CLEAN : 2021 Nobel Economics winners "discovered that what we thought was right is wrong"

The video discusses the concept of natural experiments in economics, focusing on the impact of immigration and minimum wage on employment. It includes a personal anecdote about receiving recognition alongside colleagues. The speaker addresses the challenges posed by the pandemic, highlighting the unequal impact on different populations. The video reevaluates previous economic assumptions, finding that minimum wages and immigration may not harm employment as previously thought. It emphasizes the importance of providing insights for better policy decisions while maintaining political neutrality.

What is a natural experiment in the context of economics?

• A theoretical model of economic behavior

• A controlled laboratory experiment

• A random survey of economic trends

• A policy or event used to study economic effects

What was the speaker's reaction to the news received in the middle of the night?

• Indifferent and uninterested

• Confused and skeptical

• Annoyed and frustrated

• Stunned and thrilled

How has the pandemic impacted different parts of the population according to the speaker?

• Negligible impact on the economy

• Equally across all demographics

• More severely in certain parts of the population

• Only affecting the elderly

What did the speaker discover about the impact of minimum wage on employment?

• It is not particularly harmful at certain levels

• It has no effect on employment

• It always benefits employment

• It significantly harms employment

What is the effect of immigration on wages according to the new findings?

• It increases wages for all workers

• It has no impact on wages

• It benefits many workers but affects close substitutes negatively

• It drives down wages for all workers