The First Day in a Nobel Life: David Card
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- Опубліковано 27 вер 2024
- David Card, a labor economist and professor of economics at the University of California, Berkeley, has won the 2021 Nobel Memorial Prize in Economic Sciences.
(Note: At 1:42 in the video, the correct spelling of the student interviewed is: is Arlen Guarin Galeano.)
Prof. Card won the Nobel Prize for work that challenged orthodoxy and dramatically shifted understanding of inequality and the social and economic forces that impact low-wage workers. He was awarded half the prize, with the other half shared by economists Joshua Angrist of MIT and Guido Imbens of Stanford University.
Card is best known for pioneering studies in the 1990s that remain acutely relevant today, as they questioned the prevailing assumptions about the impact of immigration on native-born U.S. workers and the effect of minimum wage increases on domestic job growth.
Card, 65, a native of Ontario, Canada, is UC Berkeley’s sixth economist to win the Nobel Prize in economics and the campus’s 26th Nobel laureate overall. His predecessors are Oliver Williamson, (2009), George Akerlof (2001), Daniel McFadden (2000), John Harsanyi (1994) and Gérard Debreu (1983). Imbens, one of Card’s two co-winners, was a member of UC Berkeley’s faculty from 2002 to 2006, as a professor of economics and of agricultural and resource economics, before he left for Harvard University and then Stanford.
Announcing the award today in Stockholm, Sweden, the Economic Sciences Prize Committee at the Royal Swedish Academy of Sciences credited Card for his impact on policy debates over immigration, welfare reform and inequality.
Card’s work “helped to answer important questions for society,” said Peter Fredriksson, chair of the committee at a news conference in Sweden. Card’s work, he added, “challenged conventional wisdom, which led to new studies and additional insights.”
Taken together, the work by the three economists “revolutionized empirical work” in economics, the committee said.
Card learned of the award early Monday morning at his family’s home in Santa Rosa - and thought it was a practical joke being played by mischievous colleagues. He had just arrived after a day of travel from a family event near, Guelph, Ontario, in Canada. The initial call from the Nobel committee came to his family’s home in Berkeley, and a voice message was forwarded to Santa Rosa.
“The message said the call was coming from Sweden,” he said just after winning the award. “I have a couple of friends who would pull a stunt like that.”
He welcomed the news with a self-effacing assessment of his work and its impact.
My contributions are pretty modest,” he said. “It’s about trying to get more scientific tie-in and evidence-based analysis in economics.
“Most old-fashioned economists are very theoretical, but these days, a large fraction of economics is really very nuts-and-bolts, looking at subjects like education or health, or at the effects of immigration or the effects of wage policies. These are really very, very simple things. So, my big contribution was to oversimplify the field.”
And in the process to make it more useful in application?
“Well, that was my belief, but you would probably get a mixed vote on that.”
This is the second year in a row for UC Berkeley faculty to win a Nobel Prize. Last year, Jennifer Doudna was awarded the Nobel Prize in Chemistry, and Richard Genzel won the Nobel Prize in Physics.
UC Berkeley’s Class of 1950 Professor of Economics, Card has co-authored and edited several books and more than 100 journal articles and book chapters. He directs UC Berkeley’s Center for Labor Economics, the campus’s Econometrics Laboratory and previously served as director of the National Bureau of Economic Research’s Labor Studies Program.
In 1995, Card received the John Bates Clark Medal, awarded annually to an American economist under 40 who is judged to have made the most significant contribution to economic thought and knowledge. It is widely viewed as a precursor to a Nobel Prize.
He currently serves as president of the American Economic Association.
Starting in the early 1990s, Card teamed up with Princeton University economist Alan Krueger on path-breaking research on the minimum wage. Krueger eventually chaired President Barack Obama’s Council of Economic Advisers before his death in 2019. Writing on the minimum wage, they posed a challenge to the economic orthodoxy that had prevailed for decades.
In a 1993 paper, they found that a 1992 minimum wage increase in New Jersey did not hurt - and may have actually boosted - job growth at fast-food restaurants that were the focus of his study.
Cont'd...
For full story, visit: news.berkeley....
Video by Roxanne Makasdjian and Alan Toth
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This simply goes on to show that you need to win a Nobel Prize to get a good parking space at a university.
That must be the most difficult way to get a parking slot 😂
His humility and soft easy going demeanor is a real observable characteristic that's genuine and positive.
Love how humble he is..So many people that I look up to (e. g. former professors of mine) are like that..love it.. congrats
Congrats, but hot damn, you gotta win a freaking Nobel prize to get a good parking spot??
