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David Card, Joshua Angrist and Guido Imbens were honored for their work on drawing conclusions from unintended, or so-called "natural experiments."
The three Americans, who shared the 2021 Nobel Prize for Economics, have looked for unintended experiments, and analyzed how they can help shape economic policy.
Nobel Economics Prize: Natural experiments differ from therapeutic trials in that -- unlike scientists in the lab -- economists do not control the parameters of the experiment.
By Lars P. SyllCauses deduced in an experimental setting still have to show that they come with an export-warrant to the target population/system. The causal background assumptions made have to be justified, and without licenses to export, the value of ‘rigorous’ and ‘precise’ methods - and ‘on-average-knowledge’ - is despairingly small.
Carnegie Endowment for International Peace Source: Getty Summary: Many African countries have placed economic diversification high on the policy agenda, yet they first need to define what it means in their specific structural and socioeconomic contexts. Related Media and Tools If you enjoyed reading this, subscribe for more! Thank you! Summary For decades, economic diversification has been a policy priority for low- and middle-income economies. In the words of former managing director of the International Monetary Fund (IMF), Christine Lagarde, “We know that economic diversification is go...