A Nobel Prize For A Revolution In Economics
Let’s time travel back in time to see why Card and Krueger’s work was such a revolution. It was the early 1990s. A Tribe Called Quest and Nirvana were blaring on sound systems. People were wearing neon colors and saying words like “cowabunga.” And these two young, Ivy League economists were working on a blockbuster study that would not only revolutionize thinking about the minimum wage — but also revolutionize thinking about how economic studies should be done.