The Institute for the Study of Labor awards a prize each year (from 2016 on every two years in turn with the IZA Young Labor Economist Award) for outstanding academic achievement in the field of labor economics. [1] The IZA Prize in Labor Economics has become a highly prestigious science award in international economics, is the only international science prize awarded exclusively to labor economists and is considered the most important award in labor economics worldwide. [2] The prize was established in 2002 and is awarded annually through a nomination process and decided upon by the IZA Prize Committee, which consists of internationally renowned labor economists. As a part of the prize, all IZA Prize Laureates contribute a volume as an overview of their most significant findings to the IZA Prize in Labor Economics Series published by Oxford University Press. [2]
The IZA Prize in Labor Economics consists of a prize medal and a cash award of 50,000 euros. [3] This provides the monetary support for the recipients' past and future research and is meant to stimulate further labor market research.
IZA has a worldwide network of over 1,300 labor economists who collaborate as research fellows with the institute. [4] Each year they nominate candidates for the IZA Prize in Labor Economics from the research and work of their peers and colleagues. The nominations are reviewed by the IZA Prize Committee, which consists of IZA representatives, Research Fellows and prominent international labor economists.
Since the establishment of the prize, five Nobel laureates in Economics have served as members of the Prize Committee, George Akerlof, Gary Becker, James Heckman, Joseph Stiglitz and David Card. [5] The committee is coordinated by Daniel S. Hamermesh. Current members of the committee besides Hamermesh are: Francine D. Blau (Cornell University), Richard Blundell (University College London), George Borjas (Harvard University), David Card (University of California, Berkeley), and Shelly Lundberg (University of California, Santa Barbara). [6]
As a part of the IZA Prize in Labor Economics, each Laureate produces a volume for the IZA Prize in Labor Economics Book Series consisting of their most significant findings. The Series covers a broad range of important issues in labor economics. The series is published by Oxford University Press. [2]
The past winners of the IZA Prize include a number of influential labor economists who are active in policy advice. For example, Edward Lazear was Chairman of the Council of Economic Advisers under President George W. Bush. Alan Krueger was nominated for the same post by President Barack Obama.
James Joseph Heckman is a Nobel Memorial in Economic Sciences Prize-winning American economist at the University of Chicago, where he is The Henry Schultz Distinguished Service Professor in Economics and the College; Professor at the Harris School of Public Policy; Director of the Center for the Economics of Human Development (CEHD); and Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. He is also Professor of Law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research.
David Edward Card is a Canadian-American labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contributions to labour economics", with Joshua Angrist and Guido Imbens jointly awarded the other half.
Richard Barry Freeman is an economist. The Herbert Ascherman Professor of Economics at Harvard University and Co-Director of the Labor and Worklife Program at Harvard Law School, Freeman is also Senior Research Fellow on Labour Markets at the Centre for Economic Performance, part of the London School of Economics, funded by the Economic and Social Research Council, the UK's public body funding social science. Freeman directs the Science and Engineering Workforce Project (SEWP) at the National Bureau of Economic Research (NBER), a network focused on the economics of science, technical, engineering, and IT labor which has received major long-term support from the Sloan Foundation.
Sir Christopher Antoniou Pissarides is a Cypriot economist. He is the School Professor of Economics and Political Science, Regius Professor of Economics at the London School of Economics, and Professor of European Studies at the University of Cyprus. His research focuses on topics of macroeconomics, notably labour, economic growth, and economic policy. In 2010, he was awarded the Nobel Prize in Economics, jointly with Peter A. Diamond and Dale Mortensen, "for their analysis of markets with theory of search frictions."
Edward Paul Lazear was an American economist, the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution at Stanford University and the Davies Family Professor of Economics at Stanford Graduate School of Business.
The IZA - Institute of Labor Economics, until 2016 referred to as the Institute of the Study of Labor (IZA), is a private, independent economic research institute and academic network focused on the analysis of global labor markets and headquartered in Bonn, Germany.
Alan Bennett Krueger was an American economist who was the James Madison Professor of Political Economy at Princeton University and Research Associate at the National Bureau of Economic Research. He served as Assistant Secretary of the Treasury for Economic Policy, nominated by President Barack Obama, from May 2009 to October 2010, when he returned to Princeton. He was nominated in 2011 by Obama as chair of the White House Council of Economic Advisers, and served in that office from November 2011 to August 2013.
