Economists Win Nobel For Research Based in the Real World

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The Nobel economics prize was awarded Monday to three — would you believe it — economists. Try again next year, horticulturists!

But their work should be interesting even to those who can't tell their Carl Menger from their Karl Marx: Winners David Card, Joshua Angrist, and Guido Imbens will share the award sum of 10 million Swedish crowns — or $1.14 million — for pioneering "natural experiments." Basically, they were among the first to test economic theory against observable reality.

Source Fool.com