This year's Nobel Prize in Economics went to three American economists

This research has completely dispelled the misconceptions prevailing in the labor market

Uni. Of California, Stanford Univ. And MIT economists research the impact of minimum wages and immigration on the labor market

Stockholm: This year's Nobel Prize in Economics will be jointly awarded to three US-based economists. These three economists researched a social issue that proved that shifting to the minimum wage does not reduce the hiring of employees.

The research also found that immigrant businessmen and traders do not pay their own country-born employees or workers in the slightest. This research dispelled the myth that prevailed in the society. There is a general impression in western countries that immigrant traders and businessmen pay less than the norm to the workers and employees born in their own country.

Two other economists have come up with a way to study this type of social subject for which they too will be jointly awarded the Nobel Prize.

Card found in his research how important aspects such as the minimum wage rate, immigration and education affect the country's labor market. Will be provided.

These two economists researched this social subject in their own completely new way, excluding all the traditional and scientific methods. The Royal Swedish Academy of Sciences said the three economists had given a whole new look to all the empirical work in the science of economics.

Card researched the most important questions and problems in foreign societies, while the systematic contribution of Engrist and Imben showed that natural experiments are the richest source of knowledge, said Peter Fredericks, chairman of the Economic Science Committee. There has been a drastic increase in capacity which will be most beneficial for the society, he added.