Money Talks: A real-world revolution
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 13 October 2021
⏱️ 32 minutes
🧾️ Download transcript
Summary
This year's Nobel prize celebrates the "credibility revolution" that has transformed economics since the 1990s. Today most notable new work is not theoretical but based on analysis of real-world data. Host Rachana Shanbhogue speaks to two of the winners, David Card and Joshua Angrist, and our Free Exchange columnist Ryan Avent explains how their work has brought economics closer to real life.
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Transcript
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| 0:00.0 | The word experiment evokes men in white coats, carefully calculated samples and laboratory-controlled |
| 0:12.8 | variables. But this year's Nobel Memorial Prize for Economics recognizes a rather different |
| 0:18.4 | sort, the natural experiment. It's use marked a new era for the profession, one rooted |
| 0:25.2 | in observations of the real world. Your listening to Money Talks from the Economists |
| 0:33.2 | are a weekly podcast on the markets, the economy and the world of business. I'm Rachna |
| 0:38.5 | Schanberg and in today's show we'll be speaking to this year's Nobel Prize winners as we explore |
| 0:44.3 | a real world revolution in economics. If the yearly Nobel announcement is the Super Bowl |
| 0:59.8 | Sunday of Economics, then at Money Talks our post-match analysis comes from trade and international |
| 1:04.8 | economics editor and this week's free exchange columnist, Ryan Avent. Thanks for being with us. |
| 1:11.3 | Talk us through this year's award. Well, you know, the economics Nobel is one of the highlights |
| 1:16.4 | of the year for economists. On the morning of, it's always the same, it's a bit of a ritual, |
| 1:21.6 | the committee members file in and the press goes quiet. Welcome to the Royal Swedish Academy of Sciences. |
| 1:28.9 | The year the academy kept us waiting a little longer than expected. We are a little bit late because |
| 1:35.0 | it took some time to reach some of the laureates, but we are now ready to announce the prize to you |
| 1:42.4 | and to do it. But it all worked out. This year's prize is about drawing conclusions from unintended |
| 1:51.6 | experiments. The Royal Swedish Academy of Sciences has today decided to award the |
| 1:59.2 | Swedish Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. We one have to |
| 2:07.2 | David Card for his empirical contributions to labor economics. And the other have jointly to |
| 2:17.1 | Joshua D. Angrist and Hredo W. Imbenz for their methodological contributions to the analysis |
| 2:26.8 | of causal relationships. We have three winners this year. David Card, now of the University of |
| 2:35.2 | California at Berkeley, Joshua Angrist of MIT and Hredo Imbenz of Stanford University. And we're |
| 2:41.8 | here for Professor's Card in Angrist in just a moment. I've found over the years that economics |
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