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Richard Holden

Nobel Prize for economics goes for understanding when correlation is causation

David Card, Joshua Angrist, and Guido Imbens made pioneering contributions to what is now a core part of modern social sciences, not just economics.

Richard HoldenEconomics professor

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How much does raising the minimum wage affect unemployment? How important is the rule of law in economic development? What is the effect of longer prison sentences on crime? Does media bias affect voting behaviour?

These are all fundamental questions in the social sciences, and answering them involves trying to understand not just whether two phenomena are correlated, but whether one causes the other.

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Richard Holden is professor of economics at UNSW Business School. Connect with Richard on Twitter.

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