Visual Experiment Results (About the 2021 Nobel Prize in Economic Sciences)

Abstract

The article is devoted to analysing the achievements of the laureates of the Nobel Prize in Economic Sciences in 2021. The author described the methods of natural experiment used by the laureates in their research. Further, the author noted the differences between different types of experiments: laboratory, field, computer and mental (thought, imaginary). The author described details of two of their studies (which have become classic) on the consequences for the labour market of the influx of immigrants and the increase in the minimum wage. The methods and results of the laureates’ research on assessing the consequences of state programs and structural decisions are also analysed. In conclusion, the author considered new experimental and econometric research methods, which the laureates have significantly improved. In particular, it concerns the method of counter samples and an example from the author’s research using this method.

Keywords

• natural experiment
• randomisation
• labour market
• minimal wages
• labour immigrants