Trio win Nobel Economics Prize for 'natural experiments'

It's most certainly not a false prize. Economics have the biggest, most immediate societal impact, together with medicine. John Nash's game theory for example applies almost everywhere. Congratulations to the trio!

They have shown that it's indeed possible to answer important questions, even when it's not possible to conduct randomized experiment.

How could they show that without my answers? lol

"his contribution to game theory" - exactly, my mistake.

It most certainly is a false prize.

The actual title is: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

Its sole purpose is to further the narrative that central banks must control world monetary and fiscal policies and that all economists must have two hands so they can waiver back and forth, one the one hand, and on the other hand, and never be right about anything.

Economists still cling to the Keynesian economics because they don't know how to cure any ills in the economy. They're like psychiatrists. No psychiatrist has ever cured anyone of a mental illness. They can only give them drugs to try to control them or institutionalize them, then write unproven theories so they can get tenure.

I commend AFP for having the courage and understanding to write the last two paragraphs. The mainstream press has no intellectual curiosity to even study anything about this "prize." They just parrot others without thinking.

I am a little familiar with Mr. Card's work. He has always been a dovotee in empirical economics, and using statistics to create and develop different theories over how an economy operates. He is unique in that he recognizes and tries to avoid how easy it is to make re-assumptions and skew data slightly in order to fit into an agenda (sometimes political). In other words, researchers can easily start becoming advocates towards a certain means.

I remember some of his work. Some showed that modest minimum wage increases ordinarily won't cause significant employment reductions, and will, sometimes result in an employment increases. I also remember him showing that employers will often intentionally keep real wages level - or even reduce real wages - in a higher-inflation environment. You would ordinarily think that the opposite is true, but businesses will try to use inflation as an excuse.

But the best thing about Mr. Card is that he is not tied to a particular political or social ideology. Refreshing.

How could they show that without my answers? lol

No, that is not the case. What they demonstrated is that you do not have to have a clinical randomized trial to obtain reliable results. Outcomes in the real world are close enough to randomized to obtain equally valid results.

Correction to my 12:56 am JST post"

1st para, 2nd sentence, should read: He is unique in that he recognizes how easy it is to make pre-assumptions, and tries to avoid skewing data slightly in order to fit into an agenda (sometimes political).

Thank you!

It most certainly is a false prize.

*The actual title is: *The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

Yeah this is such a joke. You could write a cheque to yourself for $Y100, and put in the memo, "The Prize for Economic Sciences in the Memory of Alfred Nobel", and you've done the same thing. This is just a Swedish bank prize (checks Wikipedia) that started in 1969!! Nobel started the Nobel Prizes in 1895.

Try that on your next rent cheque, maybe the landlord/landlady will get the joke.

For every news outlet that calls it a Nobel Prize it's a lie. From the Nobel website he only had

Nobel Prize in Physics – Awarded by the Royal Swedish Academy of Sciences

Nobel Prize in Chemistry – Awarded by the Royal Swedish Academy of Sciences

Nobel Prize in Physiology or Medicine – Awarded by the Karolinska Institute

Nobel Prize in Literature – Awarded by the Swedish Academy

Nobel Prize in Peace – Awarded by the Norwegian Nobel Committee

Then this weird entry

Nobel Memorial Prize in Economics – Awarded by the Sveriges Riksbank, Bank of Sweden.

Looks like the Swedish banks needed to raise their status in socieity and used the Nobel system since they were administering the Nobel Prizes.

Interestingly no prizes for mathematics which has its own award called the Fields Medal (to any fans of Numb3rs out there)

How would you like to use the memory of Alfred Nobel?

Maybe the news media every year they present this lie should give themselves "The Prize in Truthful Reporting for Journalism Sciences in the Memory of Alfred Nobel" too. Writing it that way makes it sound like a memorial to journalism which seems more true by the day

I commend AFP for having the courage and understanding to write the last two paragraphs. The mainstream press has no intellectual curiosity to even study anything about this "prize." They just parrot others without thinking.

While that's true they put this in the article, they still titled it as a Nobel Economics Prize. By putting the disclaimer at the end they want to have it both ways.

Congratulations to David Card, Joshua Angrist, and Guido Imbens.