University of California President Michael V. Drake, M.D., released the following statement today (Oct. 12) on University of California, Berkeley, labor economist and professor of economics David Card, Ph.D., winning the Nobel Memorial Prize in Economic Sciences on Monday. He was awarded half the prize, with the other half shared by economists Joshua Angrist of the Massachusetts Institute of Technology (MIT) and Guido Imbens of Stanford University. Card was honored for his work on social and economic forces that impact low-wage workers, including outcomes of an increased minimum wage and of immigration on job growth in America.
“I offer my congratulations to Professor David Card for his trailblazing work in economics,” said Drake. “His vital research has reshaped thinking on some of the most important economic issues of our time, including wages, immigration and education. His groundbreaking findings show that higher minimum wages do not suppress job growth, as had long been assumed by many of the nation’s leading economic thinkers. Prof. Card’s research has shaped policy and improved lives, and its impact will continue to make a difference here in California and across the nation.”
“Dr. Card’s significant contributions to economics have global implications and represent yet another example of the critical research conducted at the University of California. His work is an outstanding example of our commitment to tackling some of the world’s most enduring questions and challenges,” Drake continued. “The University commends Prof. Card for this incredible honor, and also remembers the life and legacy of his esteemed research colleague, Princeton University professor Alan B. Krueger, Ph.D., whom he first began working with in the early 1990s to challenge economic orthodoxy and begin this path-breaking research on the minimum wage.”
To learn more about UC’s most recent Nobel Prize winner, please visit here. For more information about UC’s other 2021 Nobel Prize winner, Professor David Julius, Ph.D., of the University of California, San Francisco, please visit here.
UC has a long history of Nobel Prize winners that goes back to 1939, when Ernest O. Lawrence received the prize in physics for his invention of the cyclotron. With yesterday’s announcement, 70 UC faculty and staff have been awarded 71 Nobel Prizes.