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Bad Reporting On Latest Sveriges Riksbank Prize In Memory Of Nobel

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Yves here. It is really wrongheaded that the not-really-a-Nobel-prize in economics are never awarded posthumously. Alan Kruger clearly would have gotten one were he alive, and his suicide may have been at least partly due to the hostile treatment his peers gave to his and David Card’s work on minimum wages. Card even said he abandoned that line of inquiry because “he lost a lot of friends” as a result. By Barkley Rosser, Professor of Economics at James Madison University in Harrisonburg, Virginia. Originally published at http://econospeak.blogspot.com/2021/08/a-half-century-since-beginning-of-end.html” rel=”nofollow”>EconoSpeak So the recipient are half of it to David Card for his 1994 study with the late Alan Krueger, who committed suicide not too long ago, on minimum wages, and how

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Yves here. It is really wrongheaded that the not-really-a-Nobel-prize in economics are never awarded posthumously. Alan Kruger clearly would have gotten one were he alive, and his suicide may have been at least partly due to the hostile treatment his peers gave to his and David Card’s work on minimum wages. Card even said he abandoned that line of inquiry because “he lost a lot of friends” as a result.

By Barkley Rosser, Professor of Economics at James Madison University in Harrisonburg, Virginia. Originally published at http://econospeak.blogspot.com/2021/08/a-half-century-since-beginning-of-end.html” rel=”nofollow”>EconoSpeak

So the recipient are half of it to David Card for his 1994 study with the late Alan Krueger, who committed suicide not too long ago, on minimum wages, and how raising them might actually sometimes increase employment. The other half was split between Joshua Angrist and Guido Imbens for developing econometric techniques for studying natural experiments, such as differences in differences, with a 1992 paper on compulsory education by them cited. Card and Krueger also used this.

Anyway, I learned of the award on the radio this morning at 9 AM, CBS News, not a cockamamie outfit usually. The report stated (roughly) “Three American labor economists received the Nobel Prize for studies of immigration and its effects.” That was it, their names were not provided. As it is, Card has done some such studies, and when I began guessing who it might be, his name was on my list. But the others were David Autor and George Borjas, even though the latter’s studies on the subject disagree with the former’s such studies. But they committee has given contradictory awards before, e.g. Mydal and Hayek, not to mention Fama and Shiller. So, it was not out of the question.

But clearly they were way off on several counts. I know immigration is a hot issue, so any mention of that in the awards apparently got the attention, even though, heck, the minimum wage is also a pretty big and current issue. What can I say, but more evidence of further decline in the quality of media in general, not just the increasing insanity happening on a lot of social media. When the regular media cannot get simple things right, what hope is there for the social media?

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