Get subscribed to our newsletter
Get interesting updates to your email inbox.
Three US academicians from prestigious universities were on Monday conferred the Nobel Prize for Economics for their contribution in adopting the techniques of clinical trials to understand the impact of cause and effect in the economic phenomenon, especially the labour market and its dynamics.
The Royal Swedish Academy of Sciences announced that the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021, or the Economics Nobel, goes to Economics Professors David Card, "for his empirical contributions to labour economics" and Joshua D. Angrist and Guido W. Imbens "for their methodological contributions to the analysis of causal relationships".
While Card, 65, Professor of Economics at the University of California, Berkeley, will get half of the 10 mn Swedish kronor ($1.14 mn) prize amount, the other half will be shared between Angrist, 61, the Ford Professor of Economics at the Massachusetts Institute of Technology, and Imbens, 58, the Applied Econometrics Professor and Professor of Economics at Stanford University.
According to the Society, the cause and effect relationship underlines key questions in social sciences, particularly economics, say the effect on education on future earning capacity. However, finding answers is tricky due to lack of comparison - in this case, the effect of not continuing education, but the three laureates "have shown that it is possible to answer these and similar questions using natural experiments".
"The key is to use situations in which chance events or policy changes result in groups of people being treated differently, in a way that resembles clinical trials in medicine," it said. The approach of the laureates has spread to other fields and revolutionized empirical research, the Academy said.
The card has used natural experiments to analyze the labour market effects of minimum wages, immigration and education, and his "studies from the early 1990s challenged conventional wisdom, leading to new analyses and additional insights".
"The results showed, among other things, that increasing the minimum wage does not necessarily lead to fewer jobs. We now know that the incomes of people who were born in a country can benefit from new immigration, while people who immigrated at an earlier time risk being negatively affected. We have also realised that resources in schools are far more important for students' future labour market success than was previously thought," an Academy statement said.
However, it noted that data from a natural experiment are difficult to interpret. Taking the example of education, it can be seen that the results may differ for various members of a group. And here came Angrist and Imbens, who in the mid-1990s, "solved this methodological problem, demonstrating how precise conclusions about cause and effect can be drawn from natural experiments".
"Card's studies of core questions for society and Angrist and Imbens' methodological contributions have shown that natural experiments are a rich source of knowledge. Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society," Economic Sciences Prize Committee Chair Peter Fredriksson said. (IANS/JB)
Keywords: Nobel Peace Price, Economics, Universities, US.
New Delhi, Feb 12, 2017: Child rights activist Kailash Satyarthi’s Nobel Prize replica has been recovered, days after it was stolen from his house, police said on Sunday.
Satyarthi’s Nobel citation, replica of the medallion along with other valuables were burgled from the south Delhi residence on February 7 night.
NewsGram brings to you latest new stories in India.
“The replica of the Nobel Peace Prize, jewellery, a laptop and some valuables were recovered from the accused who were arrested (on Saturday night),” Deputy Commissioner of Police Romil Baaniya told IANS.
It was not clear if the nobel citation had been recovered.
“We have not got any information about the citation. It is an important document. We will raise the issue with the Deputy Commissioner,” said an aide to Satyarthi.
Go to NewsGram and check out news related to political current issues.
Three accused — brothers Rajan, Sunil and Vinod — were arrested from their hideouts, police said.
Satyarthi was jointly awarded the Nobel Peace Prize in 2014 with Pakistani child rights activist Malala Yousafzai.
Look for latest news from India in NewsGram.
The original Nobel medallion given to Satyarthi is kept at the Rashtrapati Bhavan as he dedicated it to the country. (IANS)
In a Bizarre twist, Nobel Peace Prize winner Malala Yousafzai urges UN and Pakistan to stop atrocities in India-held Kashmir
LONDON, Sept 07, 2016: Pakistan’s teenage and a Nobel laureate Malala Yousafzai on Tuesday asked the United Nations (UN), the international community and Pakistan to work together to halt the inhumanity activities in India-held Kashmir (IHK).
“The Kashmiri people, like people everywhere, deserve their fundamental human rights. They should live free of fear and repression,” Malala said to Dailytimes.com.pk and added, “I call on the UN, the international community, India and Pakistan to work together with utmost urgency to right these wrongs, providing the people of Kashmir with dignity and the freedom they deserve.”
Follow NewsGram on Twitter
After Burhan Wani’s death sparked protests across the region, more than 70 people have been killed in IHK in clashes with Indian forces.
— Tarek Fatah (@TarekFatah) September 6, 2016
Dozens of unarmed citizens had been killed and thousands were wounded. This includes hundreds of people being blinded by the pellet guns used by the Indian army, to counter their demonstrations, said Malala.
Follow NewsGram on Facebook
Malala added that weeks-long curfew imposed in IHK have made several schools shut down – keeping children away from their classrooms as well as hampering education. “I stand with the people of Kashmir.” She also mentioned to Dailytimes.com.pk that her 14 million Kashmiri brothers and sisters have always been close to her heart.
– prepared by NewsGram team
Road to Sainthood Started in Small Kosovo Church: Mother Teresa to be canonized by Catholic Church on September 4
LETNICA, KOSOVO, Sept 04, 2016: The world will watch as Mother Teresa – a woman whom the world has come to know as a humanitarian and founder of the Missionaries of Charity, will be canonized by the Catholic Church on September 4.
A small community in Kosovo is celebrating this momentous occasion and remembering the role their congregation played in inspiring the young woman to a life of devotion, where once she spent time in her youth.
To the world, Mother Teresa came to be known as the mother of the poor and the needy, a symbol of a life of service to mankind. She began her charity work in India, where she was sent in 1929 by her religious congregation, the Loreto Sisters of Dublin. But she embraced her calling in the small Kosovo village of Letnica. Then a young woman of 18, she lived in Kosovo, where her family had resettled from her native Macedonia.
Let us imitate Mother Teresa who made works of mercy the guide of her life and the path towards holiness.
— Pope Francis (@Pontifex) September 3, 2016
Follow NewsGram on Twitter
A devout Catholic from an early age, she would later reveal that it was in the Church of the Blessed Lady in Letnica that she decided to adopt a life of religious devotion.
The church today serves a community of 500 Catholics, in a village populated mostly by Albanians, with a small Croatian minority. The congregation is headed by Father Marjan Lorenci.
“This is where Mother Teresa felt the holy calling, after she arrived here from Macedonia, from Skopje. She came here because God brought her here with her family, and it is here that she heard God’s word. This is where she took her steps on the path to serve God, and what’s more important, to serve her fellow man,” Lorenci said.
— Sudarsan Pattnaik (@sudarsansand) September 3, 2016
For the local community, the canonization is a source of pride and a chance to share the famous missionary of Albanian origin with the world. Kosovare Xhoni, a member of the congregation, feels privileged.
Follow NewsGram on Facebook
“I was born and raised here, and I am very proud to have received my religious teachings at the same church where Mother Teresa first felt her calling,” Xhoni said.
Father Lush Gjergji, who first met Mother Teresa in 1968 and has written extensively on the Nobel laureate, says Letnica was always in her itinerary every time she visited Kosovo.
“The one place which she always visited was Letnica; it was her spiritual sanctuary,” said Gjergji, who serves as vicar of the Kosovo Archbishopric.
Mother Teresa visited Kosovo five times after she became a nun. But it is her charitable work around the world that garnered her international fame and the adoration of millions.
On September 4, the Catholic Church will formally declare her a saint, immortalizing a life of dedication that got its first inspiration in a church in a small Kosovo village. (VOA)