David Card

David Edward Card (born 1956) is a Canadian-American[3] labour economist and professor of economics at the University of California, Berkeley. 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.[4][5]

David Card
David Card - Nobel prize interview screenshot (cropped).png
Card in 2021
Born1956 (age 64–65)
Nationality
  • Canadian
  • American
[1]
InstitutionUniversity of California, Berkeley
FieldLabour economics
Alma materQueen's University (BA)
Princeton University (MA, PhD)
Doctoral
advisor
Orley Ashenfelter[2]
Doctoral
students
Thomas Lemieux
Phillip B. Levine
Christoph M. Schmidt
Michael Greenstone
Jesse Rothstein
Philip Oreopoulos
David Lee
Alexandre Mas
Janet Currie
Enrico Moretti
Heather Royer
Elizabeth Cascio
Ethan G. Lewis
AwardsJohn Bates Clark Medal (1995)
Frisch Medal (2008)
BBVA Foundation Frontiers of Knowledge Award (2014)
Nobel Memorial Prize in Economic Sciences (2021)
Information at IDEAS / RePEc
Academic background
ThesisIndexation in Long Term Labor Contracts (1983)

Early life and careerEdit

David Card was born in Guelph, Ontario, in 1956.[6] His parents were dairy farmers.[7] Card earned his Bachelor of Arts degree from Queen's University in 1978 and his Ph.D. degree in economics in 1983 from Princeton University, after completing a doctoral dissertation, titled "Indexation in long term labor contracts", under the supervision of Orley Ashenfelter.[8][9]

Card began his career at the University of Chicago Graduate School of Business, where he was Assistant Professor of Business Economics for 2 years. He was on the faculty at Princeton University from 1983 to 1997, before moving to Berkeley; from 1990 to 1991 he served as a visiting professor at Columbia University.[10] From 1988 to 1992, Card was Associate Editor of the Journal of Labor Economics and from 1993 to 1997, he was co-editor of Econometrica. From 2002 to 2005, he was co-editor of The American Economic Review.[10]

Academic workEdit

In the early 1990s, Card received much attention for his finding, together with his then Princeton University colleague Alan B. Krueger that, contrary to widely accepted beliefs among economists, the minimum wage increase in New Jersey did not result in job reduction of fast food companies in that state.[11][12][5] While the methodology (see difference in differences) and its claim have been disputed (see minimum wage for discussion), many economists, including Joseph Stiglitz and Paul Krugman,[13] accept Card and Krueger's findings.[14]

David Card has also made fundamental[peacock prose] contributions to research on immigration,[15] education,[16] job training and inequality. Much of Card's work centers on a comparison between the United States and Canada in various situations. On immigration, Card's research has shown that the economic impact of new immigrants is minimal. Card has done several case studies on the rapid assimilation of immigrant groups, finding that they have little or no impact on wages. For example, Card studied the economic impacts of the Mariel boatlift, and compared the economic effects in Miami to those in Atlanta, Houston, Los Angeles and Tampa, which receive fewer Cuban immigrants.[7] Card found that despite the drastic increase in low-skilled labor in Miami by 7%, wages for the low-skilled workers were not significantly affected. Furthermore, he found that overall unemployment rates and wages for the labor market as a whole in Miami were unchanged by the sudden influx of immigrants.[17][7] In an interview with The New York Times, Card said, "I honestly think the economic arguments [against immigration] are second order. They are almost irrelevant."[7] This does not imply, however, that Card believes immigration should be increased, merely that immigrants do not pose a threat to the labour market.[7]

Despite the fact that Card sometimes researches issues with strong political implications, he does not publicly take a stand on political issues or make policy suggestions. Nevertheless, his work is regularly cited in support of increased immigration and minimum wage legislation.[18][17]

AwardsEdit

He was the recipient of the 1995 John Bates Clark Medal, awarded to "that American economist under the age of forty who is judged to have made the most significant contribution to economic thought and knowledge" for his work related to the minimum wage as well as the economic effects of the Mariel boatlift.[7] He gave the 2009 Richard T. Ely Lecture of the American Economic Association in San Francisco. A 2011 survey of economics professors named Card their fifth favorite living economist under the age of 60.[19] Along with N. Gregory Mankiw, he was elected vice president of the American Economic Association for 2014.[20]

He has received along with Richard Blundell the 2014 BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management category for "their contributions to empirical microeconomics," in the words of the jury's citation. "Motivated by important empirical questions, they developed and estimated appropriate econometric models, making significant methodological contributions in the process. Both are known for their attention to institutional detail, careful and innovative research design, rigorous application of econometric tools, and dispassionate reporting of results."[21]

Card was elected as a member of the U.S. National Academy of Sciences in 2021.[22] He won the Nobel Memorial Prize for Economic Sciences in 2021.[5]

