Three US-based economists win Nobel prize for societal research Royal Swedish Academy of Sciences said the three have completely reshaped empirical work in the economic sciences| Stockholm | Published 11.10.21, 07:07 PMA US-based economist won the Nobel prize for economics Monday for pioneering research that showed an increase in minimum wage does not lead to less hiring and immigrants do not lower pay for native-born workers, challenging commonly held ideas. AdvertisementThe Royal Swedish Academy of Sciences said the three have completely reshaped empirical work in the economic sciences. Contrary to previous studies, he and his late research partner Alan Krueger found that an increase in the minimum wage had no effect on the number of employees. Overall, the research concluded that the negative effects of increasing the minimum wage are small and significantly smaller than believed 30 years ago, the Nobel committee said. BREAKING NEWS:The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded with one half to David Card and the other half jointly to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn — The Nobel Prize (@NobelPrize) October 11, 2021

Source: The Telegraph October 11, 2021 13:38 UTC