This Year’s Nobel Prize Is Going To Change Everything...
Economics Explained
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How Much Does Military Service Affect Earnings?
Instrumental variable estimation aims to find causality, not just correlation. The practical applications of the research these three gentlemen have conducted over their careers cannot be overstated. It will continue to have very real impacts on the way that we formulate labor laws and deal with immigration well into the future. So congratulations to them all, and my fellow laureates who i am sure have made equally consequential contributions towards their respective fields.
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