PublicationsEdit

BooksEdit

  • Card, David; Raphael, Steven, eds. (2013). Immigration, Poverty, and Socioeconomic Inequality. New York: Russell Sage Foundation. ISBN 9780871544988.
  • Card, David; Krueger, Alan B. (2011). Akee, Randall K. Q.; Zimmermann, Klaus F. (eds.). Wages, School Quality, and Employment Demand. IZA Prize in Labor Economics Series. Oxford: Oxford University Press. ISBN 9780199693382.
  • Ashenfelter, Orley; Card, David, eds. (2011). Handbook of Labor Economics. Handbook of Labor Economics. 4A. Amsterdam: Elsevier. ISBN 9780444534507.
  • Ashenfelter, Orley; Card, David, eds. (2011). Handbook of Labor Economics. Handbook of Labor Economics. 4B. Amsterdam: Elsevier. ISBN 9780444534521.
  • Auerbach, Alan J.; Card, David; Quigley, John M., eds. (2006). Poverty, The Distribution of Income , and Public Policy. New York: Russell Sage Foundation. ISBN 9780871540461.
  • Card, David; Blundell, Richard; Freeman, Richard B., eds. (2004). Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980–2000. National Bureau of Economic Research Comparative Labor Markets Series. Chicago: University of Chicago Press. ISBN 9780226092843.
  • Card, David; Blank, Rebecca M., eds. (2000). Finding Jobs: Work and Welfare Reform. New York: Russell Sage Foundation. ISBN 9780871541161.
  • Ashenfelter, Orley C.; Card, David, eds. (1999). Handbook of Labor Economics. Handbook of Labor Economics. 3A. Amsterdam: Elsevier. ISBN 9780444501875.
  • Ashenfelter, Orley C.; Card, David, eds. (1999). Handbook of Labor Economics. Handbook of Labor Economics. 3B. Amsterdam: Elsevier. ISBN 9780444501882.
  • Ashenfelter, Orley C.; Card, David, eds. (1999). Handbook of Labor Economics. Handbook of Labor Economics. 3C. Amsterdam: Elsevier. ISBN 9780444501899.
  • Card, David; Krueger, Alan B. (1995). Myth and Measurement: The New Economics of the Minimum Wage (1st ed.). Princeton: Princeton University Press. ISBN 9780691043906.
Card, David; Krueger, Alan B. (2016). Myth and Measurement: The New Economics of the Minimum Wage (Twentieth-Anniversary ed.). Princeton: Princeton University Press. ISBN 9780691169125.

ReferencesEdit

  1. ^ Card, David. "Curriculum Vita ‐ David Card" (PDF). Retrieved October 17, 2021.
  2. ^ "David Card". Edubilla.com.
  3. ^ Bailey, Ian (October 12, 2021). "Canadian economist David Card's research on minimum wage wins Nobel Prize". The Globe and Mail. Retrieved October 17, 2021. Prof. Card remains a Canadian citizen. His family still lives on the farm where he grew up.
  4. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021". NobelPrize.org. Archived from the original on October 11, 2021.
  5. ^ a b c "Canadian-born David Card among 3 winners of Nobel in economics". CBC News. The Associated Press. October 11, 2021. Retrieved October 11, 2021.
  6. ^ "David Card – Facts". Nobel Prize. Retrieved October 11, 2021.
  7. ^ a b c d e f "The Immigration Equation" by Roger Lowenstein. The New York Times Magazine, July 9, 2006
  8. ^ Kagan, Sam; Fazel-Zarandi, Mahya (October 11, 2021). "Card GS '83, Angrist GS '89 win Nobel Prize in Economics". Daily Princetonian. Retrieved October 11, 2021.
  9. ^ Card, David Edward (1983). Indexation in Long Term Labor Contracts (Ph.D. thesis). Princeton University. OCLC 82114591. ProQuest 303177959.
  10. ^ a b "Curriculum Vita ‐ David Card" (PDF). January 2018. Retrieved December 29, 2019.
  11. ^ Card, David; Krueger, Alan B. (1994). "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania". American Economic Review. 84 (4): 772–793. JSTOR 2118030.
  12. ^ Card, David E.; Krueger, Alan B. (1997). Myth and Measurement: The New Economics of the Minimum Wage. Princeton University Press. ISBN 978-0-691-04823-9.
  13. ^ Krugman, Paul (July 17, 2015). "Opinion | Liberals and Wages" – via NYTimes.com.
  14. ^ Stiglitz, Joseph (2002). "Employment, social justice and societal well-being" (PDF). International Labour Review. 141 (1–2): 9–29. CiteSeerX 10.1.1.24.3670. doi:10.1111/j.1564-913x.2002.tb00229.x. Archived from the original (PDF) on July 25, 2006.
  15. ^ Card, David. "Is the new immigration really so bad?", Federal Reserve Bank of Philadelphia.
  16. ^ Card, David. "Is it worth it to go to college?" Archived March 14, 2006, at the Wayback Machine
  17. ^ a b Pellow, Nicholas (June 16, 2017). "Immigration and Jobs: David Card's Influential Study". Chicago Policy Review. Retrieved October 11, 2021.
  18. ^ Lowenstein, Roger. "Why the Next President Should Raise the Minimum Wage". Fortune (February 29, 2016). Retrieved October 11, 2021.
  19. ^ https://econjwatch.org/file_download/487/DavisMay2011.pdf
  20. ^ Lempinen, Edward; Anwar, Yasmin (October 11, 2021). "UC Berkeley's David Card wins 2021 Nobel Prize in economics". UC Berkeley. Retrieved October 11, 2021.
  21. ^ "BBVA Foundation Awards Prof. Richard Blundell Frontiers of Knowledge Award". UCL Department of Economics. February 17, 2015. Retrieved October 11, 2021.
  22. ^ "2021 NAS Election". www.nasonline.org. Retrieved April 27, 2021.

External linksEdit

Academic offices
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President of the American Economic Association
2021–present
Incumbent