I think its more about legacy, sort of like a statue but as a parking spot I think hahaha
Parking is expensive here ya know
Thank you for your contributions, Go Bears!
The primacy motivation of your work is to get attention of the people , then you will have a very sad life .
Yup that hit differently
Congratulations!!!
Congrats Professor Card.
_"Different perspective for the causal effect of impact on minimum wage on unemployment in labour markets within United States, as opposed to sustainability in growth patterns, for developing countries outlook possibilities-cum-potentials, notwithstanding"_
Congratulations sir❤️🙏
Go Bears! So proud of Berkeley :)
A good bill in Congress is to install a limitation on total taxation of the citizen to 6% excluding social security. No more than 3% state sales tax all retail inclusive. No more than 3% local taxes city/county/town combined. An elimination of homeowner property tax and the land that it sits on. No more than 3% federal income tax on taxable income. A possibility of a national homeowner insurance program with no exclusions on cause of any significant damage. Social Security will remain at 6.2% and 1.45% Medicare.
private parking space! really wanna get one
Congratulation!
that woman really didn't want him to win Nobel
Who? 🤔 Why?
Congratulations🎉🎊
The primary motivation of your work is to get a nice parking spot.
No more than 9% total tax excluding social security.
congratulations！
Go Bears.
We can attract world class academicians to Berkeley but we can’t recruit a decent HS QB to play for Cal Football!
You know, Nobel prize is nothing, it’s only some money, as a professor, the process that wastes the most time? Parking space
It is a very good thing that D.Card got the Bank of Sweden Prize but please stop saying and writing it is a Nobel, it is not.
Great person, in the wrong field, unfortunately. Modern Economics is full of BS.
Interesting proposition, why is that so?
@@unicornspilot the vast majority of the models in top econ journals have NO real world applications. The field cannot answer the vast majority of economic questions. PhD in Econ.
@@jn3750 Wait, can you give some examples. Surely this 'creditiblity revolution', making it more of a science etc, would give you some optimism. Maybe where economics as a field is not so great now, but with more data and technology, more interconnectedness and an impending economic boom after covid, we might see those classical theories being reconsidered
@@jn3750 interested to know how you feel about theoretical physics and mathematics
@Frederik Leones well modigliani-miller turned to be quite real
A neo-liberal economist that still believes in central planning using pure fiat currency …...Lets look at the results to-date , use Canada as an example , now only 10 % manufacturing and cannot make what it uses(ROFL) … You may ask , how did this nightmare happen….The failed belief that fincialization of assets using Fiat currency( no value ) to purchase “Real assets “ . Naturally use cash flow to support new debt on asset ( note no improvement to asset ) . Over time , constant restructuring ( new debt ) Manufacturing died and The “ service sector was born “ ….Far easier to collect fiat currency working at minimum productive value eg …Banking , Financial markets , Real Estate most government service ,
Manufacturing didn't die, it moved. And nothing- not even gold- has intrinsic value.
@@grybnyx intrinsic value of gold = cost to mine + cost to process (99.99 ) + 5000 years as a bench mark value .....btw not that I am splitting hairs only the large moved out and the small sub manufactures who supplied most jobs died
no inherent value in gold buddy. The gold standard was what worsened the Great Depression, hence why they’d temporarily halted it during the downturn and in others as well.
@@metolse475Odd way to describe 40 percent of the value of the currency "Gold " as a standard ... The rest was fiat and fractional banking ...leading to the greatest consumer debt and stock bubble ( Till today ) Your history is incomplete and incorrect .
@@metolse475 you do know in 5000 years of recorded history every Fiat system fails and always forced back to gold as a bench mark of stored value
Dr.Card's response reminds of the thoughtful quote (apologies to the author) to think lightly of yourself and deeply about the world...
Miyamoto Musashi
Gonna take his ECON c142 next semester. Congrats, professor!
I can't believe,it, he has a private parking space!!!
I’m going to take your class next fall
Go Bears!
Another good bill in Congress is to award all citizens and perminant residents between $150,000 and $1.5 million in a lump sum anytime after 100 months of full time work, part time work included in the total( 2 months part time equals 1 month full time), volunteer work also included, for the citizens business start up or already existing business, whether collecting social security or not. The citizen must spend at least 50% of funds allotted on their business or business related items. The dollar amount issued is determined by the size and scope of the business. This is a Grant, not a loan. The printing and issuance of money is validated by any legitimate labor, production, goods and services for society.