JUST IN: The Nobel Prize in economics has been split between three economic scientists for contributions to labor economics and the analysis of cause and effect
Card was recognized for groundbreaking work on the market effects of minimum wages, immigration and education. He showed, for example, that increasing the minimum wage does not necessarily lead to fewer jobs.The other half of the prize was awarded to Angrist and Imbens for demonstrating how precise conclusions about cause and effect can be drawn from natural experiments -— or situations that arise from real life.
One is the youngest winner everCard was born in Guelph, Canada and is a professor at the University of California, Berkeley. Angrist is a professor at the Massachusetts Institute of Technology. Imbens was born in Eindhoven, Netherlands and is a professor at Stanford University in California.Read MoreThe prize, officially known as the Sveriges Riksbank Prize in Economic Sciences, was not instituted by Alfred Nobel. It was established by Sweden's central bank and is awarded in memory of Nobel.
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