A widespread business network celebrates the Berkeley Nobel Prize winner David Card

The three winners of the 2021 Nobel Prize in Economics, from left: Guido W. Imbens, Stanford University; David Card, UC Berkeley; and Joshua D. Angrist, Massachusetts Institute of Technology. The three met June 3-4 at DaveFest, an event organized at UC Berkeley to recognize Card’s contributions to the field of economics and to his students and younger colleagues. (Photo by Julian Meyn, UC Berkeley)

A remarkable international community of economists and business students gathered in Berkeley on June 3-4 to celebrate the achievements of Berkeley scholar David Card, who received the 2021 Nobel Prize in Economics.

Among those attending the celebration were Card’s two co-winners: Guido W. Imbens of Stanford University and Joshua D. Angrist of MIT.

This gathering of Nobel laureates was a centerpiece of DaveFest, the two-day conference in Berkeley that brought together scientists from top institutions in the US and around the world. The program focused in part on areas where Card has done pioneering economic analysis: minimum wage, immigration and racial disparities in education.

Card, a labor economist, won the 2021 Nobel Prize for work that challenged orthodoxy and dramatically changed understandings of inequality and the social and economic forces affecting low-wage workers. He is the sixth UC Berkeley economist to receive the Nobel Prize in Economics and the 26th Nobel Laureate on campus overall.

Much of Card’s most profound work was based on “natural experimentation” – he did not consider theoretical constructs, but examined how economic dynamics played out in the real world. Research by Angrist and Imbens showed that such nature experiments allow precise conclusions to be drawn about economic cause and effect.

The DaveFest was sponsored by the Department of Economics, the Haas School of Business and the Institute for Research on Labor and Employment (IRLE), all in Berkeley; and from the Department of Industrial Relations at Princeton University. The Berkeley College of Letters and Sciences and University Development and Alumni Relations also provided important support.

David Card (right), one of the 2021 Nobel Prize winners in Economics, speaks to young colleagues in a quieter moment during the two-day event honoring his achievements.  While he has made notable contributions in the field of labor economics and research methodology, Card is also known for teaching and mentoring young economists.

David Card (right), who shared the 2021 Nobel Prize in Economics, spoke to young colleagues in a quieter moment at the two-day event in Berkeley to honor his work. While he has made notable contributions to labor economics and research methodology, Card is also known for his dedication to teaching and mentoring young economists. (Photo by Julian Meyn, UC Berkeley)

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