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• Three US-based economists were awarded the Nobel Prize in Economics in 2021 for pioneering research on the labor-market effects of minimum wage, immigration, and education, as well as for developing the scientific framework that allows conclusions to be drawn from such studies that cannot be conducted using traditional methodology.
• One-half of the prize was awarded to Canadian-born David Card of the University of California, Berkeley, while the other half was shared by Joshua Angrist of the Massachusetts Institute of Technology and Dutch-born Guido Imbens, 58, of Stanford University.
• Unlike the other Nobel prizes, the economics award was established in 1968 in Alfred Nobel's memory by the Swedish central bank, with the first winner chosen a year later. Every year, it is the last prize to be announced.

Important Facts 

About Nobel Prize 

• First Indian to win Nobel Prize in economics: Amartya Sen (1998)
• First Nobel Prize winner of India: Ravindranath Tagore (1913)
• Second Nobel Prize winner in India: Sri Chandrashekhara Venkata Raman (1930)
• World First person to win Nobel Prize in economics: Ragnar Frisch and Jan Tinbergen (1969)
• Father of Economics: Adam Smith