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A US-based economist won the <keyword id="449074" type="General" weightage="20" keywordseo="Nobel-prize-for-Economics" source="Orion">Nobel prize for economics</keyword> 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. Two others shared the award for creating a way to study these types of societal issues. Canadian-born <keyword id="3003018" type="General" weightage="20" keywordseo="David-Card" source="Orion">David Card</keyword> of the University of California, Berkeley, was awarded one half of the prize for his research on how minimum wage, immigration and education affect the labour market, while the other half was shared by <keyword id="12289093" type="General" weightage="20" keywordseo="Joshua-Angrist" source="Orion">Joshua Angrist</keyword> from the Massachusetts Institute of Technology and Dutch-born <keyword id="12289359" type="General" weightage="20" keywordseo="Guido-Imbens" source="Orion">Guido Imbens</keyword> from Stanford University for their framework for studying issues that can't rely on traditional scientific methods. The <keyword id="1284472" type="General" weightage="20" keywordseo="Royal-Swedish-Academy" source="Orion">Royal Swedish Academy</keyword> of Sciences said the three have completely reshaped empirical work in the economic sciences. 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, said Peter Fredriksson, chair of the Economic Sciences Committee. Their research has substantially improved our ability to answer key causal questions, which has been of great benefit for society. Card looked at what happened when New Jersey raised its minimum wage from 4.25 to 5.05, using restaurants in bordering eastern Pennsylvania as a comparison group. 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. Card later did further work on the issue. 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. Card also found that incomes of those who are native born to a country can benefit from new immigrants, while immigrants who arrived earlier are the ones at risk of being negatively affected. Angrist and Imbens won their half of the award for working out the methodological issues that allow economists to draw solid conclusions about cause and effect even where they cannot carry out studies according to strict scientific methods. Speaking by phone from his home in Massachusetts, Imbens told reporters that he had been asleep after a busy weekend when the call came. I was just absolutely stunned then to get a telephone call," he said. And then I was just absolutely thrilled to hear the news ... that I got to share this with Josh Angrist and and David Card," whom he called "both very good friends of mine. Imbens said Angrist was best man at his wedding. Krueger, who worked with Card on some of the research that won the Nobel, died in 2019 at age 58. He taught at Princeton for three decades and was chief US Labour Department economist under then-President Bill Clinton. He served in the US Treasury Department under then-President Barack Obama, then as Obama's chairman of the Council of Economic Advisers. Nobel prizes are not awarded posthumously. The award comes with a gold medal and 10 million Swedish kronor (over 1.14 million). Unlike the other Nobel prizes, the economics award wasn't established in the will of Alfred Nobel but by the Swedish central bank in his memory in 1968, with the first winner selected a year later. It is the last prize announced each year. Last week, the 2021 Nobel Peace Prize was awarded to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia for their fight for freedom of expression in countries where reporters have faced persistent attacks, harassment and even murder. Ressa was the only woman honoured this year in any category. The Nobel Prize for literature was awarded to UK-based Tanzanian writer Abdulrazak Gurnah, who was recognized for his uncompromising and compassionate penetration of the effects of colonialism and the fate of the refugee. The prize for physiology or medicine went to Americans David Julius and Ardem Patapoutian for their discoveries into how the human body perceives temperature and touch. Three scientists won the physics prize for work that found order in seeming disorder, helping to explain and predict complex forces of nature, including expanding our understanding of climate change. Benjamin List and David W.C. MacMillan won the chemistry prize for finding an easier and environmentally cleaner way to build molecules that can be used to make compounds, including medicines and pesticides. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cyrus-mistrys-sterling-wilson-was-at-the-right-place-at-the-right-time-for-mukesh-ambanis-green-energy-ambitions/articleshow/86952399.cms">Cyrus Mistry's Sterling &amp; Wilson was at the right place at the right time for Mukesh Ambani's green energy ambitions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/infosys-may-beat-tcs-earnings-even-with-lower-deal-wins-in-september-quarter/articleshow/86952606.cms">Infosys may beat TCS earnings even with lower deal wins in September quarter</a>

