>"Economists whose work looking at whether increasing the minimum wage creates more jobs was ridiculed for years have won a Nobel _...Read More_

>"David Card, Joshua Angrist and Guido Imbens were honored for delving into cause and effect in ways that shed light on labor _...Read More_

This years Nobel Prize winners in Economics have made unique contributions to cause-and-effect related issues in the field of labour economics. Their approach can be carried forward to our everyday life too.

>"Economics is a discipline that has been strangled by conservative credentialism. Saving the profession from itself requires more than symbolic action—it’s time to get rid of the gatekeepers."

Economists like to blame politics for getting in the way when their predictions don’t work out as expected.

>"Their big contribution was that auctions aren't just auctions. How an auction is designed matters enormously for what it does."

>"The work of Paul Milgrom and Robert Wilson is used in the sale of airport slots and radio spectrums."

[https://www.google.com/amp/s/theconversation.com/amp/making-auctions-work-the-winning-ideas-behind-this-years-nobel-prize-in-economics-147981](https://www.google.com/amp/s/theconversation.com/amp/making-auctions-work-the-winning-ideas-behind-this-years-nobel-prize-in-economics-147981)

"Nobel Prize in economics awarded to Paul Milgrom and Robert Wilson for auction theory."

>"Rolling coverage of the latest _...Read More_

This year's final prize, officially the Sveriges Riksbank (Sweden's central bank) Prize in Economic Sciences in Memory of Alfred Nobel, will be announced at 11:45 am (0945 GMT) on Monday.