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In recent years, microeconometrics experienced the ‘credibility revolution’, culminating in the 2021 Nobel prices for David Card, Josh Angrist, and Guido Imbens. This ‘revolution’ in how to do empirical work led to more reliable empirical knowledge of the causal effects of certain public policies. In parallel, computer science, and to some extent also statistics, developed powerful (so-called Machine Learning) algorithms that are very successful in prediction tasks. The new literature on Causal Machine Learning unites these developments by using algorithms originating in Machine Learning for improved causal analysis. In this non-technical overview, I review some of these approaches. Subsequently, I use an empirical example from the field of active labour market programme evaluation to showcase how Causal Machine Learning can be applied to improve the usefulness of such studies. I conclude with some considerations about shortcomings and possible future developments of these methods as well as wider implications for teaching and empirical studies.

I critique recent theoretical and empirical research that suggests that labor markets are not nearly as competitive as has generally been assumed. I argue that no-poaching agreements and covenants not to compete may reduce the number of competitors and thus the wage, but firms are still wage takers. This means the minimum wage will not increase employment.

Mutual gains can be made through greater cross-pollination between labour economics and industrial relations. The paper is organized around common criticisms of labour economics, with examples from industrial relations. Such criticisms, and their underlying principles, often explain important concepts in industrial relations, which can provide insights that may enhance labour economics. The intent here is to apply a forward-looking lens to advance theoretical and empirical reflection on current and future aspects of work and employment.

This year's Nobel Prize in Economics honoured David Card of the University of California, Berkeley \"for his empirical contributions to labour economics\", and Joshua Angrist of MIT and Guido Imbens of Stanford University \"for their methodological contributions to the analysis of causal relationships\". We explain how the laureates revolutionised the analysis of causal relationships in empirical economics through the methodology of natural experiments. Three examples from the German labour market on the effects of minimum wages, code-termination and unemployment insurance illustrate how natural experiments yield new insights, which can form the foundation for evidence-based policy advice. JEL Classification: C18, C26, J00 Der Nobelpreis fur Wirtschaftswissenschaften geht 2021 an David Card fur seine empirischen Beitrage zur Arbeitsokonomik sowie an Joshua Angrist und Guido Imbens fur ihre methodischen Beitrage zur Analyse kausaler Zusammenhange. Die Analyse kausaler Zusammenhange in der empirischen Okonomik wurde durch die von den Preistragern massgeblich vorangetriebene Methodik der naturlichen Experimente revolutioniert. Anhand der Wirkung von Mindestlohnen, Mitbestimmung und der Arbeitslosenversicherung lasst sich illustrieren, wie durch naturliche Experimente neue wissenschaftliche Einsichten erlangt werden, die eine empirische Grundlage fur eine evidenzbasierte Politikberatung bilden konnen.

The U.S. took in more than a million immigrants per year in the late 1990s, more than at any other time in history. For humanitarian and many other reasons, this may be good news. But as George Borjas shows inHeaven's Door, it's decidedly mixed news for the American economy--and positively bad news for the country's poorest citizens. Widely regarded as the country's leading immigration economist, Borjas presents the most comprehensive, accessible, and up-to-date account yet of the economic impact of recent immigration on America. He reveals that the benefits of immigration have been greatly exaggerated and that, if we allow immigration to continue unabated and unmodified, we are supporting an astonishing transfer of wealth from the poorest people in the country, who are disproportionately minorities, to the richest. In the course of the book, Borjas carefully analyzes immigrants' skills, national origins, welfare use, economic mobility, and impact on the labor market, and he makes groundbreaking use of new data to trace current trends in ethnic segregation. He also evaluates the implications of the evidence for the type of immigration policy the that U.S. should pursue. Some of his findings are dramatic: Despite estimates that range into hundreds of billions of dollars, net annual gains from immigration are only about $8 billion. In dragging down wages, immigration currently shifts about $160 billion per year from workers to employers and users of immigrants' services. Immigrants today are less skilled than their predecessors, more likely to re-quire public assistance, and far more likely to have children who remain in poor, segregated communities. Borjas considers the moral arguments against restricting immigration and writes eloquently about his own past as an immigrant from Cuba. But he concludes that in the current economic climate--which is less conducive to mass immigration of unskilled labor than past eras--it would be fair and wise to return immigration to the levels of the 1970s (roughly 500,000 per year) and institute policies to favor more skilled immigrants.

We employ the original Card and Krueger (American Economic Review 1994; 84: 772—793) and Neumark and Wascher (American Economic Review 2000; 90: 1362—1396) data together with the changes-in-changes estimator to re-examine the evidence for the effect of minimum wages on employment. Our study reconciles the controversial positive average employment effect reported by the former study and the negative average employment effect reported by the latter study. Our main finding, which is supported by both datasets, is that the controversial result remains valid only for small fast-food restaurants.

An apparent paradox perceived by Card and Krueger concerning the relationship between minimum wages, employment, and output prices is resolved by revisiting the economics of minimum wages to show that under monopsonistic conditions in the labor market and competitive price-taking in the market for output, increases in both firm-level and industry employment are compatible with increases in output prices.

\"Something isn't adding up about the hundreds of people who have been afflicted with the Fiskville flu,\" Mr [David Card] said told a parliamentary inquiry on Monday. Diane Potter, the widow of the former CFA chief officer Brian Potter, said the CFA had not wanted to know about the possibility the site could be contaminated. Mr Potter blew the whistle on contamination at Fiskville in December 2011 after attempts to get the CFA to address it were ignored.