in Guelph, Canada in 1956, Card is now working at the University of California, Berkeley; Angelist was born in Ohio in 1960 and is now working at the Massachusetts Institute of Technology; Inbens was born in 1963 in Eindhoven, the Netherlands, and now works at Stanford University in the United States.
A statement issued by the Royal Swedish Academy of Sciences on the same day noted that the research results of the three winners provided new insights into the labor market, demonstrating that the conclusions about causality can be drawn through research methods of natural experiments. Relevant research methods have been extended to other fields and revolutionized empirical research. Many major issues in the social sciences involve causation, and this year's winning results suggest that relevant questions can be answered using research methods from natural experiments, similar to "medical clinical trials," the statement said.
In recent years, the Nobel Prize in Economics has increasingly favored the subdivision of research in economics, including microeconomics, macroeconomic econometrics, game theory, financial economics, regulatory economics, econometrics, behavioral economics and macroeconomics, corporate governance, development economics, etc. This year's three Nobel laureates, for example, are all gods of econometrics, with David Cade co-editor of Econometrics from 1991 to 1995 and the Frisch Medal awarded to the Econometric Society in 2007. Joshua M. D. Angelist is one of the world's leading economics experts in labor economics, urban economics, and education economics, focusing on the use of quasi-experimental research designs (such as instrumental variables) to study the impact of public policy and changes in the economic or social environment. Guido Williams Ibbens also specialized in econometrics, especially the method of drawing causal reasoning. Their contributions in the early 1990s showed that the use of natural experiments could answer important questions about causation. Whether the cause before and after that, or the cause before the non-then, needs to be tested by data and empirical evidence. Today, the three have won the Nobel Prize in Economics, the Royal Swedish Academy of Sciences' award for its emphasis on data and empirical research.
Attached: List of previous Nobel Laureates in Economics:
1. 1969: Jane Dingbergen (Netherlands) and Ragnar Frich (Norway) develop dynamic models to analyze economic processes. Ragnar Frich was the founder of econometrics, and Jane Dingbergen was the father of the builders of econometric models.
2. 1970: Paul Ann Summerson (USA) develops mathematical and dynamic economic theory, taking economic science to the next level. His research covers the entire field of economics.
3. 1971: Simon Kuzlets (USA) made a significant contribution to the study of demographic trends and demographic structures on the relationship between economic growth and income distribution.
4. 1972: John Hicks (UK) and Kenneth Joseph Arrow (USA) delve into economic equilibrium theory and welfare theory.
5. 1973: Vasily Leontiev (former Soviet Union) developed the input-output method, which was applied to many important economic problems.
6. 1974: F. von Hayek (Australia) and Jana Mündal (Sweden) delve into monetary theory and economic fluctuations, and analyze the interdependence of economic, social, and institutional phenomena.
7. 1975: Leonid Kontorovich (former Soviet Union) created the world-renowned key points of linear planning; Jialin Kupmans (USA) successfully applied mathematical statistics to econometrics, contributing to the theory of optimal allocation of resources.
8. 1976: Milton Friedman (USA) founded the theory of monetarism and proposed the permanent income hypothesis.
9. 1977: Gothad Betty Olin (Sweden) and James Edward Mead (UK) conduct seminal research on international trade theory and international capital flows.
10. 1978: Hebert A. Simon (USA) conducted a study of decision-making procedures within economic organizations, a fundamental theory of decision-making procedures that is recognized as an insight into the actual decision-making of firms and firms.
11. 1979: William Arthur Lewis (USA) and Theodore Schultz (USA) made pioneering research on economic development, delving into issues that developing countries should give special consideration to in developing economies.
12. 1980: Lawrence Rowe Klein (USA) establishes a mathematical model of the economic system based on economic theory and empirical estimates based on actual data in the real economy.
13. 1981: James Tobin (USA) elaborated and developed Keynes's series of theories and macro models of fiscal and monetary policy, making an important contribution to the analysis of financial markets and related spending decisions, jobs, products and prices.
14. 1982: George Stigler (USA) makes a significant creative contribution to the structure of industry, the role of markets, and the role and impact of public economic regulations.
15. 1983: Rollal de Bruc (USA) summarizes Pareto's theory of optimality and creates the theorem of existence of the economic and social equilibrium of related commodities.
16. 1984: Richard John Stone (UK), the father of national economic statistics, made a fundamental contribution to the development of the System of National Accounts, greatly improving the basis of economic practice analysis.
17. 1985: Franco Modigliani (Italy) was the first to propose the life cycle hypothesis of savings, which is widely used in the study of household and business savings.
18. 1986: James Buchanan (USA) combines the analysis of political decision-making with economic theory, expanding and applying economic analysis to the choice of socio-political regulations.
19, 1987: Robert Solo (USA) contributes to the theory of growth, proposing that long-term economic growth depends primarily on technological progress rather than on capital and labor inputs.
20. 1988: Maurice Allès (France) made pioneering contributions to market theory and the efficient use of resources, re-elaborating on the general equilibrium theory.
21. 1989: Trev Havemer (Norway) establishes the basic guiding principles of modern econometrics.
22. 1990: Merton Miller (USA), Harry Markowitz (USA) and William Sharp (USA) make groundbreaking work in financial economics.
23. 1991: Ronald Coase (UK) reveals and clarifies the importance of transaction fees and property rights in the structure and function of economic institutions.
24. 1992: Gary Baker (USA) extends microeconomic theory to the analysis of human interactions, including market behavior.
