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Nobel Prize for Economics awarded for revolutionising natural experiments

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Nobel Prize in Economics

Natural Experiment pioneers research causal effects of economic policy and other events

 

The Nobel Prize in economics has been awarded to three U.S. based academics for their natural experiments on how economic theory is supported by real-life situations.

Chair of the Economic Sciences Prize Committee says “their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society”.

The previous research of one of the winners, David Card, contributed to the introduction of the UK’s minimum wage, finding that it increased employment in New Jersey restaurants.

The two other winners, Joshua Angrist and Guido Imbens, won based on their work on the relationship between education and income and how an extra year in school impacts earnings.

The three have been said to have revolutionised empirical research.

Sport

Michael Jordan’s sneakers sell for record $1.47m at auction

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A pair of basketball shoes worn by US basketball star Michael Jordan have sold for a record price at a Las Vegas auction

Jordan wore the pair of Nike Air Ships during his rookie season with the Chicago Bulls in 1984.

The shoes were what founded the iconic partnership between Jordan and Nike – now a signature global brand.

The sale also marks the highest price ever paid for game-worn footwear of any sport, easily beating out the previous record of $615,000 paid for a pair of Nike Air Jordan’s in 2020.

The price still falls short of the most expensive sneakers ever sold.

Recent sales are just the beginning of rare shoe market that’s beginning to soar.

In April, rapper Kanye West’s Nike Air Yeezy 1 Prototypes sold for $1.8 million at a private sale.

The record price for sneakers has broken several times in recent years, and the market is now considered much more niche than ever before, attractive interest from leading collectors as well as the general public.

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World

Ship spews toxic gas off Canada’s coast

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Sixteen people have been evacuated as fire rages onboard the Zim Kingston container ship off the coast of Canada

The vessel was en route to Vancouver when it caught fire on Saturday, and has since been expelling toxic gas which officials say is not a risk to people on land.

The coast guard reported the ship was carrying more than 52,000 kg of chemicals located in two of the ten containers that caught fire.

“The ship is on fire and expelling toxic gas,” the Canadian coast guard said. It added that 10 containers had been affected by the fire.

“Currently there is no safety risk to people on shore, however the situation will continue to be monitored,” it said.

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World

Will the future of travel ever be the same?

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As countries across the world begin to reopen their international borders, there are many questions that surround what the future of travel will look like post-COVID

COVID-19 took its toll on every sector around the world, but one that has been greatly hit has been the travel industry.

As nations across the world shut their borders, and airlines grounded their fleet, the multi-million dollar industry suddenly ground to a halt.

Fast forward to now, and there is finally some light at the end of the runway – with planes restarting their engines as destinations like Fiji, Bali, Thailand, the U.K. and United States open up.

But how will travel look going forward? It’s certainly going to be different, with many countries now requiring vaccination as a requirement of entry, while rapid-PCR testing will also be of common sight.

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