Professor Card was recognized for his empirical contributions to labor economics.
San Francisco—David Card, the Class of 1950 Professor of Economics at the University of California, Berkeley, is a winner of the 2021 Nobel Memorial Prize in Economic Sciences. The Economic Sciences Prize Committee at the Royal Swedish Academy of Sciences recognized Professor Card for his pioneering research on the impact of wages, immigration, and education on labor markets.
Professor Card was awarded half the prize; Joshua D. Angrist of the Massachusetts Institute of Technology and Guido W. Imbens of Stanford University shared the other half.
“Cornerstone Research is proud to have supported David on multiple matters through the years,” noted Bryan Ricchetti, co-head of the firm’s antitrust and competition practice. “We have immense respect for his profound economic insights, his intellectual generosity, and his integrity. Working with him is both an honor and a pleasure. On behalf of our entire firm, I am delighted to congratulate him and his fellow recipients on this well-deserved award.”
Professor Card’s research addresses “core questions for society,” according to Peter Fredriksson, chair of the Economic Sciences Prize Committee. Mr. Fredriksson further noted that Professor Card’s “empirical contributions have improved our understanding of labor markets. His initial work challenged conventional wisdom, which led to new studies and additional insights.”
When asked to describe the potential significance of this award for his colleagues and students, Professor Card said, “I think that people doing research these days in economics are part of a big team. Oftentimes, there is almost a lab-like environment. I would say, ‘think of this as a victory for the team.’”
David Card is the Class of 1950 Professor of Economics and director of the Econometrics Laboratory (EML) at the University of California, Berkeley. He is a renowned economist whose research focuses on immigration, wages, education, and gender-and race-related differences in the labor market.