Three US-based economists win Nobel prize for Economics

<ul class="summary-list"><li><keyword id="11916124" type="UNKNOWN" weightage="60" keywordseo="paul-constant" source="Orion">Paul Constant</keyword> is a writer at Civic Ventures and the cohost of the "<a href="http://www.pitchforkeconomics.com/">Pitchfork Economics</a>" podcast.</li><li>Amid the ongoing <a href="https://www.businessinsider.com/record-high-restaurant-hotel-workers-quit-in-november-labor-shortage-2022-1">labor crisis</a>, Constant says raising the <keyword id="11975834" type="UNKNOWN" weightage="60" keywordseo="minimum-wage" source="Orion">minimum wage</keyword> could be a key solution. </li></ul>This year will mark the 10-year anniversary of the first step toward a <a href="https://www.nytimes.com/2016/04/03/sunday-review/how-the-15-minimum-wage-went-from-laughable-to-viable.html">$15 minimum wage</a>. Over the last decade, the Fight for $15 has been a tremendous success. On January 1, 56 cities, counties, and states around the US <a href="https://s27147.pcdn.co/wp-content/uploads/Raises-From-Coast-to-Coast-in-2022-report.pdf">increased their minimum wage</a>, with more than half of those jurisdictions reaching or exceeding $15 per hour. It's difficult to remember now, but the Fight for $15, which gained momentum with votes to raise the wages of airport workers <a href="https://www.nytimes.com/2013/11/27/us/voters-in-seatac-wash-back-15-minimum-wage.html">in the small city of SeaTac</a> just outside Seattle, was never a foregone conclusion. <a href="https://pitchforkeconomics.com">Pitchfork Economics</a> host Nick Hanauer's early support of the Fight for $15 <a href="https://www.forbes.com/sites/timworstall/2013/06/21/nick-hanauers-near-insane-15-an-hour-minimum-wage-proposal/">was called "near insane" in Forbes</a>. Opponents threatened that raising the wage to $15 would be catastrophic — one restaurateur predicted that <a href="http://www.workingwa.org/sky-aloft/2015/tom-douglas">a quarter of the restaurants in Seattle would close</a> and a seafood market owner warned of the wage <a href="http://www.workingwa.org/sky-aloft/2015/lams-seafood-market">"devastating" employers</a>, causing small businesses to automate their entire workforce or even move to Texas in response. Last week, the minimum wage in Seattle reached $17.27 per hour, while the minimum wage in Washington state increased to $14.49, and none of those threats have come true. Researchers closely examined every step of Seattle's minimum-wage increase and found in 2016 that <a href="https://civicskunk.works/new-uw-report-finds-seattles-minimum-wage-is-great-for-workers-and-businesses-486bb53dcab8">both worker wages and the number of hours worked had increased</a>. Studies in 2017 found that Seattle's adoption of the $15 minimum wage had "<a href="https://civicskunk.works/from-starbucks-to-more-bucks-6a74a27d74f">near zero</a>" impact on restaurant employment. And a 2019 study found that <a href="https://www.washington.edu/news/2019/02/06/two-new-studies-published-about-the-seattle-minimum-wage-ordinance/">prices at restaurants and grocery stores didn't increase</a> due to the higher minimum wage. In the years since Seattle's adoption of the $15 minimum wage, the body of minimum-wage research continues to grow, with studies finding that raising the wage "<a href="https://academic.oup.com/qje/article/136/1/169/5905427?login=true">can play a critical role in reducing racial economic disparities</a>," that it would <a href="https://irle.berkeley.edu/minimum-wage-effects-in-low-wage-areas/">combat poverty and job loss in low-wage areas</a>, and that <a href="https://irle.berkeley.edu/15-minimum-wage-could-save-federal-budget-at-least-65-billion/">raising the minimum wage increases tax revenue</a>. Last year, <a href="https://www.ituc-csi.org/nobel-prize-in-economics">the Nobel Prize for economics was given</a> to David Card, Joshua Angrist, and Guido Imbens for their extensive work disproving the trickle-down threat that raising the minimum wage kills jobs.So to say it as plainly as possible: Seattle's move to raise the minimum wage to $15 was good for workers, good for businesses, and good for consumers. Despite the trickle-down threats and warnings that jobs would be killed and businesses would shutter, the opposite is true: When businesses pay workers more money, those workers spend that money on local businesses, which hire more workers to meet increased consumer demand.Leaders around the country paid close attention to Seattle and saw that the sky didn't fall. Now dozens of other cities, counties, and states around the country are raising their minimum wage to $15 and beyond. And more minimum-wage increases are just over the horizon: Last year the Biden Administration passed legislation that will <a href="https://www.cnbc.com/2021/11/22/minimum-wage-for-workers-on-new-federal-contracts-will-rise-to-15-starting-jan-30-.html">raise the minimum wage for some 327,000 federal contract workers to $15</a> on January 30. But despite this progress, the federal minimum wage is still stalled at $7.25 per hour for non-tipped employees and $2.13 per hour for tipped employees. <a href="https://www.epi.org/blog/epis-top-charts-and-tables-of-2021/">The Economic Policy Institute recently found</a> that the $7.25 federal minimum wage is worth 21% less today than it was worth when established in 2009. This week, <a href="https://www.epi.org/blog/job-openings-and-labor-turnover-survey-quits-hit-new-high-but-hiring-was-even-higher-in-november/">the Job Openings and Labor Turnover Study</a> found that an all-time record of 4.5 million Americans quit their jobs in November, even while 6.7 million workers were hired in the same month — and that many of those quits and hires were in the low-paying hospitality sector. The numbers indicate that many workers are leaving low-paying jobs for better-paying positions in the same sector, suggesting that the "<keyword id="11908404" type="UNKNOWN" weightage="60" keywordseo="labor-shortage" source="Orion">labor shortage</keyword>" is really a <keyword id="12730498" type="UNKNOWN" weightage="60" keywordseo="wage-shortage" source="Orion">wage shortage</keyword>. Raising the minimum wage then would likely be an effective economic policy to combat the pandemic-era <keyword id="12025850" type="UNKNOWN" weightage="60" keywordseo="labor-crisis" source="Orion">labor crisis</keyword>, as raising the wage <a href="https://www.americanprogress.org/article/small-businesses-get-boost-15-minimum-wage/">has been shown</a> to encourage employee retention and create a more attentive, productive workforce. <a href="https://www.newsweek.com/around-250000-people-earned-725-hour-2020-labor-department-data-shows-1613657">A quarter of a million workers</a> in states that adhere to the $7.25 minimum wage — including Alabama, Idaho, Kansas, Utah, and Texas — will likely never see their paychecks increase without Congressional intervention through an increase in the federal wage. Their shrinking consumer demand is holding back the entire American <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword>. It's time for all of America to enjoy the economic growth and prosperity that dozens of states and cities have seen in the aftermath of the Fight for $15. In 2022, America desperately deserves a raise.