25. 1993: Douglas North (USA) established the "theory of institutional change" including property rights theory, state theory, and ideology theory; Robert Fogel (USA) reinterpreted the past economic development process with new theories and mathematical tools of economic history.
26. 1994: John Nash (USA) and John Hessani (USA) and Reinhard Zelten (Germany) make pioneering contributions to the equilibrium analysis theory of non-cooperative games, which have had a significant impact on game theory and economics.
27. 1995: Robert Lucas (USA) advocated and developed the application theory of rational expectations and macroeconomic research, deepened people's understanding of economic policy, and put forward unique insights into the theory of business cycles.
28. 1996: James Morris (UK) made significant contributions to the field of information economics theory, especially the theory of economic incentives under asymmetric information conditions; William Vickery (USA) made significant contributions to information economics, incentive theory, game theory and other aspects.
29. 1997: Robert Merton (USA) further weakens and generalizes the assumptions on which the Black-Scholes formula relies; Myron Scholes (USA) gives the famous Black-Scholes option pricing formula, which has become a way of thinking about new financial products in financial institutions.
30. 1970: Amartya Sen (India) contributes to several major issues in welfare economics, including the theory of social choice, the definition of welfare and poverty criteria, and the study of scarcity.
31. 1999: Robert Mendel (Canada) receives this distinction for his analysis of monetary and fiscal policies under different exchange rate regimes and the most appropriate areas for currency circulation.
32, 2000: James M. J. Heckman (USA), Daniel M. L. McFadden (USA) developed theories and methods widely used in economics and other social sciences to perform statistical analysis of individual and household behavior. In particular, Heckman's development of the theory and methods for analyzing selective samples, and McFadden's development of theories and methods for analyzing discrete choices.
33. 2001: Michael Spence (USA), George Akerlov (USA) joseph Stiglitz (USA) make important contributions in the field of "analysis of markets full of asymmetric information".
34. 2002: Pioneering work by Daniel Kahneman (USA) and Vernon Smith (USA) in the study of psychological and experimental economics.
35. 2003: A statistical analysis method pioneered by Robert Engel (USA) and Clive Granger (UK) in dealing with two key properties of economic time series: time-varying volatility and non-stationaryness.
36. 2004: The Nobel Prize in Economics was awarded to the Norwegian economist Finn Kidland and the American economist Edward Prescott for their contributions to the field of dynamic macroeconomics.
37. 2005: The Nobel Prize in Economics was awarded to Robert Orman and American Thomas Schelling, who are dual citizens of Israel and the United States. The Royal Swedish Academy of Sciences said the two economists won the Nobel Prize in economics because "they deepened our understanding of conflict and cooperation through their analysis of game theory."
38. 2006: American economist Edmund Phelps. Phelps challenged the "Phillips curve" theory that prevailed at the time in the late 1960s.
39. 2007: American economists Leonid Huvic, Eric Muskin and Roger Myerson. They contributed to the creation and development of "mechanism design theory".
40. 2008: American economist Paul Krugman. Krugman integrated previous research in the economic community on international trade and geographic economics to form a theory of free trade, globalization, and the drivers of urbanization around the world.
41. 2009: American economists Eleanor Ostrom and Oliver Williamson. Ostrom won the prize for "Analysis of Economic Management, Especially of Public Resource Management", and Williamson for "Analysis of Economic Management, especially on the Issue of Corporate Boundaries".
42. 2010: American economists Peter Diamond and Dale Mortensen, and Economist Christopher Pisaritis, an economist with dual British and Cypriot citizenship. The three economists won the 2010 Nobel Prize in Economics for further analysis of the theory of how economic policies affect unemployment.
43. 2011: Christopher Sims of Princeton University and Thomas Sargent of New York University. "An economic crisis is a policy crisis to some extent, so it is necessary to study the role of policy variables in macroeconomic operations."
44. 2012: American economists Alvin Roth and Lloyd Shapley won the 2012 Nobel Prize in Economics for "Theory of Stable Distribution and The Practice of Market Design."
45. 2013: American economist Eugene Fama, University of Chicago professor Lars Pitt Hansen, and American economist Robert F. Kennedy J. Schiller's pioneering work in the operation of financial markets, asset prices, and behavioral economics.
46. 2014: The Nobel Prize in Economics was awarded to the French economist Jean Tirole for his "analysis of market forces and regulation."
47 2015: British economist Angus Deaton wins the Nobel Prize in Economics for his research on consumption, poverty and welfare.
48. 2016: American economists Oliver Hart and Bengt Holmstrom are awarded the Nobel Prize in Economics for their contributions to contract theory.
49. 2017: American economist Richard Thaler won the 2017 Nobel Prize in Economics for his contributions to the field of behavioral economics.
50. 2018: American economists William Nordhaus and Paul Romer were awarded the 2018 Nobel Prize in Economics for integrating climate change and integrated technological innovation into long-term macroeconomic analysis, respectively.
51. 2019: Abigit Benaggi, American economist and professor of international economics at the Ford Foundation of MIT, and Esther Dufro, French economist and co-founder of abdul Latif Jameel's Poverty Action Laboratory (J-PAL), and Michael Kramer, a development economist and current professor of the Harvard Development Society, were awarded the 2019 Nobel Prize in Economics for their experimental approach to alleviating global poverty.
52. 2020: The Nobel Prize in Economics was won by two economists from the United States, Paul R. Milgrom and Robert B, for "improving auction theory and inventing new auction formats."
53, 2021: American economists David Cade, Joshua M. D. Angelist and Guido W. Bens was awarded the Nobel Prize in Economics for his outstanding contributions to the field of labor economics and empirical methods.
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