Economists David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel Prize in Economics on Monday for pioneering ‘natural experiments’ to show the real economic impacts of certain political and societal decisions. The award symbolises the victory of experimentation over theory.
David Card, Joshua Angrist and Guido Imbens are three economists, who specialise in what is known as experimental economics, which is characterised by experiments carried out naturally, even almost involuntarily. In this sense, they differ from experiments carried out in laboratories, in controlled environments, and subject to a strict protocol. Experimental economics thus takes advantage of political or economic events that affect a random part of the population. This approach has been extended to other social sciences.
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Featured Photo : The Nobel Prize – Twitter
