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Overall Contributions of Studies
The studies by the three Laureates of 2021 in economic sciences were essential in revolutionizing research that relied on natural experiments. Natural experiments are the largest sources of data for research in various projects in our community and are readily available (Card et al., 2021). Randomized controlled experiments are also huge benefactors of this breakthrough as it provides a framework for conducting them. Despite randomized controlled experiments being conducted in standardized environments and with many factors considered, some factors might be unregulated and their impact on the research unconsidered. The coherent framework for conducting natural experiments will enable the understanding of many economic concepts. The research is likely to pave the way for a better understanding of natural experiments in the future and in other fields, as the framework can be applied in other disciplines.
Impressive Things about the Works
An impressive aspect of the research by the three Laureates is their ability to consider the various factors across massive populations. The investigation on minimum wage effect on employment occurred using employees in New Jersey and Eastern Pennsylvania, involving many subjects. The ability to harmonize such a large group and consider cause and effect was massive, given the multiple factors that determined the outcome of the study. Another incredible aspect of the research was the investigations into the labor market that led to various discoveries. The researchers enabled the realization of the impact of immigration on the labor market and the impact of language in this matrix. This discovery was vital in establishing the cause-and-effect relationship between employment and other tenets. The discovery is incredible because it will pave the way for future research in natural studies, enabling a better understanding of economics.
Expected Findings in the Kingdom of Saudi Arabia
If similar studies were conducted in the Kingdom of Saudi Arabia, the results would be significantly similar with minimal variations. The kingdom is an oil-based economy that relies on the exportation of crude oil and products. This industry is the largest employer of people in the country, as compared to the two American regions that rely on diverse economic activities. The reliance on oil and the control of the oil industry by the government means that wages would be harmonized compared to America where private ownership could vary wages differently. The integration of Islamic faith and religion into the kingdom’s education system provides a major variation from American education, which is majorly secular. The American education system is not built upon any religious values and relies on a capitalist setup focused on financial success at any cost. The results on the impact of education on income in America would be varied if the same study was conducted in the kingdom due to a mandatory consideration of religion.
Ongoing Projects in the Kingdom
Some of the projects in the kingdom set for completion by 2030 can be considered natural experiments. Examples include the Red Sea Project focused on tourism and is projected to accommodate 8,000 tourists upon completion (Monem et al., 2019). The developers anticipate that the project will be one of the world’s most successful tourist resorts and will be fully booked throughout the year. The project’s projections are based on research and surveys across the region and depend on other past projects. The estimations of expected earnings from the project are based on parameters that cannot be fully quantified and included in a controlled experiment. The projects can greatly benefit from the assertions of the 2021 Laureates in economics science as they could inform fruitful projections. Additional projects based on natural experiments include Qiddiya, Neom, Jabal Omar, Amaala, and Ad Diriyah.
References
Card, D., Angrist, J., & Imbens, G. (2021). Natural experiments help answer important questions.
Monem, A., Aly, S., Makiya, K., Goldman, E., Fellow, S., Shikaki, K., Fellow, R., Patel, D., Fellows, S., Hammad, H., Neep, D., Grinspoon, H., Fellow, J., Zaki, A., Junior, N., Doughan, Y., Fellows, J., Akarsu, H., Alemzadeh, M., & Habibi, N. (2019). Implementing Saudi Arabia’s vision 2030: An interim balance sheet.
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