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Economic Platitudes Raised to the N(-obel) Power (on the 2021 Nobel Prize in Economics)
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Economic Platitudes Raised to the N(-obel) Power (on the 2021 Nobel Prize in Economics)
Annotation
PII
S268667300019534-7-
Publication type
Article
Status
Published
Authors
Vladimir Vasiliev 
ORCID: 0000-0003-3131-9500
Affiliation: Institute for the U.S. and Canadian Studies of the Russian Academy of Sciences
Address: Russian Federation, Moscow
Edition
Issue 3
Pages
79-97
Abstract

The results of a number of scientific research of California University Professor D. Card in the field of the mechanism of functioning of the labor market in the United States, obtained in the first half of the 1990s, for which he was awarded the Nobel Prize in economic sciences for 2021, are analyzed. Works by D. Card, as well as the work of specialists in the mathematical properties of statistical models of Massachusetts Institute of Technology Professor J. Angrist and Stanford University Professor G. Imbens, for which they were also awarded the Nobel Prize for 2021, are considered in a wider historical retrospective of the awarding of Nobel Prizes in economic sciences over the past 50 years. It is stated that the political and ideological factors from the very beginning of the existence of the Nobel Prizes in economic sciences is a pronounced ideological character, reflecting the struggle of two main scientific schools of modern economics － proponents of the free-market relations and supporters of strong state regulation of the economy. After the global financial and economic crisis of 2007-2009 awarded Nobel Prizes in economic sciences are increasingly experiencing the impact of the economic policy factor, conducted primarily by the Democratic and the Republican administrations of the United States, acting as a scientific and analytical justification of the US official economic policy of the Federal government.

Professor D. Card’ works in the sphere of the relationship of the educational level of students and schoolchildren, the influence of the raise in the hourly rate of minimum wage and immigration flows on employment in a frank form are designed to justify and reinforce the policy of the Biden Democratic Administration, which it began to conduct in the fields of education, in a two-time increase in hourly wage rates, and sharp increase in the influx of immigrants in the United States. Scientific value of Professor D. Card related to the period of the first half of the 1990s causes substantial doubts about their representativeness. Apparently, precisely for the purpose of leveling methodological flaws of D. Card works, the Nobel Committee decided to give them a greater scientific weight, treating them with the methodological positions of the theory of "natural experiments", also developed by Professor J. Angrist and Professor G. Imbens in the first half of the 1990s, in order to strengthen the political component of the Professor D. Card works, taken into account the fact of the most acute political struggle, which goes on in the United States around the economic policy of the J. Biden Administration.

Keywords
Nobel Prize in economic sciences for 2021, D. Card, J. Angrist, G. Imbest, popularization of economic knowledge, labor economics, natural experiments, education and income, minimum wages, immigration policy, stochastic models, causality
Received
19.12.2021
Date of publication
06.04.2022
Number of purchasers
11
Views
775
Readers community rating
0.0 (0 votes)
Previous versions
S268667300019534-7-1 Дата внесения правок в статью - 05.04.2022
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References

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