Friday 25 / July / 2025
Stockholm: The Nobel Prize in economics has been awarded to three United States-based economists — David Card, Joshua Angrist, and Guido Imbens — the Royal Swedish Academy of Sciences said in Stockholm on Monday.
Card, a professor of Economics at the University of California, Berkeley, received one-half of the award for his "empirical contributions to labor economics."
The 2021 winners were chosen for providing new insights into the labor market and highlighting the importance of so-called natural experiments. The award wraps up this year's Nobel Prize season.
The Nobel Prize in Economics is the lone Nobel not included in the will of Alfred Nobel that is instead endowed by the Swedish central bank
Card, a professor of Economics at the University of California, Berkeley, received one-half of the award for his "empirical contributions to labor economics."
Angrist, an economics professor at the Massachusetts Institute of Technology, and Imbens, a Stanford University professor, share the other half of the award for showing "how precise conclusions about cause and effect can be drawn from natural experiments."
The Nobel Prize in economics, formally called the Sveriges Riksbank or Swedish Central Bank Prize, wraps up this year's Nobel Prize season. The award was created by the Swedish central bank "in memory of Alfred Nobel."
It is named after the Swedish central bank because unlike the other Nobel Prizes, it was not among the original five endowed in Swedish inventor and philanthropist Alfred Nobel's will. It was instead created through a donation from the central bank to the Nobel Foundation in 1968 to mark the bank's 300th anniversary.
Last year, the top economics prize went to Paul Milgrom and Robert Wilson, US economists at Stanford University, for their work on making auctions more efficient and inventing new auction formats.
The nomination to the economics prize is by invitation only, with the award committee sending confidential forms to people who are "competent and qualified" to nominate. The names of the nominees are kept under the wraps for at least 50 years.
A total of 89 individuals, mostly from the US, have won the award since its commencement in 1969.
The prestigious award comes with a 10-million-krona ($1.1 million or €988,000) cash prize and a gold medal. It is the last of the Nobel Prizes to be announced and comes after awards for medicine, physics, chemistry, literature and peace.