Sir Richard William Blundell CBE FBA is a British economist and econometrician.
Claudia Dale Goldin is an American economic historian and labor economist who is currently the Henry Lee Professor of Economics at Harvard University. In October 2023, she was awarded the Nobel Memorial Prize in Economic Sciences "for having advanced our understanding of women's labour market outcomes". She is the first woman to win the award solo.
Orley Clark Ashenfelter is an American economist and the Joseph Douglas Green 1895 Professor of Economics at Princeton University. His areas of specialization include labor economics, econometrics, and law and economics. He was influential in contributing to the applied turn in economics.
Konstantinos "Costas" Meghir is a Greek-British economist. He studied at the University of Manchester where he graduated with a Ph.D. in 1985, following an MA in economics in 1980 and a BA in Economics and Econometrics in 1979. In 1997 he was awarded the Bodosakis foundation prize and in 2000 he was awarded the “Ragnar Frisch Medal” for his article “Estimating Labour Supply Responses using Tax Reforms”.
George Jesus Borjas is a Cuban-American economist and the Robert W. Scrivner Professor of Economics and Social Policy at the Harvard Kennedy School. He has been described as "America’s leading immigration economist" and "the leading sceptic of immigration among economists". Borjas has published a number of studies that conclude that low-skilled immigration adversely affects low-skilled natives, a proposition that is debated among economists.
Daniel Selim Hamermesh is a U.S. economist, and Sue Killam Professor in the Foundations of Economics Emeritus at the University of Texas at Austin, Research Associate at the National Bureau of Economic Research, and Research Fellow at the Institute for the Study of Labor (IZA). Previously professor of economics at Royal Holloway, University of London and Michigan State University. He was formerly a Distinguished Scholar at Barnard College.
Nadarajan "Raj" Chetty is an Indian-American economist and the William A. Ackman Professor of Public Economics at Harvard University. Some of Chetty's recent papers have studied equality of opportunity in the United States and the long-term impact of teachers on students' performance. Offered tenure at the age of 28, Chetty became one of the youngest tenured faculty in the history of Harvard's economics department. He is a recipient of the John Bates Clark Medal and a 2012 MacArthur Fellow. Currently, he is also an advisory editor of the Journal of Public Economics. In 2020, he was awarded the Infosys Prize in Economics, the highest monetary award recognizing achievements in science and research, in India.
Ronald Gordon Ehrenberg is an American economist. He has primarily worked in the field of labor economics including the economics of higher education. Currently, he is Irving M. Ives Professor of Industrial and Labor Relations and Economics at Cornell University. He is also the founder-director of the Cornell Higher Education Research Institute (CHERI).
Francine Dee Blau is an American economist and professor of economics as well as Industrial and Labor Relations at Cornell University. In 2010, Blau was the first woman to receive the IZA Prize in Labor Economics for her "seminal contributions to the economic analysis of labor market inequality." She was awarded the 2017 Jacob Mincer Award by the Society of Labor Economists in recognition of lifetime of contributions to the field of labor economics.
Research in Labor Economics (RLE) is a biannual series that publishes peer-reviewed research applying economic theory and econometrics to analyze policy issues. Typical themes of each volume include labor supply, work effort, schooling, on-the-job training, earnings distribution, discrimination, migration, and the effects of government policies. Research in Labor Economics is published by Emerald Group Publishing in conjunction with the IZA Institute of Labor Economics (IZA).
Anne Catherine Case, Lady Deaton, is an American economist who is currently the Alexander Stewart 1886 Professor of Economics and Public Affairs, emeritus, at Princeton University.
Kathryn L. Shaw is the Ernest C. Arbuckle Professor of Economics at the Graduate School of Business, Stanford University. Previously, she was the Ford Distinguished Research Chair and Professor of Economics at Tepper School of Business, Carnegie Mellon University. From 1999-2001, she served as a Senate-confirmed Member of President Bill Clinton's Council of Economic Advisers.
Leah Platt Boustan is an economist who is currently a professor of economics at Princeton University. Her research interests include economic history, labour economics, and urban economics.
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