In many states, workers still earn only $7.25 an hour. If we want to fix the 'labor shortage,' it should start with raising wages.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><keyword id="52659" type="ORGANIZATION" weightage="60" keywordseo="nobel-prize">Nobel Prize</keyword></div></div></div>This morning around 7:00 a.m. Eastern Time, the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (commonly known as the Nobel Prize for <keyword id="6355109" type="COMPANY" weightage="60" keywordseo="Economics">Economics</keyword>) will be announced.
Amusingly, the Wall Street Journal and Thomson Reuters have both published lists of potential winners, which have zero overlap.
According, to the <a href="http://blogs.wsj.com/economics/2013/10/10/handicapping-the-2013-economics-nobel/">Wall Street Journal</a>, probable winners include:
<ul>
<li>Douglas Diamond of the Booth School of Business at the University of Chicago and Philip Dybvig of the Olin School of Business at Washington Univeristy, for their work on bank runs;</li>
<li>Any or several of Jean Tirole of the Toulouse School of Economics; Bengt Holstrom of MIT; Oliver Hart of Harvard; Gary Gorton of the Yale School of Management; and Paul Milgrom of Stanford, for their work on industrial organization;</li>
<li>David Kreps of Stanford Business School, for work on finance, game theory and corporate economics;</li>
<li>Lars Hansen of the University of Chicago and Jerry Hausman of MIT, for econometrics;</li>
<li>Robert Shiller of Yale (co-developer of the Case-Shiller index of home prices) and Richard Thaler of Cornell, for behavioral economics;</li>
<li>Paul Romer of NYU's Stern School of Business and Robert Barro of Harvard, for their work on determinants of economic growth.</li>
</ul>
The last one of these is my father, but please don't let that lead you to think that I'm biased.
Thomson Reuters' <a href="http://thomsonreuters.com/press-releases/092013/nobel-laureates">list</a> includes:
<ul>
<li>Joshua Angrist of MIT, David Card of Berkeley, and Alan Krueger of Princeton, for their work on labor markets;</li>
<li>David Hendry of Oxford, Hashem Pesaran of Cambirdge, and Peter Phillips of Yale, for their work on economic time series;</li>
<li>Sam Peltzman of the Booth School of Business at the University of Chicago and Richard Posner of the University of Chicago Law School, for their work on regulation;</li>
</ul>
We'll have a winner or a set of winners around 7 a.m. today...

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Three US-based economists win Nobel prize for Economics

PTI

In many states, workers still earn only $7.25 an hour. If we want to fix the 'labor shortage,' it should start with raising wages.

Paul Constant

Here Comes The Nobel Prize In Economics

Josh Barro

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